New regulations came into force in 2012 to introduce a Tenancy Deposit Scheme in Scotland. The scheme is run by independent third parties and protects tenants' deposits until they're due to be repaid.
England and Wales have their own tenancy deposit regulations. Click here for info on tenancy deposit regulations in England and Wales
Under the new system landlords in Scotland are required to:
- Pay tenancy deposits into one of the approved schemes
- Provide their tenant with information about the tenancy and the deposit
What you need to do depends largely on when the tenancy began. Here are the key dates for deposits to be paid into one of the schemes (according to scotland.gov.uk’s tenancy deposit page):
Deposit received prior to 7 March 2011 and where tenancy renewed on or after 2 October 2012 and before 2 April 2013 (Regulation 47(a))Within 30 working days of renewal
In any other case (Regulation 47(b))
By 15 May 2013
- Deposit received on or after 7 March 2011 and before 2 July 2012 (Regulation 48)By 13 November 2012
- Deposit received on or after 2 July 2012 and before 2 October 2012 (Regulation 4)By 13 November 2012
- Deposit received on or after 2 October 2012 (Regulation 3)Within 30 working days of the beginning of the tenancy
All sounds a bit confusing but, once the scheme is full in place, the rule is within 30 days of the start of the tenancy.
For more information visit scotland.gov.uk
For more information, see our book "The Essential Guide to Flatsharing"
