Tenancy Deposit Scheme (Private Tenants)
The tenancy deposit scheme is an independent third party scheme which has been introduced by the Scottish Government to hold and protect tenant’s deposits until they need to be repaid at the end of the tenancy.
The schemes were introduced in response to concerns about the large sums of money that are unfairly withheld from tenants deposits by some landlords and letting agents at the end of a tenancy.
Here are some of the benefits of having a scheme:
- Tenancy deposits will be protected by an independent third party. This will prevent deposit from being unfairly held by landlords or letting agents
- Schemes will be free. There is no charge for tenants, landlords or letting agents to join a scheme
- Quick repayment of deposits. Where a landlord and tenant agree about the return of the deposit the scheme administrator must return the deposit within 5 working days
- Free access to an independent dispute resolution service. Every approved scheme will provide a free service to resolve disagreements over the return of deposits as an alternative to legal action through the courts
- Improved professionalism of the private rented sector. The introduction of the scheme has encouraged consistent standards in relation to management of deposits and improve the image of the sector
Further information about tenancy deposit schemes and free information sessions can be found on the Scottish Government website.
Details of how the three schemes will operate and how landlords can join the schemes are available on the individual scheme web sites as shown below:
Letting Protection Service Scotland
Telephone: 0844 4726 666
Telephone: 07917 813 340