With the arrival of the new academic year, the National Landlords Association (NLA) has issued a reminder for landlords with student tenants to make sure that their deposits are securely protected. In addition, students have been reminded that they should be provided with information on how the landlord has chosen to protect their deposits and what scheme has been used.
Tenancy Deposit Scheme
Each landlord in receipt of a deposit on an Assured Shorthold Tenancy (AST) must protect it within a Government recognised tenancy deposit protection scheme (TDP). In addition, landlords must provide tenants with the relevant Prescribed Information and Deposit Protection Certificate within 30 days of the commencement of the tenancy.
Chairman of the NLA, David Salusbury said: “TDP is in place to safeguard any deposit for the duration of the tenancy, so it is vitally important that both landlords and students are aware of these important requirements.
“Landlords have 30 days in which they must protect the deposit and pass the proof of protection to the tenant. Failure to do so could lead to a fine of up to three times the deposit value.
Advice for Student Rents
“Tenants who are unsure should ask their landlord for details of where their deposit has been protected if they haven’t received it within this period.”
For a number of new students, moving into unfamiliar surroundings can be a worrying but exciting prospect. my|deposits, a leading provider of TDP in England and Wales, has offered advice for students moving into rental accommodation for the new academic year. Advice includes organising finances, getting contents insurance and building a good relationship with the landlord.
CEO of my|deposits, Eddie Hooker, said: “Students embarking on the new academic year already have lots to think about such as taking care of finances and student loans, as well as buying books and equipment for their studies.
“my|deposits has produced this simple advice to mark the start of the new academic year and help raise awareness of the many important considerations of living in rented accommodation.
“With my|deposits, landlords can legally protect a tenant’s deposit and retain it for the duration of the tenancy. The tenant also has peace of mind knowing that their deposit money is protected with a government-authorised scheme.”
For further information on the scheme, please visit www.mydeposits.co.uk/tenants/guide