Almost 70 per cent of tenants in England and Wales say they are aware of Tenancy Deposit Protection (TDP) legislation, according to research* from tenancy deposit scheme my|deposits, published today.

The research, which looks at the impact of TDP five years after its introduction, also shows that just over half (51 per cent) of tenants surveyed say they were provided with details of the TDP scheme by their landlord or agent.

Furthermore, a recent survey** of landlords found that 98 per cent took and protected a deposit.

TDP requires all deposits taken by landlords and agents on rental properties to be legally protected within a government approved scheme such as my|deposits. Landlords and agents must also provide tenants with the prescribed information*** within a 30 day period following receipt of the deposit.

Eddie Hooker, CEO of my|deposits commented:

“Tenancy Deposit Protection (TDP) legislation was introduced to protect the consumer and their deposit money, so it’s encouraging to see that most tenants are aware of TDP.

“Although the overwhelming majority of landlords are protecting a deposit, it seems more can be done to explain to the tenant that the deposit has been successfully protected.

“Providing the tenant with details of how their deposit is protected is a vital step in the process and also a legal requirement. Sometimes this can get lost in all the paperwork landlords and agents pass on, so tenant’s need to look out for the prescribed information, usually in the form of a protection certificate.”

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

-ENDS- 

* 1636 tenants surveyed during April/ May 2012.

** 528 landlords surveys during Q3 2011.

***The Prescribed Information is defined by the deposit protection scheme and includes information about the tenancy, the property, the landlord and tenant’s personal information and deposit protected

For further information, please contact:

Sam Haidar

Senior Press Officer

my|deposits

E: sam.haidar@mydeposits.co.uk

T: 020 7840 8925

M: 07508 031 084

NOTES TO EDITORS:

About my|deposits:

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.