All landlords and agents in Scotland will now have to protect a tenant’s deposit money.

The NLA is reminding landlords and letting agents in Scotland that from 2nd July it will be mandatory to protect their tenants’ deposits.

The law, passed by the Scottish Government last year, requires all new and existing deposits be lodged with a government-licensed scheme.

TDP has been law in England and Wales since 2007, but it is the biggest change for landlords with properties in Scotland since the introduction of the Landlord Register in 2006.

There are different deadlines for when new and existing deposits are required to be lodged, depending on when the deposit was first received.

The changes will affect how landlords and agents operate in Scotland, so it is important that all affected have access to guidance on what they need to do and by when in order to comply with the law.

my|deposits Scotland is helping agents, landlords and tenants through this process by providing key advice and guidance through their online Resource Centre. Here, you will find a number of really helpful guides which clearly outline what you need to do and by when.

By protecting a tenant’s deposit in one of three Government-licenced Tenancy Deposit Protection schemes, landlords and letting agents will be keeping tenants’ deposit funds safe until the tenant vacates the property. And, should a dispute arise over the amount of deposit to be returned to the tenant; the matter can be resolved through a free dispute resolution service offered by the schemes, without the need to involve the courts.

Richard Price, Director of Operations at the NLA says:

“Tenancy Deposit Protection has undoubtedly helped raise standards in the private-rented sector in England and Wales since its introduction five years ago. The legislation has meant that many landlords and agents have had to adapt the way they process deposits to ensure clarity for all parties.

“It is important that landlords, agents and tenants in Scotland 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.”

Don’t get caught out, here click here for more information.

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