From 2nd July, all landlords and letting agents in Scotland who take a deposit from their tenant must submit it to the scheme within 30 working days of the beginning of the tenancy. The law applies to all existing and new deposits.
Tenancy deposit protection was first introduced in England and Wales five years ago to raise standards in the private-rented sector and it’s hoped its introduction here will do the same for Scottish tenants who until now have had no protection or guarantee over their deposit.
However, new research released by my|deposits Scotland shows that six out of ten (63%) tenants in Scotland are not aware of Tenancy Deposit Protection (TDP) legislation.
my|deposits Scotland has been formally approved by the Government to operate a TDP scheme in Scotland having run a similar scheme in England and Wales over the past five years.
The scheme has protected £1.4billion worth of deposits on behalf of nearly 90 thousand members in England and Wales and has consistently met all targets set by the Government.
It is important that landlords, agents and tenants are provided with clear guidance on what they will be required to do and by when.
There are strict penalties of up to three-times the deposit amount for those who do not protect a tenant’s deposit under the new law meaning it’s important all involved are informed about how the scheme will affect them.
Click here to watch Eddie Hooker, CEO of my|deposits Scotland explain what the TDP legislation is, who it will affect, and what tenants, landlords and letting agents are required to do and by when.
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