Are you ready to change how you deal with your tenants' deposits?
As of today, Scottish landlords are obliged to place their tenants' deposits in one of three approved tenancy deposit schemes.
These schemes, which have been the norm in England and Wales since 2006, are said to offer tenants the security of knowing their deposit is kept safe for the duration of their stay in a property. Should disputes arise when a tenant moves out, they provide an independent person to decide what repairs need to be done following 'ill treatment' of a property and what constitutes fair wear and tear.
In Scotland, landlords have so far been obliged to keep their tenants' deposits safe, but it was up to them how they dealt with deposits in practice.
The Scottish Government has approved three tenancy deposit schemes and as of today, all landlords need to have transferred their deposits into a scheme of their choice.
It's come as a surprise to us how little information has been made available about the impending changes, especially as consequences for landlords could be drastic and they could be fined up to three times the value of the deposit for missing today's deadline.
A recent ruling has shown that the courts are prepared to be strict on the issue, imposing the maximum penalty on a residential landlord for 'minor' omissions.
We're not about to start scare-mongering. However, this is a huge change for landlords, so if you do need additional information, please contact us directly.
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