mydeposits

The NLA's recommended tenancy deposit protection scheme

Discounted rates for NLA full members

Introduction

Since April 2007 all landlords who take a deposit from their tenant on an Assured Shorthold Tenancy (AST) in England and Wales* must comply with the tenancy deposit protection legislation.

This means you must:
1. Protect the tenant’s deposit with a government approved scheme within 30 calendar days of receiving it from the tenant.
2. Provide the tenant with the prescribed information within the same 30-day deadline.

What is mydeposits?

Just like there are protection schemes in place for landlords and letting agents to protect their property and their rent, the tenancy deposit scheme aims to protect your tenants. The deposit protection scheme was launched to safeguard tenants’ deposits as a preventative measure to ensure their deposits cannot be withheld unfairly. Our tenancy protection scheme, mydeposits, is one out of the three government approved UK schemes, designed to ensure you fulfil your legal obligations and comply with deposit protection legislation. mydeposits is:

  • A government-authorised tenancy deposit protection scheme
  • Jointly owned by the NLA and insurance experts, Hamilton Fraser

Benefits

Our mydeposits tenancy deposit protection scheme provides landlords with a choice of deposit protection options to ensure there is a suitable deposit protection in scheme for any landlord or letting agent to enroll in.

The deposit protection schemes you can choose from are:

mydeposits Insurance - You hold the tenant’s deposit

  • You keep the deposit in your account during the tenancy
  • NLA full members receive heavily discounted joining and protection fees

Or

mydeposits Custodial - You transfer the tenant’s deposit money to the scheme

  • The scheme holds the tenant’s deposit money for the duration of the tenancy
  • Free to join and use

Remember, enrolling in a tenancy deposit protection is not a choice, it’s a legal obligation.

*There are different deposit protection laws for landlords in Scotland, Northern Ireland and Jersey.

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