Georgesons Estate Agents
22 Bridge Street
Wick KW1 4NG
T: 01955 602222
F: 01955 603016
19 Traill Street
T: 01847 892225
F: 01847 892235
22 High Street
T: 01862 892555
F: 01862 894861
The Tenancy Deposit Scheme (Scotland)
A tenancy deposit scheme is a scheme provided by a third party to protect deposits until they are due to be repaid.
Three schemes have been approved:
The Letting Protection Service Scotland – www.lettingprotectionservicescotland.com
Safedeposits Scotland – www.safedepositsscotland.com
My Deposits Scotland – www.mydepositsscotland.co.uk
All three schemes will start operating on Monday 2 July 2012
The landlord must pay deposits into an approved scheme for the duration of the tenancy. The landlord must be registered with the local authority – proof of this required when the deposit is paid over. Any landlord not required to register – e.g. rent to family members, life rents, holiday lets, agricultural and crofting tenancies, will not have to comply with tenancy deposit regulations.
The landlord may use a letting agent, but it is up to the landlord to check that the agent acts in accordance with the regulations.
There is no charge for landlords or agents to participate in the scheme – scheme will be financed from the interest on the deposits, meanwhile all the schemes have had to show that they have sufficient funds to operate the scheme until this income is generated.
Date for Complying with the Regulations
Duty to provide information
Under the regulations the tenant must be informed of the following:
This information must be supplied within the compliance date above.
Return of Deposits
The landlord/agent should apply to the scheme for repayment after the end of the tenancy, giving details of how much should be paid to the tenant. The scheme administrator will write to the tenant asking them to confirm whether they agree with the application, or whether they wish to dispute the amount. If the tenant agrees the administrator will repay the deposit within 5 working days. If the tenant does not reply within 30 days, the administrator will pay out any amount claimed by the landlord and continue to hold the balance for the tenant to apply for it at a later date.
The landlord may not make a claim until the end of the tenancy, but he may apply for it to be placed with another scheme.
If the landlord fails to place the deposit and/or fails to inform the tenant, as above, the tenant may apply to the Sheriff to enforce the regulations, which will incur a penalty.