Tenancy Deposit Protection - An OverviewDavid HackettSenior Account Manager, LPS Scotland

Who are LPS Scotland?

› The most experienced provider of custodial deposit protection in the UK

› The largest supplier of custodial deposit protection in the UK, 3.5m deposits, value £2.8bn

› LPS, Head Office located in Edinburgh

› Dedicated account management support

› Our service is based on three key, unwavering principles:

Fast, Free and Secure.

The Process: Registering A New Deposit

What do you need to do?

Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force on 7th March 2011

A tenancy deposit scheme is a government approved scheme provided by an independent third party to protect deposits until they are due to be repaid.

Landlords responsibility is to ensured the deposit is paid to an approved TDP scheme

The tenant must be provided with the relevant information in relation to the deposit, as detailed in ‘Regulation 42’ of the Tenancy Deposit Schemes (Scotland) Regulations 2011

BOTH OF THE ABOVE MUST BE DONE WITHIN 30 WORKING DAYS OF THE START OF THE TENANCY

How does it work?

Landlord registers with TDP Scheme

Tenant pays deposit to Landlord

TDP Scheme safeguards the deposit during the term of the tenancy

Landlord pays deposit to TDP Scheme within 30 working days

TDP Scheme sends payments to the Tenant and the Landlord within 5 working days

At the end of tenancy, the Tenant and Landlord agree the repayment of funds and apply to TDP Scheme for repayment

What happens if you don’t comply?

Tenants will be able to start court proceedings against you for non-compliance

Any claim by the Tenant must be made within three months of the end of the tenancy

Sherriff will have the discretion to order you to pay the Tenant up to three times the deposit amount

Sherriff may also order you to pay the deposit to an approved TDP scheme or supply the relevant information

The Process: Returning A Deposit

What if there is a dispute at the end of the tenancy?

Each scheme runs a free Alternative Dispute Resolution (ADR) Service

The Landlord and Tenant should always try to come to an agreement before referring a case to the ADR Service

In the event of a dispute, Landlord is deemed to agree to use the ADR Service, Tenant has 30 working days in which to agree to use the ADR Service

If Tenant does not agree to use the ADR Service within 30 working days, the disputed amount will be paid to the Landlord

Switching is easy

Switching to our scheme is easy

Register an account and create your tenancies individually or through our simple bulk upload process

We’ll contact your existing deposit protection provider and arrange for them to transfer your deposit funds to your dedicated account with us

Upon receipt of deposit funds, deposits will be active immediately and confirmation will be issued to all parties

We will support you through the process, just contact us on 0330 303 0031

The LPS Scotland – Easy and Simple