16 March 2010
Since 2001 the number of rental properties in the UK has risen substantially. As increasing numbers of people rent, it is more important than ever for landlords to know and understand what is required when letting their property, according to mydeposits.co.uk, a leading provider of tenancy deposit protection.
“With new landlords entering the property market each week many are choosing to take the DIY route. They are opting to take care of the letting themselves,” said Eddie Hooker, Chief Executive, mydeposits.co.uk.
“This means they are going it alone without the help of an agent, be it to have control over how the property is managed, or to save on fees. Are these novice landlords truly prepared for everything the job entails?” he added.
mydeposits.co.uk has developed a guide tailored to the needs of new landlords. The guide addresses some of the key things they need to bear in mind:
"Being a landlord isn’t just about collecting rent every month. There are lots of things to consider before you take the leap as a landlord. For example landlords who fail to comply with the tenancy deposit protection law face considerable risks.
“They could be forced to pay a fine of three times the deposit amount and limits will be placed on their ability to seek possession for as long as the deposit remains unprotected. It’s worth knowing your responsibilities before you set out to avoid any problems in the future. ” concludes Eddie Hooker.
For more helpful tips and to see the full guide visit http://www.mydeposits.co.uk/landlords/landlord.htm
T: 020 7840 8925
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 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.