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Scotland Launch New Tenant Deposit Scheme
Yesterday saw the arrival of a new compulsory tenant deposit scheme in Scotland, which the government hopes will more effectively safeguard deposits.
With deposits amounting to £75 million on the 273,000 property investments currently up for rent in Scotland, this new scheme will offer landlords and letting agents a free service where they can safely store tenant deposits and access them where justified.
And this is great news for tenants, as they will no longer have to seek out legal action to recover wrongly withheld deposits.
Instead they will be able to access a free and independent dispute resolution service who will determine the amount of deposit that should be returned to the landlord.
According to the government the following schemes have been approved: SafeDeposits Scotland, Letting Protection Service Scotland and Mydeposits Scotland. Here property investors will be able to store their tenant deposits, whilst these schemes will provide information about the tenancy, the deposit and the scheme itself to the tenant.
For now, landlords can used these schemes voluntarily, however from November 2012 to May 2012, by law landlords will have to submit tenant deposits to an approved scheme (depending on when the tenancy started).
With deposits amounting to £75 million on the 273,000 property investments currently up for rent in Scotland, this new scheme will offer landlords and letting agents a free service where they can safely store tenant deposits and access them where justified.
And this is great news for tenants, as they will no longer have to seek out legal action to recover wrongly withheld deposits.
Instead they will be able to access a free and independent dispute resolution service who will determine the amount of deposit that should be returned to the landlord.
According to the government the following schemes have been approved: SafeDeposits Scotland, Letting Protection Service Scotland and Mydeposits Scotland. Here property investors will be able to store their tenant deposits, whilst these schemes will provide information about the tenancy, the deposit and the scheme itself to the tenant.
For now, landlords can used these schemes voluntarily, however from November 2012 to May 2012, by law landlords will have to submit tenant deposits to an approved scheme (depending on when the tenancy started).
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More about the author of this article
Stephen McIntosh, Property Mentor Delegate
With a £40k passive income per year Stephen McIntosh knows that property investment is one of the most exciting and achievable ways to become wealthy “Property is the best employee ever! It doesn't have days off, never calls in sick or with a hangover, works 24 hours a day, 7 days a week and never has a holiday. All the while making you £££s Read more
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