View more on these topics

Green light for first tenancy deposit scheme in Scotland

The Scottish government has approved its first tenancy deposit protection scheme, The Letting Protection Service Scotland, which will launch on July 2.

The Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force on March 7 2011 following approval from Parliament.

It then entered into a consultation process between December 2011 and January 2012, with the aim of approving at least one scheme by the end of March 2012.

The scheme has been introduced to tackle problems faced by tenants, including unfairly held deposits and delays in the return of deposits.

Under the regulations, landlords and letting agents are required to sign up to and protect deposits with an approved Scottish government deposit protection service, such as TLPS Scotland.

The regulations allow Scottish ministers to approve more than one scheme and in addition to TLPS Scotland, proposals have been received from SafeDeposits Scotland and My Deposits Scotland.

Recommended

dave_pinnington.jpg
1

Secured loans a good fit for raising capital

Every dark cloud has a silver lining, so I urge all brokers to take heart in the wake of a number of lenders withdrawing from interest-only loans or reducing the LTV they will permit for interest-only.

Lenders treat regulatory requirements with disdain

Marketwatch columnist Andrew Montlake was right last week to name Michael Bolton as Villain Of The Week for his comments on interest-only and for suggesting brokers should be squeezed out of the market.

Guide

Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.

Newsletter

News and expert analysis straight to your inbox

Sign up