So your a landlord now - or so the advert says for Direct Line.
Howeer are you aware you are legaly obliged to keep a Client Deposit Account
Tenancy deposit schemes
Once your new tenant has paid the deposit for the property, you have to lodge it with a tenancy deposit scheme within 30 working days of the tenancy starting.
There are three tenancy deposit scheme providers to choose from in Scotland:
Once you register the deposit with one of these providers, you have to give written information to your tenant:
- the amount of the deposit and the date you received it
- the date the deposit was paid into the tenancy deposit scheme
- the address of the property
- a statement confirming you're registered (or have applied to be registered) as a landlord for the property with the local council that covers the area where your let property is located
- the name and contact details of the tenancy deposit scheme provider you used
- the circumstances in which all or part of your deposit may be kept at the end of the tenancy
So be aware and ensure you follow the rules - some large consequences if you dont.