Scottish landlords are being warned that the deadline for registering for a tenancy deposit scheme has arrived. Landlords in Scotland were given until May 15th to sign up for the scheme and if they fail to do so, it could cost them dearly.
Stamping out unfair landlords
The tenancy deposit scheme has been introduced in Scotland to try and prevent unscrupulous landlords from refusing to pay back their tenant’s deposits for no good reason. Figures indicate that around £3.6 million worth of deposits have unfairly held each year, which is something the Scottish government is keen to put a stop to.
Tenancy deposit scheme
Landlords and letting agents are now obliged to pay all deposit monies into an official deposit scheme. If they don’t bother and are subsequently caught out, the tenant has the right to claim back up to three times the original sum. Many landlords are aware of the scheme and have already signed up, but there are still a large number who have yet to register, and it is these who face the prospect of legal action if they don’t get a move on.
According to Malcolm Lindo from SafeDeposits Scotland: “Based on the latest Scottish Government figures, we estimate there are up to 56% of tenancies eligible for taking a deposit where a deposit has not yet been paid into a scheme.”
So if you are a landlord in Scotland and you have yet to get around to registering for the tenancy deposit scheme, you better hurry or you could soon be facing legal action.
