03
Jul
2015

Why tenancy deposit protection is important for landlords, agents and tenants

The Tenancy Deposit Schemes legislation was introduced in April 2013 and is designed to protect the tenant's deposit and ensure they get it back at the end of their tenancy, provided they meet the terms of their Tenancy Agreement.

The Department for Social Development have produced a poster to make sure that you, whether you’re a tenant, landlord or letting agent know exactly what tenancy deposit protection means for you.

I’m a landlord or agent

If you have taken a deposit from your tenant after the 1 April 2013 then it’s important to make sure that it is protected with an approved deposit protection scheme such as my|deposits Northern Ireland and you must let your tenant know that you have done so. 

Failure to protect the deposit within 14 days of receipt or providing your tenant with important information about the deposit protection  within 28 days, could lead to fines of up to £20,000.

You can join my|deposits Northern Ireland online and protect your deposits immediately using either our Custodial or Insurance based protection schemes. 

Our Insurance based protection scheme lets you hold onto the deposit in your own bank account for a small fee and means that you have control of the money.

Our Custodial based protection scheme is free to use and means that we hold onto the deposit in a safe and secure bank account. We then release the money back to the tenant at the end of the tenancy and or to the landlord or agent if there are any agreed deductions.

I’m a tenant

If you paid a deposit for your private rented accommodation to a landlord or agent after the 1 April 2013, then it must be protected by your landlord or agent in an approved tenancy deposit scheme such as my|deposits Northern Ireland.

Your landlord or agent must provide you with full written details, within 28 days of receiving the deposit, stating how they have protected it. If you haven’t received this information you must contact your local Environmental Health Officer at your local council as soon as possible after the 28th day for further advice. 

Providing you have met the conditions of your tenancy agreement, you are entitled to receive that deposit back at the end of your tenancy. It’s your deposit – It’s your money. 

So, keep an eye out for the poster and make sure that any deposits taken after 1 April 2013 are protected in a deposit protection scheme such as my|deposits Northern Ireland.

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