27 March 2007
The UK Association of Lettings Agents Ltd (UKALA) have recommended to their members that they use Tenancy Deposit Solutions Ltd (TDSL) as their form of protecting tenant deposits as now required under the Housing Act 2004. TDSL is the insurance-based scheme sponsored by the National Landlords Association (NLA) and administered by Hamilton Fraser Insurance (HFIS).
"We are obviously delighted that UKALA have concluded that TDSL is the most suitable tenancy deposit protection scheme for their needs," said David Salusbury, Chairman of TDSL. "It is indeed a great encouragement that they have then felt able to recommend us to their members".
Tenancy Deposit Protection comes into force on 6 April 2007. Any deposits taken on and after that date for Assured Shorthold Tenancies in England and Wales must be protected by one of three government-approved schemes. Tenancy Deposit Solutions Ltd is one of those schemes and is open to both landlords and agents.
David Salusbury continued: "We believe that our "pay as you go" approach makes our scheme attractive to agents as well as landlords. It is transparent and easy to join, with fees set at, what we believe, is an appropriate level".
* 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.