Tenancy Deposit protection to cover the United Kingdom

It is likely that in 2013 tenancy deposit protection legislation will be in place to cover the whole of the UK.  In 2007 tenancy deposit schemes were introduced in England and Wales and now successfully cover over £2m tenancies in the private rented sector.

Steve Harriott, CEOIn Scotland similar legalisation has now been enacted and it is likely that the first tenancy deposit protection schemes will go live in Scotland in the spring of 2012.  Interestingly in Scotland the government has decided to introduce a custodial scheme only and TDS is a key partner in the SafeDeposits Scotland proposal.

In May of this year the Housing (Amendment) Act (Northern Ireland) 2011 was passed and section 2 paves the way for regulations to be brought in to introduce tenancy deposit schemes in Northern Ireland.  TDS understands that draft regulations will be presented in 2012 with a view to the provisions being enacted in 2013.  In a notable departure from the legislation in England, Wales and Scotland the penalties for non compliance are much harder with a fine of up to £20,000 being stipulated.

Alongside the introduction of tenancy deposit protection in Northern Ireland comes landlord registration, which already exists in Scotland. Regulations will be drawn up by November 2012 on landlord registration for consideration by the Northern Ireland Assembly.

TDS will keep readers abreast of developments in Northern Ireland as more details emerge.

 

Steve Harriott, CEO

 

 


Posted by Steve Harriott, CEO on 8 December 2011

Back to Blog Articles