Tenancy Deposit Schemes... what should I do?
On 7th March 2011 the Tenancy Deposit Scheme (Scotland) Regulations 2011 came into force, with the system going live on 2cnd of July 2012. These Regulations have changed the way in which landlords and agents deal with deposits. Now all deposits corresponding to Short Assured Tenancies have to be paid into a Tenancy Deposit Scheme.
Martin & Co has teamed up with SafeDeposits Scotland to comply with the current legislation.
SafeDeposits is an independent tenancy deposit protection scheme approved by the Scottish Ministers under the Act. SafeDeposits is a not for profit company limited by guarantee with its members being:
* The Dispute Service, a specialist provider of tenancy deposit protection and adjudication services
* The Scottish Council for Voluntary Organisations
* Landlords and agents including NFOPP (the National Federation of Property Professionals), RICS (Royal Institution of Chartered Surveyors), SAL (the Scottish Association of Landlords)
* Tenant and consumer groups including Citizens Advice Scotland, National Union of Students Scotland, and Shelter Scotland
What do you have to do as a Martin & Co landlord?
If you enjoy the benefits of our ‘Fully Managed’ service the answer is simple: Nothing. We will transfer the deposit that we hold on your behalf into the SafeDeposits Scotland scheme in accordance to the timeframe specified by the legislation. We will also make sure that you are fully compliant, particularly when it comes to submission deadlines and your Local Authority Landlord Registration. If we cannot find your records within the Local Authority database we will contact you in due course.
On the other hand, if you are using our ‘Tenant Finding’ service, you are holding the deposit of your tenancy and therefore we strongly recommend that you get well familiar with the current legislation. You will need to pay the deposit into one of the approved schemes. We highly recommend you use SafeDeposits Scotland as they are head and shoulders above their competitors. You will also have to serve the ‘Prescribed Information’ to your tenants. There are deadlines for you to complete these actions and you must be careful in complying with them. Failure to meet these deadlines means a possible fine of up to three times the deposit if the tenant takes the landlord to court.
If you have any queries please contact me on donna.gray @martinco.com