Deposit Protection a step closer for Scotland

My|deposits Scotland has moved a step closer to becoming a government-approved tenancy deposit scheme in Scotland, having been given the green light by the Scottish government to proceed to public consultation.

The new law will require landlords and letting agents to lodge a deposit they take from their tenant with a government-approved scheme, such as my|deposits Scotland.  The money will be held by the scheme for safe keeping until the end of the tenancy.  The service will be free for tenants and landlords.

At the end of the tenancy both the landlord/agent and tenant can apply to the scheme for release of the deposit.  If the tenant doesn’t agree with how the deposit money should be split, my|deposits Scotland will offer a free dispute resolution service.

Eddie Hooker, Chief Executive, my|deposits Scotland, said:

“My|deposits has already protected well over 1.2 million deposits in England and Wales and we look forward to bringing our experience to serve landlords and agents in Scotland.

“Landlords and agents must ensure they understand how tenancy deposit protection works and how to properly protect their tenants’ deposits within the time required, as there will be penalties under the law for those who don’t comply.

“By using my|deposits Scotland, landlords and agents can be assured that they are complying with the law and be safe in the knowledge their deposit money is secure. We will be bringing our reputation of outstanding customer service to landlords and agents in Scotland.”

my|deposits Scotland has now entered a period of public consultation from 27 February – 8 April.  Anyone wishing to comment on the proposed scheme should visit http://www.scotland.gov.uk/Publications/2012/02/6734

For more information about my|deposits Scotland, visit www.mydepositsscotland.co.uk