As you may know, the Scottish Government is introducing legislation that will make it compulsory for all landlords and letting agents in Scotland who take deposits for a relevant tenancy to protect them with a Government approved tenancy deposit scheme. Unlike England and Wales, there won’t be any insurance-based schemes to protect Scottish tenancy deposits. Approved providers will operate custodial schemes – like The DPS – where the money is handed over to the scheme to protect for the duration of the tenancy.
The LPS Scotland – run by the same company as The DPS – has submitted an application to run a scheme and, once approved by the Scottish Government, will be the only provider in Scotland with any experience of running a custodial tenancy deposit protection scheme.
There are some differences in the Scottish requirements to those in England and Wales which we’ll be looking to communicate with our landlords and letting agents with properties in Scotland very soon.
I’m also giving a presentation on 9th November in Edinburgh to introduce the legislation, what it will mean for landlords, letting agents and tenants and how The LPS Scotland will work once approved.
I’ll also talk about our experience of running the DPS in England and Wales and how that knowledge will benefit the running of The LPS Scotland.
If you’re a registered DPS landlord or letting agent with property in Scotland why not come along to find out how it will affect you - email The LPS Scotland to register your interest.
You can also follow them on Twitter (@LPS_Scotland).