Helping You Understand Tenancy Deposit Protection
It’s early days since the official start of tenancy deposit protection
in Scotland but with over 180 agents nationwide, of which 13 trading in Scotland: Aberdeen, Ayr, Bathgate, Cupar, Dundee, Dunfermline, East Kilbride, Glasgow City, Glasgow
Shawlands, Glasgow West End, Kirkcaldy, Paisley & Stirling, Martin & Co have much experience having dealt with the Tenancy Deposit Protection in England and Wales since 2007. The local offices in Scotland can offer help and support for those that are still getting to grips with the new Scottish legislation, and are fully prepared to guide you through.
The legislation has been introduced to protect Tenants from rogue Landlords who in the past have not returned deposit monies back to the vacating Tenant without good reason.
With this in mind the legislation now states that in the majority of tenancies the deposits taken must be handed over to one of the 3 authorised schemes which are referred to as custodial schemes. The deposit will remain with the custodian for the duration of the tenancy. When the tenancy ends the Landlord (or agent on behalf of the Landlord) and the Tenant must liaise and agree to any potential deductions. Should they be unable to reach agreement the custodian can provide an alternative dispute resolution which is free of charge.
The Martin & Co offices have chosen to use SafeDeposits who will be their custodian. So what do you have to do?
If you are an existing Landlord of Martin & Co and asked them to hold the deposit money for a tenancy which is currently in force then you need do nothing. Your Martin & Co office will ensure that the deposit is passed to the custodian and that the appropriate ‘Information for Tenants’ is provided to your Tenant.
If you have used Martin & Co to help create your current tenancy but you chose to hold your Tenant’s deposit for the duration of the tenancy, or you are simply after further information, visit your local Martin & Co agent who can assist you in your next move and also help you understand the legislation – ensuring you remain legally compliant.
Click here to listen to the recording aired on BBC Scotland in April earlier this year with Martin & Co.