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mydeposits will stick by all letting
agents
22 January 2009
Mydeposits,
a Government-authorised insurance-based tenancy deposit protection
scheme, will not be following the decision by The Tenancy
Deposit Scheme (TDS) to withdraw insurance protection for
deposits held by 'unregulated' letting agents.
From
6 April 2009, TDS
will no longer accept letting agent members that are not affiliated
to a recognised professional body.* Existing agents
that do not satisfy this basic membership criterion will have
to seek alternative arrangements for all deposits requiring
protection after this date.
Recent
research undertaken by mydeposits has found there is no evidence
to suggest tenants and landlords are more likely to experience
deposit disputes by using an unaffiliated agent as opposed
to an affiliated agent. Although 56 per cent of letting agent
disputes come from unaffiliated letting agents, those agents
affiliated to a professional body still account for a significant
amount (44 per cent).
However,
membership criteria and enforcement of the mydeposits Scheme
Rules will be tightened to protect mydeposits and its users
from the risk of letting agent insolvency in the wake of the
recession.
Eddie
Hooker, Chief Executive, mydeposits.co.uk, said: "Our research
shows that letting agent deposit disputes notified to mydeposits
are from both members and non-members of recognised trade
bodies in almost equal numbers. From a disputes perspective,
unaffiliated agents do not represent a higher than normal
risk.
"However,
in this uncertain financial climate it makes sense to introduce
more stringent financial checks on all our letting agent members,
affiliated or otherwise, to ensure they adhere to our Scheme
Rules and can provide evidence of robust and appropriate financial
security."
Tenants
who would like to check if their deposit is protected with
mydeposits should go to: www.mydeposits.co.uk/tenants/tenant-isyourdepositprotected.htm
*
The professional bodies are:
- Association
of Residential Letting Agents
- National
Association of Estate Agents
-
National Approved Lettings Scheme
- Royal
Institute of Chartered Surveyors
Source:
mydeposits.co.uk.
Further
information about mydeposits
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.
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
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
See
also:Tenancy
Deposit Scheme
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