In April 2013, tenancy deposit protection legislation was introduced to safeguard tenant’s deposits in Northern Ireland.
Landlords and letting agents must:
1. Protect the tenant’s deposit with a government licensed tenancy deposit scheme within 14 days of receiving the deposit from the tenant.
2. Then provide the tenant with the Regulation 12 Information, within 28 days from receipt of the deposit.
A tenant can report a landlord to the Local Council if they fail to protect the deposit with an approved scheme and/or provide the Regulation 12 Information to the tenant within the specified time limits. Councils will have the power to issue fixed penalties.
How to comply:
Landlords and agents have a choice of how to protect deposits with my|deposits Northern Ireland. You can use either our insurance or custodial based protection models. Both have their advantages.
Insurance option: You pay a protection fee to protect the deposit which enables you to keep hold of it in your bank account for the duration of the tenancy.
Custodial option: this is free to join and use but you must transfer the deposit to us to safe guard for tenancy. We’ll return it once both you and the tenant authorise its return.