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Landlord Deposit Accounts

by Colin McNally in Articles

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.

 

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