Landlords now have less than a month to register all existing deposits in a government-licensed scheme, such as my|deposits Scotland. Those who fail to meet the deadline could be fined up to three times the deposit amount.
And as of 2 October, all new deposits taken must be protected within 30 working days form the beginning of the tenancy.
David Salusbury, Chairman of the NLA, says:
“The introduction of tenancy deposit protection affects every tenant, landlord and letting agent in Scotland so it is essential that everyone understands their obligations. TDP schemes, such as my|deposits Scotland, offer the benefit of a fair and neutral dispute resolution service if there is a difference of opinion over the return of the deposit at the end of the tenancy.
“However, prevention is always better than cure – to avoid deposit disputes, the National Landlords Association promotes the practice of detailed and accurate inventories. If landlords welcome their new tenants with the right paperwork, ensuring inventories are signed and dated, with photo detail where possible, they are helping to ensure a fair and easy checkout process when the tenants come to leave.”
Eddie Hooker, CEO of my|deposits Scotland commented:
“The my|deposits Scotland online systems reduce the administrative load and make the process of uploading deposit information simple, leaving landlords to manage their businesses. By using my|deposits Scotland, everyone can rest assured that the deposit money is in safe hands and that it will be returned quickly and fairly at the end of the tenancy.”
