No. The only fee applicable is that of the £21 that will be deducted from each lodged deposit.
Deposits will be invested in regulated banking institutions. In the event of bank failure, claims on deposit funds can be considered under the Financial Services Compensation Scheme, subject to the qualifying conditions and limits in place at that time.
All deposits will be held in ring fenced bank accounts to ensure that the money will be protected against any claim from the Scheme or any of its creditors should the Scheme fail. Deposit funds must be invested in such a way that they will always be adequately protected and be available for repayment or transfer to another Scheme, if required.
Yes, any amount that has been, and remains, lodged within the Scheme will be safe.
On receipt of a deposit, the Scheme will transfer the money to a UK bank which is protected by the Financial Services Compensation Scheme (FSCS) and is held safely there until released under the relevant Scheme process.
my|deposits Jersey is the only Scheme that operates in Jersey.
Deposits taken for Tenancy Agreements starting on or after 02/11/2015 will need to be protected.
The States of Jersey has legislated that a Custodial Scheme is put into place.
If a Landlord living outside of Jersey takes a deposit for a property in Jersey, the Deposit will need to be protected.
Deposits relating to Joint Tenancies must be protected as a single transaction
Some deposits (such as student lets) are taken months in advance. When do these need to be protected?
All deposits must be protected within 30 days of receipt.
Not until it becomes part of the actual Tenancy Deposit
Deposits will need to be paid into the Scheme by the Member (i.e. Landlords or Agent)
Deposits taken for anything other than Residential Tenancy Agreements entered into on or after 2nd November 2015.
Deposits taken for all Residential Tenancy Agreements. Defined as: An agreement (a) for the exclusive occupation, by one or more natural persons who are party to the agreement, of a residential unit as a dwelling; (b) for value; and (c) for a specified term of 9 years or less, or without a specified term;
Yes, each instalment will need to be protected by the Member within 30 days of receipt from the tenant.
No. If the Scheme receives payment directly from the Tenant or a third party via cheque, this will be returned to the Member (unless a return address is supplied for the Tenant/interested party with the cheque). The deposit will remain unprotected until the Landlord/agent lodges the deposit with the Scheme. If the deposit is lodged via debit card/bank transfer we would expect this to come directly from the Member's own account.
If no agreement can be made the Alternative Dispute Resolution service can be initiated by the Tenant.
At the end of the tenancy both the Member and the Tenant can apply for the release of the deposit. If there are any arrears/repair costs to be deducted these can be proposed at this point. Upon agreement the deposit should reach the recipient's bank account within 5 working days.
No. Any interest earned will go towards the running of the Scheme.
No, both Tenant and Landlord will be able to request the return of the deposit.
What happens if the Member applies for the deposit to be returned and the Tenant is not contactable?
If the Member initiates the release the Scheme will email the Tenant to notify them. If no email address has been supplied we will send an SMS message to the mobile number provided. If neither of these methods is possible, we will send a letter to the Tenant's alternative address. If no response is received from the Tenant within 14 working days, the Scheme will release the deposit in accordance with the Member's request. The Scheme will continue to hold any amount to go to the Tenant until the Tenant contacts the Scheme.
Once an agreement between the Tenant and Member has been confirmed, the Scheme will pay the deposit back via bank transfer, in accordance with the agreement, within 5 working days. Failing the ability to return the deposit via bank transfer the Scheme will be able to issue a cheque.
Once the decision has been reached the Scheme will allow 10 working days for a review to be requested. If no review is requested the Scheme will return the deposit in accordance with the original decision within 5 working days. If a review is accepted, payment will be made within 5 working days of the review adjudication decision being received.
The Scheme does have a review process if either party believes the adjudicator has erred in fact or law. They must make the application for a review within 10 working days of receiving the decision. If either party feel further action needs to be taken after a review decision this will need to be carried out through the courts.
If we were informed of a dispute then 28 working days is allowed for the provision of both parties to provide their position and evidence. An adjudicator then has 20 working days to make a decision on the matter. There is a 10 working day period after that to allow the parties to request a review of the decision.
No. The Scheme will only be able to deal with a dispute for the amount of deposit that has been lodged with the Scheme and that is in dispute.
Yes. Although the legislation stipulates Condition Reports should be completed, if a dispute does not contain a Report the adjudicator will still look to make a decision based on the evidence provided. The Scheme?s recommendation however is that a Condition Report (preferably completed by an independent organization) be carried out at the beginning and end of every tenancy. Not being able to provide a condition report for either the beginning or end of the tenancy will hinder the Member?s ability to prove that they are entitled to retain an amount from the tenant's deposit.
No. It is the Scheme's understanding of the legislation that Condition Reports should be completed but this will not preclude a Member from using the Alternative Dispute Resolution service.
An Adjudicator will consider all the evidence submitted and make an impartial decision (or the matter may get resolved early by a case handler).
No. The Scheme's dispute service is free and impartial.
There is no minimum timeframe. So long as the appropriate release stages have been met a dispute can be made at any point from moving out of the property so long as the Scheme is still holding the money and haven't released it in accordance with the 14 working day release timeframes.
If no agreement can be reached during the Scheme's release process, the Tenant will be presented with the option of raising a dispute. A dispute can only be raised by the Tenant.
It is recommended by the States of Jersey that the fee be deducted from the Tenant's deposit as it is seen as a fair amount to pay for the knowledge that their deposit is safe and they have access to an alternative dispute resolution process at the end of the tenancy if there is a dispute.
The fee of £21 will be deducted from the deposit. This will be taken from the deposit once the deposit amount exceeds £21.
Can the Landlord/agent apply for return of the deposit during the tenancy to cover mid-tenancy damages?
No. The deposit needs to be kept within the Scheme until the tenancy has ended. It is at this point that the Member can propose deductions for any costs that have been incurred for the duration, and at the end, of the tenancy.
The person can be named as an interested party and we will communicate with them during the Tenancy and at release.
What happens if the Landlord sells the property part way through the tenancy with the Tenant still resident?
If the deposit has already been submitted to the Scheme we will continue to hold the deposit until it is due to be repaid. Any new Landlord should ensure that the deposit has been, or is submitted to the Scheme in the required timescale. The Scheme will be able to transfer funds between 2 accounts when requested by the appropriate parties.