Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
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The deadline for protecting your tenancy deposits is TODAY, Tuesday the 13th of November 2012. Not only must you be registered with the appropriate local authority and transfer existing deposits, you now need to provide new tenants with details of the tenancy scheme you are using to safeguard their deposit.
If you are a Scottish landlord you must ensure tenants’ deposits are put into a custodial scheme and that the money is held by an approved scheme for the duration of the tenancy. Evidence of registration with your local authority must be provided when the deposit is paid. This is different to England and Wales, where tenancy deposit money can be protected with insurance.
The most important deadline is the 13th of November. All deposits you have received from tenants on or after the 7th of March must be transferred in your chosen tenancy deposits scheme. Here is a table of deadlines for the tenancy deposit scheme.
|Date Deposit Received On or After||Deadline to Comply|
|2 July 2012 and before 2 October 2012||13 November|
|7 March 2011 and before 2 July 2012||13 November|
|2 October 2012||Within 0 working days of the beginning of the tenancy|
|Any deposit received prior to 7 March 2011UnlessThe tenancy is renewed, either by express agreement or on tacit relocation, or after 2 October and before 2 April 2012||By 15 May 2012Within 30 working days of renewal|
Your tenant could take you to court if you don’t protect their deposit with a scheme or provide the required information within the specified timescales.
If the court is satisfied that you have not complied, a sheriff can order you to pay up to three times the deposit.
Mark Alexander, founder of Property118 said; “to keep up to date with regulations, anybody letting properties in Scotland really ought to join the Scottish Association of Landlords” – details at the foot of this article.
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