my|deposits Scotland is reminding landlords and letting agents that the final date to protect deposits in Scotland is fast approaching.
Many landlords and letting agents have already lodged their tenant’s deposits within one of the government approved TDP schemes, however not all deposits need to be protected yet and there is one final key deadline to be aware of - now just a fortnight away.
By the 15 May all landlords and letting agents must protect any deposits that were taken from their tenants prior to 7 March 2011 but which are yet to be renewed since deposit protection came into force on 2 July last year.
This is the last key deposit protection date for landlords and letting agents in Scotland to be aware of, however they must also keep in mind the important timeframes involved in properly protecting deposits and complying with the legislation.
As well as protecting the deposit within 30 working days from the start of the tenancy, landlords and letting agents must also communicate key details about deposit protection – called the prescribed information - to the tenant within 30 working days of the protection.
Failure to meet the relevant deposit protection deadline or to issue the prescribed information to the tenant could result in a penalty of up to three times the deposit amount.
Eddie Hooker, CEO of my|deposits, commented:
“Deposit protection legislation has been in place now in Scotland since July 2012 but the legislation is retrospective so landlords and letting agents were given more time to protect deposits which were taken before it came into force.
“This final deadline captures those deposits that were taken before 7 March 2011 and have yet to be renewed since the launch of deposit protection. Landlords and letting agents should be aware that there are penalties for non-compliance.
“my|deposits Scotland is here to support everyone with deposit protection and landlords and agents should visit the Resource Centre at www.mydepositsscotland.co.uk to see the range of guidance and information available.”
Landlords or letting agents who are yet to protect a deposit or are unsure whether they are required to do so should get in touch with my|deposits Scotland now on 0845 634 5400 or visit www.mydepositsscotland.co.uk
Follow us on twitter @mydeposits_scot or read the blog www.mydepositsscotland.co.uk/blog
For further information, please contact:
Sam Haidar, Senior Press Officer
020 7840 8925
M: 07508 031 084
NOTES TO EDITORS:
About my|deposits Scotland:
- my|deposits Scotland is the trading name of Tenancy Deposits (Scotland) Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver a tenancy deposit protection scheme under contract from The Scottish Government.
- my|deposits Scotland aims to support landlords and agents to comply with the legislation and provide everyone with the confidence that deposit money is held securely for the duration of the tenancy.
- Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible.
- In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records. For further information or to visit www.mydepositsscotland.co.uk
- The Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force on 7 March 2011. The Regulations set out the conditions that all schemes must meet before they can be approved by the Scottish Ministers. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator.