09
Oct
2012

Deadline to protect deposits approaches

Tenancy deposit protection (TDP) scheme my|deposits Scotland is reminding landlords and letting agents to protect their tenants’ deposits, or risk facing a heavy fine.

All landlords and letting agents in Scotland who have taken a deposit from their tenant have until 13th November – now less than a month away – to register it within a Government-licensed scheme such as my|deposits Scotland.

Those who fail to meet the deadline could be fined up to three times the deposit amount.

Eddie Hooker, CEO of my|deposits Scotland commented:

“TDP was introduced in the busiest period for student lettings for the new term and despite the three-month transition, the workload created might still seem overwhelming.

“However, landlords and agents need not panic; our online systems reduce the administrative load and make the process of uploading deposit information simple, leaving you to get on with managing your business.”

From 2 October, any new or future deposits taken by landlords and letting agents in Scotland must by law be protected within 30 working days from the beginning of the tenancy. However, there are different deadlines for when existing deposits are required to be lodged, depending on when the deposit was first received.

Eddie Hooker added:

my|deposits Scotland has developed a number of free guides to support landlords, agents and tenants. Through our Resource Centre, visitors can download all they need to know, including details of trigger dates to remember, essential guidance on the information landlords and agents need to supply and advice on avoiding a dispute at the end of the tenancy.

“By using my|deposits Scotland, everyone can rest assured that the deposit money is in safe hands and that it will be returned quickly and fairly at the end of the tenancy.”

Protect your tenants’ deposits now online at www.mydepositsscotland.co.uk or by calling 0845 634 5400.

And see the below links for further information about the support that my|deposits Scotland offers:

-ENDS-

For further information, please contact:

Sam Haidar, Senior Press Officer

sam.haidar@mydeposits.co.uk

020 7840 8925
M: 07508 031 084

09 October 2012

 

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