17 June 2008

mydeposits.co.uk is offering free annual membership renewal to landlords who are already protecting their tenants’ deposits in the only government-authorised insurance-based tenancy deposit protection service specifically designed for landlords.

Waiving the annual membership renewal fees* means existing landlord members benefit from continuing their membership of the scheme for free and continuing to retain control of tenancy deposits.

mydeposits.co.uk is the only pay-as-you-go tenancy deposit protection scheme that allows landlords to hold a deposit for the duration of the tenancy.

David Salusbury, Chairman, mydeposits.co.uk, commenting on this free offer, said:

"Existing landlord members of mydeposits.co.uk already benefit from being able to retain control of tenancy deposits. Now they have been boosted further with the waiving of their annual membership renewal fee.

"It has always been our intention that, as more and more landlords join our scheme, we can pass on to our members savings made by economies of scale.  With the cost of being a landlord increasing, we hope that this saving is only the start of a programme of further price reductions in the future.

"Landlords 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."

* Current renewal fee is £14.70.

* The professional bodies are:

• Association of Residential Letting Agents
• National Association of Estate Agents
• National Approved Lettings Scheme
• Royal Institute of Chartered Surveyors

For further information and case studies of tenants, landlords and letting agents who have been using mydeposits.co.uk, please contact:

Steven Hilton
mydeposits.co.uk
Email:

steven.hilton@landlords.org.uk
Tel: 020 7840 8906
Mob: 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 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.