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 mydeposits Northern Ireland, commented:
“mydeposits 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 Northern Ireland website www.mydepositsni.co.uk