Tenancy deposit protection (TDP) legislation goes live on 2 November in Jersey. Here's a quick overview of what it means for tenants, landlords and letting agents and how it will help to improve the private rented sector in Jersey.
What is tenancy deposit protection?
Tenancy Deposit Protection has been introduced to:
- Help to reduce the number of unfairly held deposits,
- Ensure that deposits are kept securely, in a segregated bank account,
- Ensure that deposits are returned quickly and fairly at the end of the tenancy,
- Help to improve the rental sector in Jersey.
How do landlords and agents comply?
It's important that landlords and letting agents comply with the new legislation as those who fail to lodge the deposit with mydeposits Jersey within 30 days of receiving it will risk facing a level 3 fine of £2000. It's quick and simple to comply with mydeposits Jersey and the entire process can be completed in just a few simple steps but in nutshell you need to:
- Join mydeposits Jersey (available from 1 October 2015)
- Lodge your tenants deposit with us using your online account (available from 2 November 2015)
- We'll then confirm the protection, safeguard the deposit and let your tenant know that it has been protected
- At the end of the tenancy, we'll release the deposit when both parties have authorised it
- If there any disputes over the deposit return at the end of the tenancy then our free dispute resolution service is there to help
In order to help with the running of the scheme, mydeposits will take a £21 administration fee from every deposit that is lodged.
Want more information?
Remember, TDP is there to protect the tenant and ensure that their deposit is fairly returned. It is a legal requirement and we want to make sure that you can comply as easily as possible.
Tenants can find helpful advice in the tenant's section of our website.
Our Landlord and agent resources section is stocked full of guides and documents to guide you through the process of joining the scheme and protecting a deposit to releasing the money at the end. Our resources also include tips on how to ensure that every tenancy runs smoothly including what to include in your tenancy agreement and best practice advice for check in and check out. Also, don't forget to sign up to our free e-newsletter for all our latest updates and guidance.