Tenancy Deposit Scheme for Private Rentals in Northern Ireland

BELFAST, Northern Ireland, February 4, 2013 /PRNewswire/ --

The Department for Social Development has announced this week that the Tenancy Deposit Scheme Northern Ireland has been awarded a contract to operate both an insurance and custodial tenancy deposit scheme in Northern Ireland.

The scheme will include a free Dispute Resolution Mechanism in the event of disagreement over how a deposit is apportioned at the end of a tenancy.

Landlords will be required by law to protect deposits they receive for private tenancies from 1 April 2013. They will have the option to either transfer deposits to the custodial scheme for free protection, or to retain and register them for a fee through the insurance scheme. The Dispute Service, the parent company of TDS Northern Ireland, has operated the Tenancy Deposit Scheme in England and Wales since 2007 and provides key services to SafeDeposits, a custodial tenancy deposit scheme in Scotland launched in 2012.

The Dispute Service's Chief Executive Steve Harriott said, "Tenancy Deposit Protection is an important step forward for the private rented sector in Northern Ireland. We are delighted that the Department for Social Development has awarded TDS Northern Ireland a contract to operate this scheme.  

"Tenants will have peace of mind that their deposits are securely protected and both landlord and tenant will have the reassurance that any disputes over their return, can be resolved fairly without having to go to court.

"The new schemes will also benefit those honest agents and landlords who make up the vast majority of the sector but have their reputation undermined by those who treat tenants unfairly."

Project Director Ben Beadle said, "Deposit protection will become mandatory on April 1^st so we want to make sure landlords and agents are well informed before the scheme goes live.  We are travelling around the region with a Deposit Protection Roadshow, meeting landlords and agents to help them understand the regulations and answer their questions.

"They may face a substantial fine if they do not register new deposits so we want to help them avoid any unwelcome surprises in the future."

TDS Northern Ireland Limited, a not-for-profit company based in Belfast, is working with an advisory group that includes the Landlords Association of Northern Ireland the National Union of Students and the Union of Students in Ireland [NUS-USI], and professional bodies including the National Association of Estate Agents, Association of Residential Letting Agents, and the Royal Institution of Chartered Surveyors.

The Dispute Service was founded in 2003 and is the longest established provider of tenancy deposit protection in the UK.

Receive roadshow information by emailing info@TDSNorthernIreland.com