Tenancy Deposit Scheme Scotland – are you ready?
All three of the tenancy deposit schemes in Scotland approved by the Scottish Government are now operational! The many different aspects of the Scottish TDS have been covered on our blog before however with the official operational date of 2 July 2012 having passed, it would be a good time to remind landlords of the timescales involved to ensure they are complying with their duties. Rest assured, there is no need to panic just yet!
Landlords in Scotland will need to lodge a tenant’s deposit with an approved tenancy deposit scheme and provide the tenant with specific information regarding the deposit, the landlord and the scheme. It is understood that the approved schemes – SafeDeposits Scotland, the Letting Protection Service Scotland and MyDeposits Scotland – intend on providing templates to landlords which will include the necessary information.
Somewhat confusingly, the deadlines for lodging deposits and providing the required information to tenants vary, depending on when the deposit was received.
- Deposit received before 7 March 2011 and tenancy renews in the period between 2 October 2012 and 2 April 2013 – the deposit must be with the scheme and information provided to the tenant no later than 30 working days after the date of renewal. For example
- tenancy commenced on 10 January 2011 until 10 July 2011
- tenancy continued on a monthly basis
- therefore tenancy renews on the 10 October 2012
- deposit would have to be lodged with an approved scheme no later than 30 working days after the 10 October 2012.
- Deposit received before 7 March 2011 and tenancy does not renew between 2 October 2012 and 2 April 2013 – the deposit must be with the scheme and information provided to the tenant no later than 15 May 2013.
- Deposit received between 7 March 2011 and 2 October 2012 – it must be with the scheme and the information provided to the tenant no later than 13 November 2012.
- Deposit received after 2 October 2012 – it must be lodged with the scheme and the information provided to the tenant within 30 working days of the date of commencement of the tenancy.
Landlords with multiple properties may find it easier to use the 13 November 2012 as a deadline for lodging deposits. This will ensure compliance regardless of the nature of the tenancy.
If you have any queries regarding your legal obligations, we’d be delighted to help – get in touch.