Deposits must start being protected from the 2nd July 2012
April 16, 2012
The Scottish Government has announced the start date for the Tenancy Deposit Scheme after approving Letting Protection Scotland to being operating on Monday 2nd July 2012.
If you're wondering when you need to have your tenants deposits protected by, we've created this handy table to help you out:
|Deposit received:||Deposit must be protected:|
|Before 7th March 2011||By 15th May 2013|
|On or after 7th March 2012 and
before 2nd October 2012
|By 13th November 2012|
|On or after 2nd October 2012||Within 30 days of the start of the tenancy|
There is also a special case regarding renewal of tenancies created before the 7th March: If the tenancy is renewed on or after 2nd October 2012 but before 2nd April 2013, the deposit for the tenancy must be protected within 30 days of the renewal date.
The tenancy deposit scheme brings a number of new challenges to letting agents throughout the country, resulting in extra workload at a time when many agencies are striving to cut costs.