Landlord Bulletin – Tenancy Deposit Scheme
- Posted on : 30th August 2012
The Tenancy Deposit Schemes (Scotland) Regulations 2011 took effect from 2nd July, 2012. The Regulations apply to all Registered Landlords. The effect of the legislation means that Landlords (or Agents) can no longer personally retain their tenants’ deposits. Tenancy deposits must now be held by an approved independent third party organisation, which will facilitate dispute resolution between the Landlord and Tenant at the termination of a tenancy (in the event that this is required). Any Landlord failing to comply with the Regulations could face a penalty of up to three times the tenancy deposit amount.
The date by which tenancy deposits must be lodged with one of the approved organisations varies, depending on the start date of the tenancy. Please contact our office for further information.