SafeDepositsScotland

RICS Scotland is partnering a submission with SafeDepositsScotland to run a tenancy deposit scheme in Scotland. If successful, the scheme will have the backing of landlord, agent and tenant groups. RICS Scotland will be represented on the board of SafeDepositsScotland.

The Scottish Parliament has introduced new regulations which require landlords and lettings agents to transfer the tenancy deposits they hold to an Approved Tenancy Deposit Protection Scheme. These schemes will hold the deposits until the end of the tenancy and will repay it to the landlord and tenant and agents in accordance with the agreement of the parties. If the parties can't agree, then the Scheme will look at the evidence supplied by all parties and the Scheme itself will decide how to allocate the deposit.

SafeDepositsScotland will be a not-for-profit organisation and any surpluses it makes will be gift aided to a new Charitable Trust which will provide grants to promote education, training and best practice in the private rented sector in Scotland. They are using the services of an experienced provider of tenancy deposit protection services, The Dispute Service, who run the biggest scheme in England and Wales - also a not for profit company.

The members of SafeDepositsScotland have recognised that landlords, agents and tenants are understandably anxious to know more about tenancy deposit protection and the adjudication of disputes. SafeDepositsScotland are running a series of information seminars across Scotland to provide further information.