Providing a No Deposit Option can help you attract tenants faster while maintaining financial security. Interested in learning more? Contact our lettings team.
No Deposit Option for Landlords
A Flexible Alternative to Traditional Deposits
Offering a No Deposit Option can make your rental property more attractive to potential tenants while providing you with the same level of financial security as a traditional deposit. At Pattinson, we partner with Reposit, a trusted deposit replacement scheme, to give landlords a hassle-free alternative that protects your investment and enhances tenant appeal.
Why Offer a No Deposit Option?
- Attract More TenantsA lower upfront cost means a wider pool of prospective tenants can afford to rent your property.
- Minimise Time Between TenanciesBy reducing the financial burden on tenants, properties are more likely to be rented quickly.
- Eight Weeks' Rent CoverMore protection than a traditional one-month deposit, covering unpaid rent and damages.
- Independent Dispute ResolutionA fair and transparent process if a claim is made at the end of the tenancy.
- Simple & CompliantFully compliant with legal and industry regulations.
How It Works
1
Tenant Chooses the No Deposit Option
Instead of a traditional deposit, the tenant pays a non-refundable service fee equal to one week's rent.
2
Your Property is Covered
Reposit provides you with eight weeks of rental protection, reducing your financial risk.
3
End of Tenancy
If there are outstanding damages or rent arrears, you can make a claim, and an independent adjudicator will review any disputes.
How Does Reposit Compare to a Traditional Deposit?
| Feature | Reposit (No Deposit Option) | Traditional Deposit |
|---|---|---|
| Tenant Upfront Cost | 1 week’s rent (non-refundable) | 1 month’s rent (refundable) |
| Landlord Protection | 8 weeks' rent cover | 1 month’s rent cover |
| Deposit Registration | Not required | Required (£25 registration fee) |
| End-of-Tenancy Disputes | Independent adjudicator | TDP dispute resolution |
What If a Tenant Doesn’t Pay?
If a tenant leaves outstanding rent or damage at the end of the tenancy, you can file a claim via Reposit. If the tenant disputes the claim, an independent adjudicator will assess the evidence. If the claim is upheld, you will receive the payout up to eight weeks' rent. If the tenant does not settle the claim, Reposit pursues the debt, which could impact the tenant’s credit score.