LETTINGSnews
LEGISLATION New Tenancy Deposit
Four years after the introduction of tenancy deposit protection (TDP) in
England and Wales on 6th April 2007, the draft scheme concerning tenancy deposit legislation has now been passed by the Scottish Parliament, paving the way for deposit protection for tenants. Central to this proposal is that only a custodial scheme will be offered, meaning that no insurance backed scheme will be available as there currently is for England and Wales (Tenancy Depost Scheme and Mydeposits). The laws will ensure tenants’ deposits are held safely by a third party and returned at the end of the tenancy. Any dispute over the amount returned would be resolved through an alternative dispute
Protection Laws In Scotland resolution process. Sue Hopson, Brand Standards
Director at Martin & Co is delighted: “At Martin & Co we are well placed to be able to interpret the draft legislation. We are the largest user of the custodial scheme in England and Wales run by the Deposit Protection Service (DPS) with 18,000 active tenancies registered with a value of £18 million”. Martin & Co is a well
established brand “North of the Border,” with 14 offices trading in Scotland including Aberdeen, Airdrie & Cumbernauld, Ayr, Dundee, Dunfermline, Edinburgh City, Fife, Glasgow North, Glasgow South, Hamilton, Kirkcaldy, Livingston & Falkirk, Paisley & Stirling. “With over 80% of our
offices already using the DPS
Scottish Parliament approves tenancy deposit legislation
custodial scheme we certainly know the pros and cons so the Scottish offices and
subsequently their landlords and tenants will benefit from this knowledge and
experience” added Sue. Eddie Hooker, Chief
Executive,
mydeposits.co.uk, commented: “We welcome news that, under these new laws, tenants in Scotland will be able to rent a home knowing the deposit they hand over is protected.
“This is a win-win situation
for all of those involved in the private rented sector. For tenants, it ensures their rights are protected and, should all go well during the tenancy, they are guaranteed to get their full deposit back.
“Tenancy deposit protection
has been embraced by landlords and agents in England and Wales over the last four years, where my|deposits has protected over one million deposits. We hope it proves as popular and successful in Scotland.”
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58 APRIL 2011 PROPERTYdrum
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