How Insurance Based Deposit Protection for Landlords Works

  1. How it Works
  2. Protecting a deposit
  3. End of tenancy
  4. Dispute Resolution

Insurance based protection

Insurance based deposit protection means you can keep hold of the deposit for the duration of the tenancy.

It’s the preferred choice for thousands of landlords and agents in England and Wales because it gives a sense of control, and offers you the freedom to carry on running your lettings, with minimal involvement from a scheme.

  1. One off registration to join:
    For landlords, it’s free and you can do it online. Agents must complete and application form and pay a small admin fee.
  2. Pay a protection fee:
    A small protection fee is required to legally protect each deposit and can be completed online, by phone or post.
  3. Pass the tenant key details:
    We provide you with a Deposit Protection Certificate as proof of protection, and an Information for Tenants leaflet to pass to your tenants, completing your legal obligation.
  4. Hold the deposit:
    This enables you to hold the deposit for the duration of the tenancy.

How my|deposits Northern Ireland works:

The landlord/agent is responsible for protecting the deposit with a tenancy deposit scheme within 14 days from receipt from the tenant. The landlord/agent must also pass The Prescribed Information (key information about the protection and scheme) to the tenant within 28 days from receipt of the deposit to fully comply with the legislation.

Dispute Resolution

If the landlord/agent believes the tenant has broken the agreed contract terms (such as unpaid rent or damage to the property) and the tenant disagrees then a free dispute resolution service is available to resolve the issue. The case will then be referred to an independent adjudicator. The disputed deposit amount must be sent to the scheme to safekeeping until the dispute is resolved. Any undisputed deposit amount will be returned to the tenant, without waiting for adjudication.

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