3 March 2011
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 resolution process.
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, where my|deposits has protected over one million deposits.
We hope it proves as popular and successful in Scotland.”
NOTES TO EDITORS:
Mydeposits 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) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.