12
Nov
2012

Deposit protection awareness on the rise as deadline to protect looms

More than half (52 per cent) of tenants in Scotland say they are aware of tenancy deposit protection (TDP) - a 12 per cent rise since the introduction of the law in July, according to findings* from my|deposits Scotland.

The research, which has been specifically conducted to track awareness and attitudes toward TDP in Scotland, also shows that the vast majority (92 per cent) of tenants in Scotland have not discussed the protection of their deposit with their landlord.

TDP legislation was introduced in order to safeguard the tenant’s deposit for the duration of the tenancy and to ensure its quick return even if a dispute arises.

Eddie Hooker, CEO of Government licenced scheme my|deposits Scotland, commented:

“It is encouraging that we’ve seen a rise in awareness among tenants in Scotland at this stage and this will only improve with time.

“The legislation was introduced in order to protect the tenant’s money so it’s vital that tenants ask their landlord or letting agent where their deposit has been protected.

“Tenants should also make sure they receive the deposit details from their landlord or letting agent within 30 working days of the beginning of the tenancy.”

Landlords and letting agents in Scotland who took a deposit from their tenant after 7 March 2011 have until tomorrow (13th November) to register it within a Government-licensed scheme. Those who fail to protect their tenants’ deposits risk a penalty of up to three times the deposit amount.

However, there are different deadlines for protecting deposits that were taken prior to 7 March 2011. The key trigger dates are available from the my|deposits Scotland Resource Centre at www.mydepositsscotland.co.uk

The research findings come just as Scottish Government reveal that landlords have deposited over 23 million pounds** of tenant’s money to the schemes already.

Eddie Hooker commented:

“It’s encouraging that landlords have already deposited such as considerable amount of their tenants’ money with the schemes, however this only represents approximately a third of the overall estimated rental deposit pool in Scotland.

“It’s important that landlords and agents continue to lodge their tenant’s deposits with the schemes before the 13 November deadline or they risk leaving themselves open to heavy penalties as a consequence.”

Landlords and letting agents in Scotland can protect their tenants’ deposits now either online at www.mydepositsscotland.co.uk or by calling 0845 634 5400

-ENDS-

For further information, please contact:

Sam Haidar, Senior Press Officer

sam.haidar@mydeposits.co.uk

020 7840 8925
M: 07508 031 084

*National Landlords Association (NLA) Tenant Index – autumn 2012

**Scottish Government figures, 6 Nov 2012

NOTES TO EDITORS:

About my|deposits Scotland:

  1. my|deposits Scotland is the trading name of Tenancy Deposits (Scotland) Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver a tenancy deposit protection scheme under contract from The Scottish Government.
  2. my|deposits Scotland aims to support landlords and agents to comply with the legislation and provide everyone with the confidence that deposit money is held securely for the duration of the tenancy.
  3. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible.
  4. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records. For further information or to visit www.mydepositsscotland.co.uk
  5. The Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force on 7 March 2011. The Regulations set out the conditions that all schemes must meet before they can be approved by the Scottish Ministers. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator.

 

 

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