Many of you will already have lodged your tenant’s deposits within one of the government approved schemes. However, not all existing deposits are required to be protected yet and there is one final key deadline that you must adhere to. And that deadline is now less than a month away.
15 May 2013 deadline
If you took a deposit from your tenant prior to 7 March 2011 but have not renewed the tenancy since the launch of deposit protection (2 July last year), then you have until 15 May 2013 to protect it with my|deposits Scotland.
Thankfully this is the last key date for existing deposits to be protected; however you must also keep in mind the important timeframes involved in properly protecting the deposit and complying with the legislation.
Quick reminder for new deposits
Any new deposits that you take from your tenant must be protected within 30 working days of the start of the tenancy.
Don’t forget to serve Prescribed Information
In addition to protecting the deposit you must pass the tenant key information about the deposit protection (known as the Prescribed Information) within 30 working days of the start of the tenancy. You can see our guide on what information you must pass to you tenant here.
Failure to meet the relevant deposit protection deadline or to issue the deposit information to the tenant could result in a penalty of up to three times the deposit amount.
If you are yet to protect a deposit or are unsure whether you are required to, get in touch with us now on 0845 634 5400 or visit www.mydepositsscotland.co.uk. You can also view how to register and lodge deposits in our easy to follow video resources.
Further deposit protection guidance available
Don’t forget if you need further guidance about any of the above information or other deposit protection issues then visit the Resource Centre at www.mydepositsscotland.co.uk