Deposit protection law for rented accommodation FAQs
In this informative blog post, we delve into the importance of deposit protection for tenants. Exploring the new law’s objective to instil confidence, we discuss how deposits are safeguarded, the conditions for refund, and the process of dispute resolution. Gain insights into this crucial aspect of renting and understand how it empowers tenants while fostering trust between landlords and tenants.
Deposit protection law for rented accommodation FAQs
Why is the new law being introduced?
The new law aims to give tenants greater confidence that the deposit money they have paid is being held securely and will be repaid smoothly at the end of an agreement. Deposits are protected for the length of the tenancy and will be paid back to the tenant if they meet the terms of the tenancy agreement, don’t damage the property, and pay their rent and bills.When will deposit protection start?
Since 2 November 2015, it has been a requirement for landlords and agents to place any deposit from a tenant for a new, renewed or varied tenancy agreement with mydeposits within 30 days of receiving the money. Existing deposits can also be voluntarily placed in the scheme. It’s an offence to not put a tenant’s deposit in the scheme and landlords/ agents could be fined up to £2,000.How does deposit protection work?
Landlords and agents need to join and become a mydeposits Jersey member. Once a deposit is transferred to us, we will keep it safely in a regulated UK bank account for the length of the tenancy. We will send confirmation that the deposit has been protected.What happens at the end of tenancy?
The landlord or tenant can apply to mydeposits to get the deposit back at the end of the tenancy. Both parties need to agree how much deposit money should be returned to the tenant before applying to mydeposits. We must return the money within five working days.What happens if there’s a dispute about the deposit?
We offer a free, evidence-based dispute resolution service if you disagree about how much deposit money should be returned at the end of a tenancy. This service should help tenants in cases where deposits are unfairly withheld.
Is your deposit protected with us?
This guide provides you with essential information about accessing your online account, deposit release, dispute resolution, and other relevant procedures.