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A new safety deposit box for people renting in Jersey has now been set up which makes it much more likely they'll get their deposits back when they move out.
As of yesterday landlords and letting agents are legally required to protect their tenants’ deposits and transfer them to the new States-approved tenancy deposit scheme – mydeposits Jersey.
The new legislation is part of a series of initiatives designed to improve the Island’s rental sector. Deposit protection aims to give tenants greater confidence that their deposit money is being held securely and will be repaid smoothly at the end of an agreement.
Landlords and agents have up to 30 days to transfer their tenants' money to mydeposits or face £2,000 fine.
Housing Minister Anne Pryke said: “The States have been working for a number of years to strengthen the laws around renting in Jersey. I am delighted that all tenants’ deposits will now also have greater legal protection.
“However, I would like to remind landlords that they are legally obliged to protect their tenant’s deposit when they create a new lease or renew or vary an existing lease, and that they should register with mydeposits as soon as possible.”
The scheme should cut down the number of disputes landlords and tenants have over deposits.
Chief Executive Officer of mydeposits Jersey, Eddie Hooker, said: “Today marks the start of improved landlord and tenant relationships and a rental sector where tenants are better protected.
“Deposit protection has vastly improved the UK’s rental market by raising standards and creating a fairer and more transparent way to manage deposits. We’re delighted to support Jersey’s government and help it achieve its aims.”
Landlords, agents and tenants can get more advice and support here.
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