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In partnership with

Release the money tied up in your tenancy deposit

Hull2Let are pleased to be working with Reposit to offer tenants the ability to switch their cash deposit for a fee of one-week's rent.
Reposit Switch

Switch From Your Cash Deposit To Reposit

With Reposit, you're able to switch your cash deposit with a non-refundable fee of one week's rent.

We’re trusted by thousands of tenants, agents and landlords alike to provide a smarter, slicker way to manage your deposit.

So can I get my deposit back now?

Yes.

To switch to Reposit, you just have to pay the one-week Reposit fee as well as read and sign a short agreement. Once done, Hull2Let will pay back your 5-week cash deposit that was paid at the start of your tenancy.

Trustpilot

Sound good?

If you'd like to find out more about Reposit Switch and get your cash deposit back, complete the form and we'll send this straight to Hull2Let. Your letting agent will then be in touch to process your Switch and send you your cash deposit.

Frequently asked questions.

How does Reposit work?

We believe every tenant should enjoy financial freedom, especially when it comes to moving house and renting. We don’t think it makes sense for tenants to have their money tied up in a deposit scheme for a whole tenancy in case of an accident that might not even happen.

That is why we came up with an alternative solution!

Reposit is a new way for you to rent so you can pay less and live more. You can now save money for the things that really matter.

To rent a property you just pay 1 week’s worth of rent as a non-refundable Reposit fee. You can then move into that property you thought you couldn’t afford before, as you no longer need to find 5 weeks’ worth of rent as a cash deposit!

This upfront saving means you can use the rest of your money however you want – invest in new furniture, buy flight tickets or put it aside in a savings account. It is as simple as that.

What costs are associated with Reposit?

  • Reposit fee

The cost of your Reposit is equal to one week’s rent. This fee is split equally amongst all tenants named on the Reposit and must be paid prior to your move-in date

As an example, if your rent is £500, your Reposit fee will be £115.38. If there are two tenants named on the Reposit, you would each be required to pay £57.69.

Your Reposit fee is for the use of our services and therefore non-refundable at the end of the tenancy. As the payment is a service fee if any charges have accumulated during your tenancy, your Reposit fee will not be used to offset this cost.

  • Annual fee

You will be required to pay an annual fee every 12 months you remain in the property. This fee is £30 and is split equally among all tenants named on the Reposit.

The whole fee is applicable regardless of how long you remain in the property after the 12-month anniversary date.

Periodic tenancies

If you are on a 6-month rolling contract, your agent can extend your Reposit if you choose to stay in the property. You will only be charged the annual fee if the tenancy surpasses a 12-month period. An annual charge will then continue to apply every year on the anniversary date and then for every 12 months you remain in the property

  • Tenant swap fee

If you are an incoming tenant on an existing tenancy, you will be required to pay a £50 fee to be added to the Reposit.

You will not be required to pay the Reposit fee (mentioned in the first point) in addition to the tenant swap fee.

  • Dispute fee

If there are end-of-tenancy charges submitted against you, you will have the option to accept or dispute these. If you choose to dispute, your case will undergo Alternative Dispute Resolution (ADR) where you will be required to pay a £60.00 dispute fee.

If you wish to dispute the charges you will be required to pay a £60.00 fee to register your dispute.

The case will then be sent to a third-party independent adjudicator.

  1. If the result is awarded wholly in the landlord’s favour, you will not be refunded the £60.00 dispute fee and will be required to pay for the end-of-tenancy charges in full.
  2. If the result finds you to be owing a lesser amount than what was submitted, the £60.00 fee will be deducted from the final amount due, see the example below:
      • Original charges submitted by your agent = £200.00
      • You paid £60 to dispute these charges
      • ADR result rules that you owe = £150.00
        • You would be required to pay the remaining balance of £90.00
  3. If the result is less than £60.00, the charge will be partially or fully refunded to you on the same date the result is issued, see the example below:
    • The result rules that you owe = £25.00
      • You will be refunded the amount of £35.00.

Is Reposit refundable?

Reposit is not a deposit, it is an alternative to a cash deposit. Therefore, it works slightly differently.

At the time of signup, you are required to pay a Reposit fee which is the equivalent of one week’s rent (split between all tenants) as a non-refundable fee so that you don’t have to pay a cash deposit which is usually 5 weeks’ worth of rent.

As this fee is non-refundable, it cannot be used against any end-of-tenancy charges the letting agent may raise at the end of your tenancy.

However, Reposit is optional and it is up to you whether or not you want to purchase it. If you need more information in order to make a decision please get in touch with us on live chat or speak to your agent.

What am I responsible for?

During your tenancy, you are required to look after your property and communicate with your letting agent or landlord regarding any issues that may arise.

At the end of the tenancy, you need to ensure you leave the property as outlined in your tenancy agreement.

Since Reposit is not tenant insurance, you will be required to cover the costs at the end of the tenancy which you are found liable for. These could include:

  • Unpaid rent
  • Cleaning costs (where the property has not been cleaned to the standard as outlined in the check-in inventory)
  • Damages of the property
  • Re-let fees where applicable

How long is Reposit valid for?

Your Reposit is not valid for a set period of time, it is flexible and can be active for as long or as short as needed to match the duration of your tenancy.

If you stay in the property for longer than 12 months, you will be required to pay an annual fee every 12 months you remain in the property. This fee is £30 and is split equally amongst all tenants named on the Reposit.

The full fee is applicable regardless of how long you remain in the property after the 12-month anniversary date.

What if my tenancy details change?

If any of the following situations apply to you, please get in touch with your landlord or letting agent, as they are responsible for managing your tenancy and Reposit:

  • Tenancy Renewal: If you wish to extend your tenancy period.
  • Property Transfer: If you plan to move to a different property but still want to use Reposit (please note that a new Reposit will be required for a new tenancy).
  • Tenant Changes: If there are any modifications such as adding, removing, or swapping tenants during your tenancy.
  • Checkout Required: If your tenancy has ended, but the Reposit hasn’t been checked out yet.
  • Reposit Cancellation: If you would like to cancel the Reposit for any reason.

To address any of the above scenarios, kindly contact your landlord or letting agent directly. They will be able to assist you and provide the necessary guidance based on your specific circumstances.

What if there are multiple tenants?

Joint tenancy agreement

The cost of your Reposit is equal to one week’s rent. This fee is split equally amongst all tenants named on the Reposit and must be paid prior to your move-in date.

As an example, if your rent is £500, your Reposit fee will be £115.38. If there are two tenants named on the Reposit, you would each be required to pay £57.69.

Your Reposit fee is for the use of our services and therefore non-refundable at the end of the tenancy. As the payment is a service fee, if any charges have accumulated during your tenancy, your Reposit fee will not be used to offset this cost.

For a tenancy where there are multiple tenants named, all the tenants are jointly and severally liable for all end-of-tenancy charges that the letting agent/landlord may submit, not just a portion of them. These charges are not allocated individually to each tenant but are submitted as a whole against all tenants on the Reposit.

If you and your co-tenants stay in the property for longer than 12 months, you will be required to pay an annual fee every 12 months you remain in the property. This fee is £30 and is split equally amongst all the tenants named on the Reposit.

The full fee is applicable regardless of how long you remain in the property after the 12-month anniversary date.

Individual tenancy agreement

With an individual tenancy agreement or HMO, each tenant will have their own Reposit linked with their individual room. Your Reposit fee will be equal to one week’s rent of your room’s rent.