As we have kept you informed for the last few months, there has been a recent change to the law regarding deposits. Now it is a necessity for landlords to pay the deposit to an approved scheme within a specified timescale.
If you are a Martin & Co (Aberdeen) landlord, you have to do nothing since we are making sure that you are fully compliant. If you are a 'Tenant Finding' landlord though, please read on.
You as a landlord must ensure that the deposit remains with an approved scheme for the duration of the tenancy, where it will be held in a designated account until the deposit is due to be repaid after the end of the tenancy.
Scottish ministers have approved 3 such deposit schemes for Scotland;
1) SafeDeposits Scotland
2) My deposits Scotland
3) The Letting Protection Service Scotland
If you are a landlord you must have registered your tenants deposit with one of the schemes mentioned above. However once registered you must also provide the following information to the tenants:
1) your landlord registration status
2) confirmation of receipt of the deposit
3) confirmation of date on which it was paid to the deposit scheme
4) the name and contact details for the deposit scheme which is holding the deposit
5) the address to which the deposit relates
6) any reasons why part or whole of the deposit would be withheld at the end of the tenancy referring to the tenancy agreement
So why is it so important for you to provide all this information? Simply answered you are then covered legally. In Wales and England, a no win no fee firm called Tenants Deposit Claimline is targeting landlords that have not provided the information mentioned above to their tenants. They claim to guarantee the tenants one and half times their deposit back on a successful claim. Though at the moment this claim line is only operating in England and Wales, it is doubtful that this will last long. So you should act now and protect yourself.
This is an important message if you chose us to manage your property through either our fully managed or rent receipt service, we will deal with registering your deposit with SafeDeposit Scotland and can guarantee that all information needed will be provided to the tenants.
If you are interested in renting your property through us, we are currently offering 50% off all fees for the fully managed service. You can contact us directly by ringing 01224 636500 or e-mail email@example.com for more information.