My|Deposits Northern Ireland Offer Introductory Pricing
Our sister company, my|deposits Northern Ireland, is offering introductory pricing* for landlords and letting agents that choose its insurance-based option.
From the 1st April all landlords and letting agents in Northern Ireland who take a deposit from their tenants will be required to protect it within a government-licensed scheme, such as my|deposits Northern Ireland.
Landlords and letting agents can chose to protect their tenant’s deposit money in either an insurance-based or custodial scheme. The insurance-based option allows landlords and letting agents to hold on to the deposit money whereas the custodial option involves handing the deposit money over the my|deposits Northern Ireland for the duration of the tenancy.
my|deposits Northern Ireland is offering introductory pricing for a six month period in order to encourage landlords and letting agents to engage with the new legislation.
Landlords who chose the insurance-based scheme can protect deposits over £500 in value for just £15. To protect deposits under £500 in value it will cost only £12. The Scheme’s usual application fee will also be waived during this promotional period**.
my|deposits Northern Ireland is open to all letting agents. Those with Client Money Protection (CMP) insurance (e.g. members of ARLA, NALS RICS, UKALA, Law Society) can protect deposits for just £9. Those without CMP insurance or who are not members of a trade body can still protect their tenant’s deposits for £30. Again, the Scheme’s usual application fee will also be waived during this promotional period***.
The cost of protection covers the fixed term of the tenancy agreement period plus any periodic extension.
Membership and protection via the custodial scheme for both landlords and agents will be free of charge.
Landlords and letting agents must make sure they are fully prepared for the changes and we hope that our introductory pricing will encourage them to engage with the legislation sooner rather than later.
Failure to comply could mean they find themselves falling foul of the law, potentially facing heavy penalties as a consequence. As such, we’re hosting deposit workshops across Northern Ireland in order to help landlords and agents understand the new law and their responsibilities.
The new legislation presents a huge learning curve for landlords and letting agents and we’re looking forward to bringing the experience we have gained in England, Wales and Scotland to support everyone in Northern Ireland.”
Landlords and letting agents who take a deposit from their tenant can access further information about the new legislation and our dispute workshops by visiting the my|deposits Northern Ireland website www.mydepositsni.co.uk
*Valid to 1 October 2013. Prices after 1 October as follows:
Deposits upto £500 £14.40
Deposits over £500 £18
With CMPI £10
Without CMPI £35
**Prices inclusive of VAT
***Prices exclude VAT
About the authorEddie Hooker has been involved in the insurance industry since 1985. He worked with many large insurers such as Legal & General and AXA Insurance prior to setting up his own insurance business, Hamilton Fraser, in 1996. Hamilton Fraser now employs over 130 staff out of their North London office, dealing with various insurance products for the buy-to-let property market such landlord insurance, rent guarantee insurance, emergency cover and tenancy deposit protection.
Eddie and Hamilton Fraser Insurance first started to provide landlord insurance as early as 1996 when they became involved with the Small Landlord Association, which later became the National Landlords Association.
By working closely with the industry’s leading companies Eddie and his team have built up a detailed understanding of the landlord market ensuring that the customer experience is founded on knowledge and support. This has been highlighted in a recent customer survey that found that 95% of Hamilton Fraser customers were either satisfied or more than satisfied with the service provided by the company.
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