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Update on tenancy deposit schemes

As Members may be aware, the Scottish Government received three proposals for the operation of tenancy deposit schemes in Scotland. The Minister for Housing and Transport has today announced the approval of the scheme proposed by The Letting Protection Scotland.

 

The scheme will have an operational start date of Monday 2 July 2012.

 

The legal duties on landlords who receive a deposit in connection with a relevant tenancy will also be triggered from 2 July. The legal duties on landlords are:

 

  • to pay deposits to an approved tenancy deposit scheme
  • to provide the tenant with key information about the tenancy and deposits

Key dates for landlords

 

The dates by which landlords must comply will vary, depending on when the deposit was received:

 

1.      Deposit received prior to 7 March 2011 and tenancy renewed after 12 November 2012

         Duty to comply within 30 working days of renewal – Regulation 47(a)

 

2.      Deposit received prior to 7 March 2011

         Duty to comply by 14 May 2013 - Regulation 47(b)

 

3.      Deposit received on or after 7 March 2011 and before 2 July 2012

         Duty to comply by 12 November 2012 – Regulation 48

 

4.      Deposit received on or after 2 July 2012 and before 2 October 2012

         Duty to comply by 12 November 2012 – Regulation 4

 

5.      Deposit received on or after 2 October 2012

         Duty to comply within 30 working days of the beginning of the tenancy –  Regulation 3

 

Additional schemes

 

Two further schemes are also being considered from:

 

  • SafeDeposits Scotland – a summary of consultation responses has been issued to the scheme administrator for consideration.  
  • MyDeposits Scotland – the consultation on the terms of the scheme runs until 8 April. A summary of the responses will be sent to the scheme administrator for consideration.  

 

If after analysis of the consultation responses the schemes are suitable to be approved, the Scottish Government aim to have all approved schemes ready for operation by 2 July. This means that landlords will be able to choose which scheme, or schemes, they want to submit deposits to.

 

The Frequently Asked Questions for tenant, landlords and letting agents have been temporarily removed from the Scottish Governments web site.

A Scottish Land & Estates Information Sheet is available on the tenancy deposit regulations.

 

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