Compulsory tenancy deposit scheme
New regulations have been drafted for a compulsory tenancy deposit scheme in Scotland.
As soon as the regulations have been approved and come into force, landlords and landlords’ agents must lodge the tenancy deposits they are holding for all relevant existing, new and renewed tenancies with the regulatory body within 6 months (for long-term tenancies, this may be extended to 9 months).
A tenancy deposit scheme is designed to protect tenants’ deposits and provide an independent body to assist in dispute resolution. If a tenant and a landlord can’t agree on deductions at the end of a tenancy for repairs and dilapidations, the scheme will decide how the funds are refunded and to who, based on evidence they will be given by both parties.
It is expected the regulations will come into force during March 2011. Watch this space…
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