Our Lettings Department introduce an Innovative Deposit Replacement Product

Published: 13/03/2023 By Lucy Nolan

Symonds & Sampson is the first letting agent in the region to offer ‘Reposit’, the UK’s leading deposit replacement product offering more protection and less hassle to both Landlords and Tenants. Lucy Nolan, Lettings Partner explains the benefits.

“At a time where the cost of living is high, Reposit offers a viable alternative to a conventional deposit, with benefits for both Landlords and Tenants”, explains Letting Partner Lucy Nolan, going on to add that “the inbuilt dispute resolution will significantly speed up the end of tenancy process”.

Symonds & Sampson will offer Reposit as an alternative to landlords letting their properties, those enrolling in the scheme would enjoy 60% more protection than with a conventional deposit, as they have effectively had the equivalent of 8 weeks’ worth of cover against loss of rent, damages, cleaning and all valid charges under a tenancy agreement.
The benefits to tenants are also significant. Paying a deposit equal to 5 weeks’ rent can be challenging for a tenant, particularly if they are moving from another rented property where they already have another deposit tied up. The upfront outlay can be significantly reduced as tenants pay a fee equal to just one week’s rent (split between all tenants) rather than a full deposit. The tenant is still responsible for paying any valid charges at the end of the tenancy but pays those charges at the time without having locked the deposit away for the duration.

Rachael James, Head of Lettings at Symonds & Sampson concurs “In Reposit, we have found a product that delivers more protection and less hassle, and another step towards our commitment to offering the best possible service to Landlords and Tenants”.
If you are considering letting your property or looking for a new home, please contact Lucy Nolan on 01305 251154 or our dedicated letting agents in your nearest office. Find their details, search for property and learn about the extensive range of letting and management services Symonds & Sampson offer here.

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