What is Tenancy Deposit Protection (TDP)?

From 2nd July 2012 new legislation comes into force in Scotland which is designed to safeguard the tenant's deposit.  A similar scheme has been running in England & Wales since 2007.

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Why introduce Tenancy Deposit Protection to Scotland?

It has been estimated in Scotland alone that between £2.2million & £3.6million tenancy deposits are unfairly withheld by landlords.

TDP's will ensure that money paid by tenants (as deposits) is kept safe.

A TDP scheme will guarantee that tenants will get their deposits back at the end of the tenancy, if they comply with the tenancy condition and do not damage the property. Landlords must protect their tenants' deposits using a TDP scheme if they have let the property on a short assured tenancy which started on or after 6 April 2007.

So the main aim of the game is to ensure that deposits are safeguarded throughout the tenancy, not unfairly withheld & to ensure deposits are returned quickly & fairly especially if there is a dispute.

What will Tenancy Deposit Protection mean for you?

Landlords must submit deposits to the administrator of an approved scheme within certain deadlines.  These deadlines are determined by when the deposit is received.

Quick repayment of your deposit where there is no dispute.  

Every approved scheme must provide a way for disagreements to be resolved and this will be provided free of charge

If you don't protect your tenants' deposits when required to, your tenants can take you to court and you may have to repay them their deposit plus between one and three times the amount of their deposit. You will also be unable to seek possession of your property in certain circumstances.

The good news is…..its free for all tenants!  No need to pay an extra charge to your landlord to protect your hard earned cash.

For more information on regulations and Tenancy Deposit Protection please see http://www.scotland.gov.uk/topics/built-environment/housing/privaterent

 

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