The Tenancy Deposit Schemes (Scotland) Regulations 2011 became law on 7 March 2011. This legislation requires landlords including universities to hand over their deposits to custodial schemes for safe keeping.
Three government approved schemes have been set up following the introduction of new regulations last year.
The three schemes that have been approved by the Scottish Ministers are:
A tenancy deposit scheme is a scheme designed to protect tenants’ deposits by placing them with an independent third party.
The main objectives of requiring deposits to be safeguarded by tenancy deposit schemes are:
Once a tenancy deposit scheme is approved, any tenancy deposit accepted by a landlord must be deposited with an approved scheme within 30 working days of the commencement of a tenancy.
At the same time the landlord must ensure that key information is provided to the tenant, including details about the amount of the deposit and the location of the scheme where it is being held.
The deposit will then be kept by the scheme administrator in an account maintained for the purpose of holding tenancy deposits until they are repaid. The landlord must also provide proof of registration with the local authority when the deposit is paid over.
These duties relating to tenancy deposit regulations will not apply until an approved scheme is implemented.
Every landlord that is required to register in the local authority register of landlords, in accordance with the Antisocial Behaviour etc. (Scotland) Act 2004 (landlord registration), will need to comply with the Tenancy Deposit Schemes (Scotland) Regulations 2011.
This includes landlords of assured and short assured tenancies, university accommodation, as well as various other types of occupancy arrangement.
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