How long does a landlord have to return a deposit Northern Ireland?
As confirmed by the Tenancy Deposit Protection (TDP) legislation, your landlord must return your tenancy deposit within 5 days of you both agreeing how much should be returned.
How much is a landlord allowed to ask for a deposit?
You can withhold payment of the deposit for any disputes upon conclusion of the tenancy. From 1 June 2019 the maximum amount that you can take for a deposit is the equivalent of five weeks’ rent for new and renewed tenancies (or six weeks if the annual rent is £50,000 or more).
Is tenancy deposit scheme free?
TDS insured is completely free to join. You pay a small fee to protect each deposit, which means you can keep your deposit in your bank account for the duration of the tenancy, keeping the accrued interest.
How does a tenancy deposit scheme work?
When you start renting a home from a private landlord, you will usually pay a deposit. Your landlord must protect your deposit under the Tenancy Deposit Scheme. This scheme makes sure you’ll get your deposit back when you move out if you looked after the property and paid your rent.
How does deposit protection scheme work?
The scheme keeps your money safe and makes sure you get back what you’re owed at the end of your tenancy. Your deposit has to be protected even if someone else paid it for you, for example your parents or a friend. Your deposit doesn’t have to be protected if you’re a lodger or a student in halls.
Who pays for tenancy deposit scheme?
A custodial scheme, where the landlord or agent pays the deposit to the scheme, which will keep it until the end of your tenancy. An insurance scheme, where the landlord or agent keeps the deposit but pays insurance premiums to the scheme.
Can a landlord use your deposit for rent?
The landlord may deduct necessary expenses from the deposit It is the landlord’s right to deduct any expenses (from the deposit) incurred from repairing damage to the property which occurred during the lease. The balance of the money must then be refunded to the tenant.
How long can landlord keep deposit?
Rules surrounding returning a deposit If your landlord holds your deposit (so should be protected in the Insured scheme), the landlord should pay your deposit back within 10 days of your request for the deposit to be returned. A tenant cannot request the return of their deposit before the tenancy ends.
Can landlord keep deposit for Mould?
Can a Landlord Deduct Deposit for Mould? If there is mould in a property at the end of a tenancy which was not there at the start, landlords have a right to deduct money from the deposit only if the mould was caused by the actions of the tenant.
Can a landlord living outside Northern Ireland take a deposit?
Landlords living outside Northern Ireland who take a deposit for a private tenancy in Northern Ireland must still follow the law. They must give a contact address in Northern Ireland to the scheme administrator protecting the deposit. Once your landlord receives your deposit, they must make sure that the deposit is protected in an approved scheme.
Why choose TDs Northern Ireland for Tenancy Deposit Protection?
TDS Northern Ireland is the first choice in tenancy deposit protection for landlords and agents. Based in Belfast, we are the only scheme operating from Northern Ireland and we provide easy to use, award winning service.
How do I protect my deposit in Northern Ireland?
All landlords letting a private tenancy in Northern Ireland must protect their tenants’ deposits. If you don’t live in Northern Ireland, you must give the Tenancy Deposit Scheme a contact address in Northern Ireland. If you take a deposit for a private tenancy, you must follow the law and protect the deposit.
What is the tenancy deposit scheme?
Tenancy Deposit scheme – information for landlords. If you rent a home to a private tenant, you can ask them to pay a deposit. Under the Tenancy Deposit Scheme, a landlord must protect their tenant’s money in an approved scheme.