27 October 2011
my|deposits has made a formal bid to run a tenancy deposit protection scheme in Scotland.
The Scottish Government passed legislation in March 2011 paving the way for deposit protection.
Under the new law, private residential landlords, and letting agents who take a deposit from their tenants on behalf of their landlord clients, will be required to lodge the deposit with a government-approved tenancy deposit scheme for safekeeping for the duration of the tenancy. The service will be free for landlords, agents and tenants.
The new legislation has been introduced with the aim of ensuring deposits are returned to the tenant at the end of the tenancy, provided they are entitled to it.
Eddie Hooker, CEO of my|deposits, commented:
“my|deposits already operates a successful scheme in England and Wales which has protected well over £1 billion worth of tenancy deposits. We are experts in tenancy deposit protection and dispute resolution, and want to take our experience north of the border in the form of my|deposits Scotland.
“Deposit protection will help define good landlords and letting agents, ensuring the deposit money is safeguarded throughout the tenancy.
“my|deposits Scotland will also offer a free dispute resolution service if there is a disagreement between the landlord and tenant over the return of the deposit. We have a team of professional adjudicators who are experienced in resolving disputes impartially and fairly. Our dispute resolution service was shortlisted for an award by CEDR, the Centre for Effective Dispute Resolution, in 2010.
Once the first tenancy deposit scheme goes live in Scotland, landlords and agents who take new deposits from tenants after this point will have 30 days to lodge the deposit with a scheme. Landlords with existing tenancies will also have to lodge the deposit, but will have up to nine months to do so.
For further information, please contact:
T: 020 7840 8925
M: 07508 031 084
NOTES TO EDITORS:
About my|deposits & my|deposits Scotland
my|deposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator).
my|deposits Scotland is the trading name of Tenancy Deposits (Scotland) Limited, a company registered in Scotland to operate, subject to approval, a custodial tenancy deposit protection scheme.