15th November 2012

Tenancy Deposit Schemes

Recently the private rental sector in Scotland has undergone a significant change in the way tenants deposits are handled, as the Tenancy Deposits Scheme (Scotland) Regulations 2011 have come into force.  Landlords and agents are now obliged to transfer the deposit to a licensed operator, who is to hold the deposit securely and assist in resolving any disputes between landlord and tenant regarding the deposit.  All deposits taken from 2 October 2012 must be placed with a licensed operator within 30 days of the tenancy starting. For any deposits taken before 2 October 2012 landlords and agents have until 13 November 2012 to transfer the funds to a licensed operator. For those found to not comply on application to the Court by a tenant the landlord will be ordered to pay the tenant an amount to three times the value of the deposit monies. For more information contact our Rural and Commercial Land Team.

Kyle Moir
Senior Solicitor
Business – Rural & Commercial Land

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