Further to my previous articles regarding the introduction of the Property Factors (Scotland) Bill and the Tenancy Deposit Schemes (Scotland) Regulations 2011, I can now report that the first tenancy deposit scheme has been approved by Housing Minister, Keith Brown.
The first tenancy deposit scheme to be approved is the Letting Protection Service Scotland. Two further schemes are also being considered with the intention of starting all three schemes, which will operate across Scotland, from 2 July 2012. In order to provide landlords with time to prepare, the legal requirements to submit deposits into a scheme will come in to effect from November 2012.
Once in place, landlords or their agents must pay deposits to an approved scheme and provide their tenants with key information about the tenancy, the deposit and the scheme which is protecting it. The schemes will be free to participate in and will provide access to a free and independent dispute resolution service.
Please refer to my previous articles for a more in-depth discussion of what this all means for landlords and tenants.