Tenancy Deposit Scheme launched

Today sees the launch of government approved schemes which help to protect tenants against rogue landlords wrongfully keeping their deposit.

SafeDeposits Scotland, The Letting Protection Service Scotland and MyDeposits Scotland will take deposits from landlords or their agents for safekeeping and provide key information about the tenancy, the deposit and the scheme to the tenant.

Landlords and letting agents have until next May to lodge all existing deposits but from 2nd October they are  required by law to hand over all new deposits within 30 working days of a tenancy starting. 

Housing Minister Keith Brown said: “These new regulations are historic because they offer, for the first time, a fair, cost effective approach that safeguards tenancy deposits.

The minister said most landlords behave responsibly, but added: “This legislation is aimed at tackling those who continue to tarnish the image of the private rented sector.”

The scheme is free for landlords and letting agents and will offer an independent dispute resolution service to help deal with disagreements over deposit returns and will be cheaper than seeking legal action.




Leave a Reply