The new laws will ensure tenants’ deposits are held safely by a third party and returned at the end of the tenancy. Any dispute over the amount returned would be resolved through an alternative dispute resolution process.
Tenancy deposit protection scheme mydeposits.co.uk has welcomed news. Eddie Hooker, chief executive, mydeposits.co.uk, commented: “We welcome news that, under these new laws, tenants in Scotland will be able to rent a home knowing the deposit they hand over is protected.
“This is a win-win situation for all of those involved in the private rented sector. For tenants, it ensures their rights are protected and, should all go well during the tenancy, they are guaranteed to get their full deposit back.
“Tenancy deposit protection is one of the many things that helps define the good landlord and letting agent and allows tenants to know they are being dealt with professionally.
“We hope it proves as popular and successful in Scotland.”