Tenancy Deposit Protection is coming to Scotland…
The Scottish government has introduced new legislation for landlords and letting agents in order to safeguard the tenant’s deposit.
In March 2011 The Tenancy Deposits Schemes (Scotland) Regulations 2011 became law. From Monday 2 July 2012 all landlords and letting agents who take a deposit from their tenant must submit it to a Government-approved Tenancy Deposit Scheme to safeguard for the duration of the tenancy. The law applies to all existing deposits held at that time, as well as new deposits taken.
The mydeposits Scotland bid has completed its intial consultation period and we are now in the final stages of satisfying the Government’s requirements and expect to be granted a licence shortly. In the meantime if you have any questions or would like to arrange a member of our team to visit you please email sean.hooker@mydepositsscotland.co.uk
From the 2 July 2012 it will be compulsory for landlords and agents to start lodging
tenancy deposits.
mydeposits Scotland will support you with all your deposit protection requirements.
About mydeposits Scotland:
- Free to join and submit deposits
Absolutely no hidden costs or charges. - Safe and secure
The deposit is held in a designated UK bank account, and is therefore secure and available for return at the end of the tenancy agreement. - Fast repayment of the deposit
24/7 online service. Deposits returned quickly if both parties agree on the amount. - Experts in Dispute Resolution
Benefit from our free, award-nominated impartial dispute resolution if there is a disagreement over the deposit return. - Presence throughout Scotland
Face-to-face, personalised support on all your deposit protection queries available. Visits can be arranged on request. - Deposit protection experience
mydeposits already run a government-authorised scheme in England and Wales for landlords and letting agents with over one billion worth of tenancy deposits successfully protected since 2007.
Register for more information
mydeposits Scotland will not share your details with any third parties.Resource Centre
Start preparing for deposit protection now and help ease the administration burden later this summer.
Deposit Protection is coming to Scotland: This guide gives you a background on mydeposits Scotland and our expertise in providing deposit protection. It also explains key timeframes, dispute resolution, and background of why deposit protection has been introduced.
The Key Trigger Dates: Depending on when the tenancy began, there are different dates for when landlords and agents must protect deposits by to comply with the law. Read our guide for further information on when deposits must be protected.
Protecting tenancy deposits: Landlords and agents must supply certain key information at the point of protecting the deposit, including the tenant’s key details and amount of deposit taken. For a full list of what information you need to supply, please read our guide.
Preparing for disputes: If you need to use the dispute resolution service then landlords and agents must provide evidence if they wish to withhold any of the deposit. Our Ten Tips guide explains the type of evidence you should supply.
Please email sean.hooker@mydepositsscotland.co.uk with any questions or requests for information.
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