Protecting Your Money with Tenancy Deposit Scotland
If you’ve ever rented a property, then chances are you will have experienced deposit disputes. According to research by the Centre for Economics and Business, it’s estimated that more than £500 million pounds of tenants money could be at risk due to one in six landlords not adhering to the law by not placing deposits through the Tenancy Deposit Scotland scheme, as reported by The Times.
Despite the frightening statistics, there’s no need to worry if you choose wisely when renting a property, as Clyde Property and our reputable landlords across Scotland are fully compliant with current legislation.
The Tenancy Deposit scheme was introduced in Scotland in July 2012 and operates independently via a third party. There are three main companies, all of which are fully vetted and approved by the Scottish government: My Deposits Scotland, Safe Deposits Scotland and Letting Protection Service.
The scheme’s main purpose is to protect tenant’s deposits until they are due to be repaid and it’s monitored by the Scottish government on a quarterly and annual basis. Landlords are legally obligated to place a deposit into the Tenancy Deposit Scotland scheme within the first 30 working days of the tenancy starting.
If they fail to do so, and fail to provide the corresponding information about it, the tenant can apply to the sheriff court via a summary application. The court can then order the landlord to repay up to three times of the original deposit. This can be done up to three months after the tenancy has ended.
Landlords not adhering to Tenancy Deposit Scotland is a concern to tenants across the country as this can leave uncertainty hanging over the deposit being repaid at the end of a lease. Therefore, choosing a professional, fully qualified and accredited agency to rent a property is paramount to ensuring that your deposit is kept safe.
Clyde Property is an award winning agency and one of Scotland’s largest Independent Letting Agents with over 2500 properties under management, so tenant safety and satisfaction is at the heart of everything we do. We embrace such industry standards that enhance the reputation of all letting agents and protect both landlords and tenants with an independent decision on the outcome of any deposit dispute.
You can find out more about our unique offer for tenants all over Scotland and search our current available data base here.
It has never been more important than it is now to ensure that when renting a property, you can trust your agent and landlord. Ultimately, this recent news regarding certain landlords holding deposits illegally only further highlights the inconsistencies in the letting market and is a big reminder to potential tenants to choose wisely when deciding who to rent a property from.
Please contact our dedicated lettings team for expert advice regarding letting your property or being a tenant:
