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31
May
2012

my|deposits Scotland get the green light

31 May 2012

There’s a big change to tenancy law on the horizon in Scotland. If you’re a landlord or a letting agent you’re probably already aware that protecting your tenant’s deposits will soon become mandatory from 2 July 2012.

The good news is that my|deposits Scotland has been formally approved by the Scottish Government to run a Tenancy Deposit Protection (TDP) scheme, so we’re on hand to guide you through this process. We’re well placed to do so, too; having operated a successful deposit protection scheme in England and Wales for over five years and protecting more than £1.4 billion worth of tenant’s deposits on behalf of nearly 90,000 members in the process.

So check out our Resource Centre. We have information and advice to support you through the transition, such as key trigger dates to bear in mind, guidance on what letting agents and landlords need to supply, and tips on avoiding disputes at the end of a tenancy.

Remember that ALL deposits, even for existing tenancies, will have to be lodged. At the end of the tenancy, either you or your tenant can apply to the scheme to have the deposit returned. We’ll send you both a message to confirm the deposit release, and once its been authorised we’ll return it straight away. If a disagreement arises over how much of the deposit is to be returned to the tenant, my|deposits Scotland offer a free, impartial, alternative dispute resolution service. Job done.

What to do when…
While the scheme officially launches in Scotland on Monday, 2 July 2012, you still have some time to protect your tenant’s deposits. This is entirely based on when the deposit was received. With that in mind, let’s review the key dates.

Deposit received ...

Deadline ...

…between 7 March 2011 and before 2 July 2012

13 November 2012

…prior to 7 March 2011…- For tenancy renewals on or after 2 Oct 2012 and before 2 April 2013

Within 30 working days of renewal

- All other cases

15 May 2013

…between 2 July and before 2 October 2012

13 November 2012

…on or after 2 October 2012

Within 30 working days of the beginning of the tenancy

Remember, if you fail to protect the deposit by the above deadlines you could face a heavy penalty.

So what next?

From 2 July, you’re able to start protecting deposits with us right away either online 24/7, over the phone or by post.

In the meantime, you can keep up-to-date with latest developments and information by signing up for regular alerts. Visit www.mydepositsscotland.co.uk for more info.