Tenancy Deposit Schemes are Here!!

As mentioned previously in our blog, The Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force in March this year. The Regulations set out the conditions that tenancy deposit schemes must meet before they can be approved.

A tenancy deposit scheme is an independent scheme designed to protect tenant's deposits for the duration of the tenancy. Schemes will also offer a dispute resolution service if tenants and landlords cannot agree about the return of the deposit when the tenancy ends. The scheme will be free to landlords and tenants.

All landlords and letting agents in Edinburgh will have to join a scheme as soon as one is available. The key thing to note is that this WILL be retrospective

The Scottish Government has announced that the consultation paper on the terms of two proposed tenancy deposit schemes in Scotland is now available.

A link to the consultation document is included below.

Consultation

The consultation is being undertaken in accordance with the requirements of the Housing (Scotland) Act 2006 and seeks views on the terms of schemes proposed by

·       The Letting Protection Service Scotland

·       SafeDepositsScotland

The consultation will be open until 21 January 2012. Please note that responses will not be accepted after the closing date. All Edinburgh Letting Agents and Landlords are encouraged to look at the schemes and visit one of the consultations.