A costly mistake for Scottish landlords
Research carried out by SafeDeposits Scotland shows that more than 200 landlords have failed to comply with the rules relating to tenants’ deposits.
The Tenancy Deposit Schemes (Scotland) Regulations 2011 were introduced to safeguard tenants and their deposits. Landlords may ask tenants to provide a deposit to cover issues like damage to the property, unpaid rent, unpaid bills and so on and they must follow these steps:
The deposit amount cannot be more than two months’ rent
The deposit must be lodged with a recognised tenancy deposit scheme within 30 working days of the tenancy
The tenant has to be provided with written confirmation of:
The deposit amount and the date the deposit was received
The date the deposit was paid into the tenancy deposit scheme
The address of the property
A statement confirming the landlord has registered (or has applied to be registered) as a landlord for the property
The name and contact details of the tenancy deposit scheme provider
The circumstances in which the deposit may be kept at the end of the tenancy
If a landlord fails to comply with any of these steps, the tenant can raise an action with the First-Tier Tribunal for Scotland (Housing and Property Chamber), and if the landlord is found to be in breach of any of the regulations the Tribunal can impose a fine of 3 times the deposit paid by the tenant.
McVey and Murricane can help
McVey and Murricane are experts in advising landlord clients; we recognise that as a landlord you want to focus on growing your business. As landlords ourselves, you can trust that McVey and Murricane will ensure that you comply with the various letting regulations allowing you to focus on expanding your portfolio.
For further information on how McVey and Murricane can assist you, please contact Fallon Sara Spencer (firstname.lastname@example.org) or Allan Radlow (email@example.com).