28 October 2011
Tenancy deposit protection is coming to Scotland – and it will mean major changes to how landlords and agents manage the deposits they take from their tenants.
In March 2011 the Scottish Government passed laws paving the way for deposit protection in Scotland.
Until now, landlords and agents have been able to hold onto the deposit money themselves, then give it back to the tenant at the end of the tenancy, while holding on to any money to pay for any damage to the property of unpaid rent.
The new laws will require all landlords and letting agents to lodge the deposit money with a scheme for the duration of the tenancy for safe keeping.
my|deposits, which already runs a successful scheme in England and Wales, is bidding to start a deposit scheme for landlords – my|deposits Scotland. Subject to approval, the scheme will operate within regulations set out by the Scottish Government, and be completely free for landlords, agents and tenants to use./
We hope to be able to offer this service from next year and aim to be the scheme of choice for landlords and agents.
my|deposits has protected more than £1.2 billion worth of tenant’s deposits in England and Wales since 2007. Our customer service is second to none and we consistently meet all our key performance indicator measures set by the government.
While the vast majority of tenancies end without any problems, sometimes the landlord and tenant don’t always agree on the amount of deposit to be returned when it’s time to move out. Our free adjudication service will, as required under the new Scottish laws, help resolve any disagreement and distribute the deposit money accordingly. Impartial adjudicators will weigh up evidence from both the landlord and tenant before making a balanced decision on how to distribute the deposit. This service will also be free of charge.
Our dispute service in England and Wales was shortlisted for an award by CEDR, the Centre for Effective Dispute Resolution, in 2010.
We believe deposit protection will help define good landlords and letting agents, ensuring the deposit money is safeguarded throughout the tenancy and returned to the tenant when they move out, providing they are entitled to it.
For more information on tenancy deposit protection in Scotland and how it will affect you, visit our website at www.mydepositsscotland.co.uk