Scotland Due to Launch First Tenancy Deposit Scheme
July 2nd will see the launch of Scotland’s very first Tenancy Deposit Scheme requiring all tenant deposits to be secured with a Government approved custodial scheme. The regulations to provide these deposit schemes became law in Scotland on March 7th 2011.
The schemes, which will be assessed and approved by Scottish Ministers before being put into play, will be free for tenants to use and will not require a charge or fee. The main aim of these schemes is to ensure that the tenant’s deposit is safeguarded and in the instance of a dispute arising, that dispute can be dealt with by the scheme holding the deposit rather than both the landlord and the tenant having to go through costly court proceedings…..
… deadlines by which both letting agents and landlords must secure their tenant’s deposits as stated in the new legislation.
•Landlords must ensure that all deposits received before March 7th 2011 are secured with the scheme by May 15th 2013
•Landlords must ensure that all deposits received either on or after March 7th 2011 but before October 2nd 2012 are secured with the scheme by November 3rd 2012
•Landlords must ensure that all deposits received on or after October 2nd 2012 are secured with the scheme within 30 working days of the commencement of the tenancy
If a tenancy beginning before March 7th 2011 is renewed either on or after October 2nd 2012 but before April 2nd 2013 the landlord must ensure that the deposit is secured with the scheme within 30 working days of the date of the tenancy renewal.
Read the full story at My Property Power Team