More than three-quarters of letting agents in Northern Ireland think their industry is not ready for tenancy deposit protection, days before implementation.
Some 77% of the 75 letting agents – about one-third of the market – polled by the Letting Protection Service Northern Ireland say they don’t believe landlords or letting agents are ready.
From April 1, landlords and letting agents in Northern Ireland will have to register a tenant’s deposit with an approved tenancy deposit scheme within 14 days of receiving it.
While 92% of respondents were aware of the new rules, 77% said they didn’t think the industry would be ready in time for the change.
Many of the letting agents were unhappy at the lack of coverage the new laws had received. One said: “We haven’t seen anything about it. There has been more publicity over the 5p carrier bag legislation.”
The Letting Protection Service, a spin-off from the Deposition Protection Service in England and Wales, will be running a custodial service initially in Northern Ireland although it is authorised also to operate an insurance-back scheme.
It will be hosting free seminars this week in Belfast, Coleraine and Derry.
Details here: www.lettingprotectionni.com
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