The countdown has begun to educate Scotland’s landlords, letting agents and tenants about tenancy deposit protection. The legislation came into force in March 2011 and landlords and letting agents will shortly be required by law to hand that deposit over to an approved third-party custodial scheme – like The LPS Scotland - to ensure it is properly protected.
The Scottish Government implemented the legislation after its research found that 8,000 – 11,000 tenants a year had part or all of their deposits unfairly withheld, equating to between £2.2 and £3.6 million*.
With over 5 years’ experience of running a similar custodial scheme, we know that educating landlords, letting agents and tenants is essential if the legislation is to be effective.
Landlords need to be aware of their new responsibilities to ensure that they don’t fall foul of the regulations and tenants also should take time to learn about the new legislation, to make sure their deposit is securely protected within the new 30 day timeframe.
The new legislation will go a long way to giving tenants, landlords and letting agents the reassurance that deposits are secured properly and the return of money at the end of the tenancy is structured and fair.
We’ve been in Scotland all week speaking at events in Edinburgh, Glasgow and Aberdeen to ensure this message is getting out to the Scottish market and we’ll be setting up further sessions, including an online webinar in the next few weeks.
You can stay up to date with the latest news either here, or on our website and we’ll post details of future events as soon as they become available.
You can also follow us on Twitter - @LPS_Scotland
The LPS Scotland is in the process of being approved by the Scottish Government to protect tenancy deposits on behalf of tenants, landlords and letting agents. The service will be free to use and run by Computershare Investor Services PLC which also operates The DPS the only UK-based custodial deposit protection scheme.