8 September 2008
mydeposits.co.uk, a Government-approved tenancy deposit protection scheme, has launched an internet-only service, mydeposits lite.
This new service means that landlords can protect deposits with the minimum of fuss, while also benefitting from reduced fees* as a result of lower administrative costs.
Landlords pay just £17.50 (incl VAT) to protect a deposit of £300 or less with mydeposits lite, which was specifically designed with landlords in mind and enables them to keep hold of their tenants’ deposits instead of handing them over to a third party.
Since April 2007, all landlords in England and Wales have been required to protect their tenants’ deposits with a government-approved scheme and our research shows that 71 per cent of landlords prefer internet-only communication with their provider.
Welcoming the launch of mydeposits lite, David Salusbury, Chairman, mydeposits.co.uk, said:
“Tenancy deposit protection is now part and parcel of a landlord’s legal responsibilities and mydeposits lite is designed to make things as easy as possible for landlords who do not want to hand their tenants’ deposits to a third party.
“The fact that it is an internet-only service means that landlords can register deposits quickly and easily, while lower administrative costs have allowed us to pass savings on.
“All landlords in England and Wales should be reminded that if they fail to comply with tenancy deposit protection legislation they face considerable risks. Limits will be placed on their ability to seek possession and they can be forced to pay compensation to the tenants to the tune of three times the deposit amount.”
* The professional bodies are:
For further information and case studies of tenants, landlords and letting agents who have been using mydeposits.co.uk, please contact:
Tel: 020 7840 8906
Mob: 07508 031 084
Notes to editors:
Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.
About Hamilton Fraser Insurance:
Hamilton Fraser Insurance is the trading name of HFIS plc, a long-established insurance broker, authorised and regulated by the Financial Services Authority. Hamilton Fraser provides insurance services to clients throughout the UK and is located in New Barnet, Hertfordshire. Hamilton Fraser is a major player in the highly specialised property insurance sector, and offers a tailored product to both residential landlords and managing agents. The NLA and Hamilton Fraser have a long-standing relationship, with Hamilton Fraser offering its range of Landlord Solutions insurance products to members of the NLA.
About the National Landlords Association:
The National Landlords Association (NLA) exists to protect and promote the interests of private residential landlords. With almost 20,000 individual landlords from around the United Kingdom and over 90 local authority associates, it provides a comprehensive range of benefits and services to its members and strives to raise standards in rented accommodation. The NLA seeks to safeguard landlords’ legitimate interests by making their collective voice heard by local and central government and the media. The NLA seeks a fair legislative and regulatory environment for the private-rented sector while aiming to ensure that landlords are aware of their statutory rights and responsibilities.