Government’s tenancy deposit protection scheme for the students

Posted under Advice by Michael

Students opting for rental accommodation have the benefit of a Government-approved tenancy deposit protection scheme.

Under the scheme, a student is given right to seek details about where and with whom his/her cash is being protected. This mandatory scheme is now a part of the legal responsibilities of a landlord.

Though the onus lies on landlords for compliance with the legislation introduced last year, students are expected to inquire about the protection of their deposit and question their landlords if they fail to provide confirmation within 14 days.

The landlords can satisfy the tenants and letting agents by registering with the Tenancy Deposit Solutions Ltd. which operates under the trading name mydeposits.co.uk. It offers a free service in resolving disputes regarding deposit amount at the end of a tenancy agreement.

The mydeposits.co.uk scheme, which was put into action over 16 months ago, has so far protected 200,000 deposits. It is a unique scheme designed to enable landlords to hold on to the deposits during the tenancy. It charges a nominal fee in a pay-as-you-go format.

Students can visit the mydeposits.co.uk website to confirm protection of their deposits.

Tenancy Deposit Solutions Ltd. has entered into contract with Councils and Local Government to deliver insurance-backed tenancy deposit protection scheme.