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Spin-offs of TDS and Mydeposits to operate in Scotland

Posted by on June 7, 2012


Source: www.lettingagenttoday.co.uk

Scottish housing minister Keith Brown has approved two more tenancy deposit schemes to operate when mandatory deposit protection comes into force next month.

SafeDeposits Scotland – a joint venture involving TDS, NFoPP, RICS and others – and Mydeposits Scotland – a spin-off of the Mydeposits scheme launched by the National Landlords Association in England and Wales – join the Letting Protection Service which was approved earlier this year.

All three schemes will operate across Scotland from July 2 when the legal requirement to submit deposits into a scheme will begin. In order to provide landlords with time to prepare, the first category of deposits to be paid into the schemes will be from November.

Keith Brown said: “It’s important to stress that the majority of landlords act responsibly. These schemes are aimed at those who tarnish the image of the private rented sector and exploit trusting tenants.

“This Government is committed to taking action to ensure tenants receive a fair deal. It’s not right that up to 11,000 tenants annually have £3.6m of their deposits wrongly withheld.

“From July 2, the new regulations will allow a new cost-effective approach to safeguarding tenancy deposits, protecting tenants and landlords. Anyone looking for more information should visit the schemes’ websites.”

Graeme Brown, director of Shelter Scotland, said: “Monday, July 2, starts the clock ticking towards the point when all tenants’ deposits will be protected by law in Scotland.

“This means that, finally, the unfair withholding of millions of pounds from deposits by landlords and agents will be a thing of the past, as will the hardship it causes to tenants.

“The introduction of a compulsory scheme to safeguard deposits is a step in the right direction towards protecting tenants, landlords and agents.

“We hope the tenancy deposit scheme achieves a transparent and fair system for all.”

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