my|deposits is delighted to announce that it has received approval from the Northern Ireland Executive to provide a Tenancy Deposit Scheme (TDS) in Northern Ireland.
my|deposits runs similar schemes already in England & Wales and Scotland
The Tenancy Deposit Scheme (TDS) Regulations, which came into force in November 2012, require landlords and letting agents in Northern Ireland to protect their tenants’ deposits with a government-authorised scheme, such as my|deposits Northern Ireland.
In order to comply with the new legislation landlords and agents will have to protect their tenant’s deposits using either a custodial or insurance-based scheme. In other words, landlords and agents must decide whether they wish to hold onto their tenant’s deposit money themselves (by using an insurance-based scheme), or hand it over to the scheme to retain for the duration of the tenancy (by using a custodial scheme).
my|deposits will provide both options and landlords and agents are free to decide which option best suits their requirements.
With both options landlords, agents and their tenants will have access to a free and impartial dispute resolution mechanism (DRM) to resolve a dispute over the amount of deposit to be returned at the end of the tenancy, without involving the courts.
Eddie Hooker, CEO of my|deposits Northern Ireland, commented:
“my|deposits Northern Ireland has been through a detailed procurement process with the Northern Ireland Executive and we are delighted to have been granted licenses to run both insurance-based and custodial tenancy deposit schemes.
“Deposit protection will play a key role in improving tenant and landlord relationships in Northern Ireland and we aim to ensure that this is as simple and straight forward as possible.
“my|deposits have been running a successful insurance-based scheme in England and Wales for the past six years, protecting more than £1.6 billion worth of deposits on behalf of over 90,000 members.
“Since July 2012 we have also successfully safeguarded tenant’s deposits in Scotland with our custodial scheme.
“We look forward to guiding landlords, agents and tenants through this process and bringing the benefits of our service to Northern Ireland.”
Landlords and letting agents who take a deposit from their tenant can access further information about the new legislation and their responsibilities by visiting the mydeposits website www.mydeposits.co.uk.
For further information, please contact:
Senior Press Officer
T: 020 7840 8925
M: 07508 031 084
NOTES TO EDITORS:
About my|deposits Northern Ireland:
- my|deposits Northern Ireland is the trading name of Tenancy Deposit (NI) Limited.
- Tenancy Deposit (NI) Limited is a subsidiary of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver both a custodial and insurance-based tenancy deposit scheme (TDS) in Northern Ireland, under contract from the Department for Social Development (DSD).
- Landlords and letting agents wishing to use the scheme are required to register with the Scheme Administrator. They can find out more and visiting www.mydeposits.co.uk
- Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies.
- The custodial service is free for landlords and tenants. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to Dispute Resolution Mechanism (DRM). This procedure will be evidence-based, relying on documentation and records.