The NLA is also reminding students that they should be provided with specific information about the scheme their landlord has used to protect the deposit.
All landlords taking a deposit on an Assured Shorthold Tenancy (AST) must by law protect it within a government-authorised tenancy deposit protection (TDP) scheme such as my|deposits. Landlords must also give their tenant the required Prescribed Information* and the Deposit Protection Certificate as proof it is protected, all within 30 days.
David Salusbury, NLA Chairman said:
“Tenancy deposit protection (TDP) is in place to safeguard any deposit for the duration of the tenancy, so it is vitally important that both landlords and students are aware of these important requirements.
“Landlords have 30 days in which they must protect the deposit and pass the proof of protection to the tenant. Failure to do so could lead to a fine of up to three times the deposit value.
“Tenants who are unsure should ask their landlord for details of where their deposit has been protected if they haven’t received it within this period.”
Moving in to a new property can be a daunting prospect for many students who may not have lived away from home before. my|deposits, a provider of TDP in England and Wales, has produced advice to support students and help make the transition from home to halls or rental property as smooth as possible.
The online advice covers key things to bear in mind before moving into a new property, including the importance of organising finances, checking through documents, obtaining contents insurance and getting the tenant-landlord relationship off to the good start.
Eddie Hooker, Chief Executive Officer, my|deposits said:
“Students embarking on the new academic year already have lots to think about such as taking care of finances and student loans, as well as buying books and equipment for their studies.
“my|deposits has produced this simple advice to mark the start of the new academic year and help raise awareness of the many important considerations of living in rented accommodation.
“With my|deposits, landlords can legally protect a tenant’s deposit and retain it for the duration of the tenancy. The tenant also has peace of mind knowing that their deposit money is protected with a government-authorised scheme.”
For further information and additional guidance for tenants visit www.mydeposits.co.uk/tenants/guides
For further information about the NLA, visit www.landlords.org.uk
For further information, please contact:
Sam Haidar, Senior Press Officer
0207 840 8925
*The Prescribed Information is defined by the deposit protection scheme and includes information about the tenancy, the property, the landlord and tenant’s personal information and deposit protected.
NOTES TO EDITORS:
The National Landlords Association (NLA) is the UK’s leading organisation for private-residential landlords. It has over 20,000 paid-up members, ranging from full-time landlords with large property portfolios to those with just a single letting. NLA membership helps landlords make a success of their lettings business by providing a wide range of information, advice and services. The NLA campaigns for the legitimate interests of landlords by seeking to influence decision-makers at all levels of government and by making landlords’ collective voice heard in the media. It seeks to raise standards in the private-rented sector while aiming to ensure that landlords are aware of their statutory rights and responsibilities. Based at its head office in Central London, the NLA currently employs over 40 full-time staff and has a network of more than 40 regional representatives and branches throughout the UK.