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If you are renting a property, then you'll probably have been asked to pay a tenancy deposit. The Tenancy Deposit Schemes Regulations (Northern Ireland) 2012 requires that all private tenancy deposits received by landlords and letting agents are protected under a statutory tenancy deposit scheme (such as The LPS Northern Ireland) within 14 days of receiving a deposit. Your landlord/letting agent should provide you with certain prescribed information about the protection of your deposit within 28 days of receiving it from you, including details of the scheme protecting your deposit.
We safeguard the deposit throughout the period of the tenancy and repay the funds to the appropriate parties in accordance with their instructions at the end of the tenancy period.
The Department for Social Development has recognised that a proportion of deposits taken have been unfairly withheld at the end of the tenancy. Therefore this legislation has been introduced to raise standards in the lettings industry and ensure even-handed treatment of tenants at the end of the tenancies.
For more information about Tenancy Deposit Protection and our scheme, please visit our FAQ pages.