Is My Tenancy Deposit Secure?
The Tenancy Deposit Scheme Regulations (Scotland) went into effect in March 2011. Since this day, every letting agency in Scotland that accepts a tenant deposit has to sign up with their local government and join a scheme for tenancy deposits. They risk fines if they don’t comply. The scheme’s goal is to protect renters’ money and make sure they receive any money owed to them at the end of their tenancy.
What tenancy deposit schemes are recognised in Scotland?
There are three tenancy deposit plan providers in Scotland to choose from:
Our company, Lind Letting, registers tenant deposits with Safe Deposits Scotland.
How do I find out if a scheme has registered my deposit?
Your rental agent must register your deposit with a tenancy deposit scheme within 30 days of getting your payment. Then, they should send you information on the scheme where your deposit is registered. Lind Letting will email you details about the Safe Deposits Scotland scheme we use and send you a DAN (Deposit Account Number). When your tenancy ends, you can log in to the DAN website and request that your deposit be refunded.
You can check on your own to verify if your deposit is registered if your letting agent hasn’t provided you with any information regarding a tenant deposit scheme. You can do this by going to the websites of the above-mentioned approved tenancy deposit scheme, entering a few simple data about you and your tenancy, and submitting your information.
What is covered by my tenancy deposit?
Most landlords and rental firms will require a deposit when renting out a property. A security deposit serves as insurance against:
- Damage done to the Property (excluding general wear and tear)
- Items missing or damaged
- Unpaid rent
- Unpaid phone, gas, and power bills, etc.
- In the event that the property is abandoned in poor condition, extensive expert cleaning will be necessary.
Your deposit will be used to make things right if any of the abovementioned circumstances arise, such as extra cleaning to be done, damaged items to be fixed, missing items to be replaced, etc. You will receive your entire deposit back as long as you are a responsible tenant, pay your bills on time, and leave the property in the same condition as when you first moved in.
What steps must I take to recover my security deposit?
For this, different letting agencies follow different protocols. At the end of your tenancy, Lind Letting will schedule a tenant check-out appointment. We’ll go over the inventory you received at the beginning of your tenancy and look for any damaged or missing things. We will also collect final meter readings that we can send to your new home and check that everything has been left clean and orderly in preparation for the next tenants. You can then use your DAN to access the Safe Deposits Scotland website and submit a refund request after this is finished. Lind Letting will always attempt to come to an agreement with the tenant first if we feel there are valid reasons to withhold money from the deposit. If this is not possible and all efforts to come to a resolution fail, we will take our case to the Safe Deposits Scotland representatives.
Why is it important to have a tenant deposit scheme?
The Office for National Statistics reports that 15% of all households in Scotland are now in the private renting sector. Because there are so many people living in rental housing, it is important that deposits are maintained securely during the lease. Tenancy deposit insurance schemes that have received government approval guard against landlords or letting agents going out of business and renters losing all of their money. Moreover, they significantly increase transparency and allow tenants additional chances to protest deductions that they feel are unreasonable.
Lind Letting would love to hear from you if you are a landlord in need of assistance with renting out or managing your property. We are a Glasgow-based, ARLA-licenced, multi-award winning letting agency. Call us at 01505 610 444 or send us an email to learn more about our variety of landlord services.
