I am delighted to announce that tenants, landlords and letting agents in Scotland are a step closer to guaranteed deposit protection, with the Scottish Government confirming it has approved its first deposit protection scheme, The Letting Protection Service Scotland (The LPS Scotland). The scheme has been given the go ahead to launch on July 2nd.
Having already established The Deposit Protection Service (The DPS) in England and Wales, we already have five years’ experience of running a similar custodial scheme and know how to support landlords and letting agents through the transition of new legislation. The LPS Scotland will use this knowledge to provide fast, free and secure deposit protection to support Scottish landlords and letting agents in complying with regulations.
A reminder that you can access helpful information about our service via a page on The LPS Scotland website. Here you can view and download documents and familiarise yourself with our processes. You may find the following information particularly helpful:
Experience Matters – an overview of The LPS Scotland - Does exactly what it says on the tin. Provides an overview of The LPS Scotland and each process involved from registering to alternative dispute resolution.
Best practice in deposit protection for landlords - List of the key things you’ll need to remember with regards to tenancy deposit protection, including the importance of repayment IDs and tenants’ contact details.
Registering with The LPS Scotland - Process flow diagram that explains how to register with us.
Submitting a deposit - Process flow diagram that explains how to submit deposits once registered with The LPS Scotland
We also regularly attend and organise events to ensure landlords and letting agents are kept up to date with the legislation, what it will mean for you and how The LPS Scotland will work.
We will be confirming a number of new events over the next few months, full details of those events can be found here. Or, if you’d like us to send you more information on The LPS Scotland following approval from Scottish Government, send us an email or visit our website.
We’ll keep you up to date on developments here on the blog and you can also follow us on Twitter – @LPS_Scotland