As you may know, The Department for Social Development in Northern Ireland has introduced The Tenancy Deposit Schemes Regulations (Northern Ireland) 2012, which means that landlords and letting agents will need to protect their tenant’s deposits in a Government approved scheme.

The Letting Protection Service Northern Ireland (The LPS NI) has been approved to run both a custodial and an insured tenancy deposit scheme. The custodial scheme will launch on the 1st April 2013, with further details about the other scheme to be released at a later date.

If you have properties in Northern Ireland, the key aspects you need to be aware of are:

                        
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                                  Landlords will have 14 days to protect deposits from the date they receive the deposit from the tenant.
                            
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                                Written confirmation must be supplied by the scheme to the landlord as soon as is reasonably practical.
                            
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                                Landlords will have 28 days from the receipt of the deposit to serve written confirmation to the tenant.
                            
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                                At the end of the tenancy, if the tenant requests the deposit and the landlord does not respond within 30 days, the deposit will be automatically returned to the tenant.
                            
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                                If the landlord requests part or all of the deposit at the end of the tenancy and the tenant does not respond within 30 days, the requested amount will be repaid to the landlord.
                            
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                                If, at the end of the tenancy, the landlord and the tenant cannot agree on the amount of deposit to be repaid, LPS NI will offer a free Dispute Resolution Mechanism

The LPS NI will be operated by the same company who run The Deposit Protection Service (The DPS) and The Letting Protection Service Scotland (The LPS Scotland). The DPS was the first company to be approved to run both types of deposit protection schemes in England and Wales. The LPS Scotland was the first scheme to be approved by the Scottish Government, and its custodial scheme launched in July 2012.

Experience matters and having already established The DPS and The LPS Scotland from the beginning we know how to support landlords and letting agents through the transition of new legislation. We’ve established tried and tested systems, developed robust processes and continually innovate to ensure we’re providing the best possible service to our customers.

If you’re looking to find out more, visit our website at www.lettingprotectionni.com

We have also launched a new twitter account to keep you up to date on the latest news about the legislation and your requirements to comply, so follow us @LPS_NI