22 October 2008

mydeposits.co.uk, a Government-approved tenancy deposit protection scheme, is concerned that the rising number of overseas students may not be aware of deposit protection rules.

With almost 48,000 overseas students studying in the UK this year [1], mydeposits.co.uk advises universities and colleges to make sure that those moving into rented accommodation are aware of the law.

Without the right information there is the potential for a costly knowledge gap as the average student rent stands at over £245 per month [2].

Mandatory tenancy deposit protection law was introduced in England and Wales in April 2007 to ensure deposit disputes are settled in a fair way. All students need to make sure their landlord protects their deposit in a Government-approved scheme by asking to see proof of protection.

mydeposits.co.uk protects around 300,000 deposits and offers a free, impartial dispute resolution service if there is a disagreement over how much of the deposit should be returned at the end of the tenancy.

David Salusbury, Chairman, mydeposits.co.uk, is calling on all students to ensure their deposits are protected. He said:

"Students arriving from overseas are going through one of the most exciting and busy times of their lives. However, it is important they understand some of the laws associated with their rented accommodation, and universities and colleges have an important role to play in this.

"Without knowledge of the rules regarding tenancy deposit protection, students could be at risk of not receiving a fair hearing when it comes to getting their deposit back.

"Although the vast majority of tenancies end amicably, it is in the interests of tenants to ask their landlord for evidence that their money is protected with a Government-approved scheme."

Students can find out if their deposit has been protected with mydeposits.co.uk by visiting the website or contacting our Customer Service Centre on 0844 980 0290.

Notes:

1. UCAS figures (September 2008) show a four per cent year-on-year increase in the number of overseas students accepted into UK universities and colleges, rising from 45,947 in September 2007 to 47,802 in September 2008.
2. www.accommodationforstudents.com figures (August 2008) show that average UK student rent is £246.44 per four-week period.

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

Ellie Irwin, mydeposits.co.uk
E:

ellie.irwin@landlords.org.uk 

* 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.