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Tenancy Deposit Protection

November 12, 2015 Home life No Comments

Tenancy Deposit Protection

From the 2nd November 2015, new legislation will require landlords and letting agents in Jersey to lodge their tenant’s deposits with mydeposits Jersey, a new tenancy deposit protection scheme authorised by the States of Jersey.

The legislation has been introduced to help raise standards in the rental sector by reducing the number of deposit issues between landlords and tenants and providing tenants with better protection from having their deposit unfairly withheld. Tenancy deposit protection has been a huge success in England & Wales for over eight years and deposit related issues are now minimal.

The new law applies to all deposits taken on new, renewed or varied tenancy agreements from 2 November 2015 but existing deposits can also be protected voluntarily. Penalty fines are applicable if landlords fail to comply.

It’s completely free for landlords and letting agents to join mydeposits Jersey and lodge deposits for protection:

o Each deposit must be lodged with mydeposits within 30 working days of receiving it from the tenant.
o mydeposits will safeguard the deposit in a regulated UK bank account for the length of the tenancy
o At the end of the tenancy, the deposit is only released once both the landlord and tenant have authorised its release. A £21 administration fee is deducted by mydeposits from the deposit monies paid by the tenant.
o If there are any disputes over deductions to the deposit when the tenant moves out, then mydeposits provide a free and impartial alternative dispute resolution service to resolve the issue instead of the Petty Debts Court. The dispute resolution service is conducted based on documentary evidence rather than face-to-face. However the Petty Debts route is still available to those who chose to use it; the courts decision is then adhered to by m mydeposits when releasing the monies in question.

The scheme goes live on the 2nd November 2015 and the mydeposits website is now live and packed with useful resources including how the scheme works and further detail on the Alternative Dispute Resolution service. Find out more at www.mydepositsjersey.je

Landlords and letting agents can set up their member account at www.mydeposits jersey.je/join-now


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