Scottish government approves first ever tenancy deposit protection scheme
Today, tenants, landlords and letting agents are a step closer to guaranteed deposit protection, with the Scottish Government announcing it has approved its first tenancy deposit protection scheme, The Letting Protection Service Scotland.
The scheme has been given the go ahead to launch on July 2nd. The approval follows The Tenancy Deposit Schemes (Scotland) Regulations 2011, which came into force on 7th March 2011 and were introduced to tackle problems faced by tenants, including unfairly held deposits, and to speed up the return of deposits.
Under the regulations, landlords and letting agents will be required to sign up to and protect deposits with an approved Scottish Government deposit protection service, such as The LPS Scotland.
Read the full story at myintroducer.com
The LPS Scotland has created a range of useful resources to assist landlords, letting agents and tenants with getting to grips with this new legislation, including promotional materials for landlords to use when communicating the changes to new and existing tenants – some of these are available now at www.lettingprotectionscotland.com and more will be uploaded as we move closer to the launch date.
RentPro property management software allows you to keep track that not only are all deposits paid but that they are then registered with a deposit protection scheme.