From 2 November 2015, any landlord taking a rent deposit in
connection with a residential tenancy agreement will be obliged to
enter into an agreement with the States appointed scheme
administrator – Mydeposits - and to place the deposit monies
with them within 30 days of the date of the lease. Any landlord
failing to comply with this risks a fine of up to £2000. The
scheme is not retrospective although a landlord may choose to pay a
deposit into the scheme if he wishes.
The scheme aims to remove the risk of tenants' deposits
being withheld unfairly by landlords or managing agents when a
tenancy comes to an end and will assist landlords and tenants in
the management of deposits.
The cost of the scheme has been publicised at £21 per
deposit and this will be deducted from the deposit when it is
released. No interest on the deposit monies will be paid to the
At the end of the tenancy, if the landlord and tenant agree as
to the amount of deposit to be repaid, the scheme administrator
will be notified and must release the amount promptly albeit this
may mean a week or two. In the event of dispute, the scheme
administrator will hold onto the deposit until the dispute has been
resolved. This will follow either the parties coming to an
agreement between themselves, the decision of an adjudicator
(the scheme includes access to a free and independent alternative
means of dispute resolution (ADR) service) or by order of the Petty
A government-backed tenancy deposit scheme has operated in
England and Wales since 2007. However, unlike the UK where
there are several national scheme providers offering either
insurance or custody-based schemes, Jersey will have a single
custodial tenancy deposit scheme with Mydeposits. The Jersey
Landlords Association has expressed concerns about the cost of the
scheme and the potential delay in releasing monies to a tenant
moving to a new rental property or leaving Jersey.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The process for obtaining planning permission for development of property in the Cayman Islands has been updated as a result of the latest revision of the Development and Planning Law and accompanying regulations (July 2015).
In principle, when the parties agree to arbitrate, they shall be
bound by that agreement. It should therefore follow that when a
party initiates arbitration proceedings, the other party - the
respondent – will avail itself of the opportunity to present
its case and participate in the proceedings.
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