19 December 2011

Tenancy deposit protection scheme my|deposits has revealed that almost half of all deposit disputes never go through to adjudication, with the tenant often resolving the matter themselves with their landlord or letting agent.

my|deposits offers guidance and advice to tenants who wish to raise a dispute over their deposit return.  The scheme found 40% of formal dispute notifications do not go on to require an adjudication decision.

Tenants are encouraged to speak directly with their landlord or agent and come to an agreement over the deposit return that is acceptable to both parties.

With my|deposits, landlords and agents can hold on to the deposit money, meaning they can deal directly with the tenant, rather than involving the scheme.  Just over 1% of all tenancies end with a dispute over the deposit.

Eddie Hooker, Chief Executive, my|deposits, said:

“This is good news for landlords and letting agents.  When tenants first raise a dispute with my|deposits, we give them guidance on how to sort the matter out through reasonable negotiation.

“In many cases, they then go back to the landlord and come to a mutually acceptable agreement over the deposit return.  This saves both parties from having to go through the adjudication process of submitting evidence and waiting for an outcome.

“Of course if no agreement is reached, our adjudicators will give an independent ruling after considering evidence submitted by the landlord and tenant.”

my|deposits has released a new checklist for landlords and letting agents to help them avoid disputes.  The guide “Preparing your dispute evidence – A checklist for landlords” can be found on our website at http://www.mydeposits.co.uk/landlords/resources-and-guides/guides

For more information about my|deposits, visit www.mydeposits.co.uk or call 0844 980 0290.

-ENDS-

For further information, please contact:

Dane Svenson
Press Officer
my|deposits.co.uk
E: dane.svenson@mydeposits.co.uk
T: 020 7840 8925
M: 07508 031 084

NOTES TO EDITORS:

About mydeposits.co.uk:

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 and letting agents 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.