TENANCY DEPOSIT SCHEMES IN SCOTLAND
(update from Dundee Landlord Accreditation –26.05.11)
The Tenancy Deposit Scheme (Scotland) Regulations 2011 came into force on 7th March. This means that Scottish Ministers can now consider proposals for the operation of these schemes. Details of approved schemes and the dates they become available will be released in due course.
The regulations will apply to all types of tenancy that are covered by the Antisocial Behaviour etc. (Scotland) Act 2004. Therefore, if you are required to register with your local authority as a landlord, you must also comply with tenancy deposit regulations.
The regulations will mean that deposits must be paid to an approved scheme administrator, and the deposit will be held by the scheme for the duration of the tenancy. You will also be required to provide the tenant with information about the tenancy, the deposit, and the scheme that will be protecting it.
We will continue to post regular updates on the deposit schemes
BUY TO LET MORTGAGES MAKE A COMEBACK
(from netrent.co.uk – 15.03.11)
During 2008, the number of buy to let mortgages available plunged from over 3,000 to less than 200. Analysts predicted the demise of the Buy-To-Let sector, and in many cases, lenders paid landlords to take their business elsewhere.
In reality the predictions were wrong, and lenders are finally realising that, far from the disaster that was foreseen, landlords actually make excellent customers, especially during a booming rental.
Read the full story here
CONSUMER WATCHDOG WANTS RATINGS WEBSITE FOR LANDLORDS
(from netrent.co.uk – 02.03.11)
Consumer Focus, the consumer watchdog, is calling for a ratings website for Private Landlords. This will allow tenants to post their views and comments about their landlord.
While we agree that there may be private landlords around who bring the profession into disrepute, the majority of private landlords and letting agents are committed to making the experience of renting a favourable one.
Our concern is that this could open the doors for the rogue tenants who don’t pay, or those that are unhappy at having genuine deductions made from their deposit, and that they will use this to post unfair and untrue comments about landlords, with no capability for the landlord to defend himself, or take action against libellous comments.
Read about the report and reaction to it here,or join the discussion on our Facebook page.
TENANCY DEPOSIT SCHEMES IN SCOTLAND
(update from Dundee Landlord Accreditation – 18.02.11)
Draft regulations for the approval of tenancy deposits schemes in Scotland were introduced to Parliament on 21 January. They are now subject to Parliamentary scrutiny. If approved they are expected to come into force by the end of March.
Contrary to what may have been suggested in some recent news articles, the implementation of a tenancy deposit scheme to safeguard tenancy deposits is not imminent. The regulations will simply set out the conditions that every proposed tenancy deposit scheme must meet before they can be approved by Scottish Ministers. It will then be for potential providers to submit proposals for the operation of tenancy deposit schemes to Scottish Ministers for approval. The regulations allow for the possibility of more than one suitable scheme being approved.