my|deposits Scotland has today received approval from the Scottish Government to run a Tenancy Deposit Protection (TDP) scheme in Scotland. Protecting tenants’ deposits will soon become mandatory for all landlords and letting agents in Scotland from 2 July 2012.After operating a successful deposit protection scheme in England and Wales for five years, my|deposits will start up in Scotland and enable landlords and letting agents to comply with the new law.
Deposit protection will be free for landlords, letting agents and tenants. All deposits taken, including existing deposits, will have to be lodged with a government-licensed scheme for the duration of the tenancy.
The money will be held by my|deposits Scotland until the tenant vacates the property. If there is a dispute over the amount of deposit returned, the landlord and tenant can use the free dispute resolution service to have the matter resolved, without involving the courts.
Eddie Hooker, CEO of my|deposits Scotland, commented:
“my|deposits Scotland has been through a detailed procurement process with the Scottish Government and are delighted to have been granted a license.“We have already been running a successful scheme in England and Wales for the past five years, consistently meeting performance targets set by the Government and protecting more than £1.4 billion worth of deposits on behalf of nearly 90 thousand members."
“Each year, it’s estimated that between £2.2 million and £3.6 million worth of tenancy deposits are unfairly withheld. Deposit protection will play a key role in improving tenant and landlord relationships in Scotland and we aim to ensure that this is as simple and straight forward as possible."
“my|deposits Scotland has produced free guidance and advice to inform landlords and agents of their responsibilities under the new law. These are available from my|deposits Scotland Resource Centre on our website."
“We look forward to guiding landlords, agents and tenants through this process and bringing the benefits of our service to Scotland.”
Landlords and letting agents who take a deposit from their tenant should visit the my|deposits Scotland Resource Centre at www.mydepositsscotland.co.uk for more information.
From the 2 July, deposits can be protected easily and quickly, either online, over the phone or by post.
Visit www.mydepositsscotland.co.uk, call 0844 980 0290 or follow us on Twitter @mydeposits_scot
For further information, please contact:
Senior Press Officer
T: 020 7840 8925
M: 07508 031 084
NOTES TO EDITORS:
About my|deposits Scotland:
Mydeposits Scotland is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver a custodial tenancy deposit protection scheme. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydepositsscotland.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. The service is free for landlords and tenants. 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.