11 August 2008
mydeposits.co.uk, a Government-approved tenancy deposit protection scheme, is strongly urging students to ensure this year’s deposit is properly protected.
With the new university year about to start, students in England and Wales should make sure their landlord is playing by the rules and has protected their deposit in a Government-approved scheme. Landlords are responsible for obtaining a confirmation of protection within 14 days and will be fined by the courts if they fail to do so.
mydeposits.co.uk, now in operation for 16 months and protecting over 200,000 deposits, offers peace of mind to tenants, landlords and letting agents by offering a free and impartial dispute resolution service if there is a disagreement over how much of the deposit should be returned at the end of the tenancy.
It is also the only scheme specifically designed to enable landlords to hold onto tenancy deposits throughout the tenancy and offers a simple ‘pay-as-you-go’ format with only modest fees.
David Salusbury, Chairman, mydeposits.co.uk, is very keen to make sure students know what to expect. He said:
“Now is a busy time of year as students prepare for the new academic year. It is important for students to ask their new landlord where their cash is and with whom it is being protected. The overwhelming majority of tenancies have always ended amicably but mandatory tenancy deposit protection is now just part and parcel of a landlord’s legal responsibilities.
“Although the onus is on landlords to comply with the rules, tenants should make sure their deposit is protected and should ask their landlords if they don’t receive confirmation within 14 days.”
* The professional bodies are:
For further information and case studies of tenants, landlords and letting agents who have been using mydeposits.co.uk, please contact:
Tel: 020 7840 8906
Mob: 07508 031 084
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 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.