Tenancy Deposit Schemes (TDS) were introduced on 2 July 2012 to:
- Prevent landlords from unreasonably withholding deposits at the end of a lease
- Speed up the process of deposits being refunded
- Provide access to free dispute resolution
Payment of Deposit
Landlords must pay tenancy deposits into an approved TDS within 30 working days of the start of the tenancy. They must also provide the tenant with certain information about the tenancy and deposit.
Return of Deposit
At the end of the tenancy, either the landlord or tenant can write to the TDS. If there is no dispute, the agreed amount of deposit will be returned to the tenant.
Any dispute will be referred to an Adjudicator to make a decision. If that decision is accepted by both parties, the deposit will be released within 5 days. Otherwise, the decision can be appealed to a second Adjudicator, whose decision is final.
There are currently three government-approved providers of Tenancy Deposit Schemes in Scotland:
- Letting Protection Scotland (www.lettingprotectionscotland.com)
- Safe Deposits Scotland (www.safedepositsscotland.com)
- My Deposits Scotland (www.mydepositsscotland.co.uk)
Tenancy Deposit Schemes were brought in to address common problems which arise at the end of a tenancy. If you are a Landlord or Tenant experiencing problems at any stage of a tenancy, we can help. Please contact Paul Neilly email@example.com