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Anyone heard of this? I spotted it on a listing recently. From what I can gather it seems like an insurance based alternative to taking a 6 week deposit, where the tenant pays a non-refundable 1 week rent (insurance premium), in return for not having to put down a refundable (at risk) 6 week deposit. Meanwhile the landlord gets free rental/damage insurance cover for up to 8 weeks rent (where they previously only had 6 weeks and had to deal with deposit protection and arbitration etc.), and the agent takes a commission. In the event of a claim the company takes the role of final arbiter between tenant and landlord at no expense to the landlord. Sounds rational, assuming the economics of the business model are sustainable and you trust the claim/arbitration process. I’ve not gotten as far as reading the T’s and C’s. Anyone else come across this? https://reposit.co.uk/letting-agents/
Ok, following on from my question how to do a rent increase? - clearly not like that, so now with the new tenants I went overboard on all the ID malarkey, photos, scans and verification by an external agency. I gave instructions for everything, new fire and CO2 alarms, all demonstrated, govt silly brochure, meter readings, bin collection, utilities, inventory, AST, safety certs, EPC, legionnaires assessment and DPS info. All signed for. It took flippin' ages, the tenants must have thought I was mad. The new tenants are a married couple, on the DPS PI I put his contact details down and got both to sign. I registered the deposit in his name, the online system asked about other tenants and the percentages of the deposit each had provided, so left her off. DPS said I should add her as another tenant, I asked them straight out if I need to reserve PI, I did not get a straight answer but they did say no further action is required from me. So in a quandary, do I do the PI again, possibly making things worse down the track by making it look like I did something wrong? Or just serve the PI+T&Cs again squeezing her name in next to her husbands? It all seems like nonsense to me, married couples are a joint and severally liable unit, if one leaves no-one would expect me to return half the deposit. Not the same thing as joint tenants at all. So long as the limit is 30 days, to do it again if I must I have a week. Views?
Hoping someone can clarify something relating to my obligations as Landlord re. a tenant's deposit. I recently protected this with the DPS and I provided my tenant with the Prescribed Information (template completed on the DPS website). However, I have read that I am also obliged to provide the tenant with a Deposit Protection Certificate. When I submitted the deposit, all I received from the DPS was a short e-mail confirming the Deposit ID, but no certificate. Does anyone know where I would get hold of a Deposit Protection Guarantee for the DPS scheme, or is this not relevant for the DPS and only applicable for the insurance based deposit schemes? Any advice most welcome! Thanks Marc