Deposit Protection Scotland
Landlords in Scotland have less than 1month to protect their tenants' deposits with a government-recognised scheme such as my|deposits Scotland.
As of the 2nd October 2012 landlords in Scotland must protect all new deposits taken from tenants with a government-licensed scheme within 30 working days from the beginning of the tenancy.
Additionally, they need to register all existing deposits with one of the schemes by the 13th November 2012.
Those who fail to meet the deadline could find themselves being fined up to three times the deposit amount.
Deposits are vital to help landlords cover the cost of any damage to the property caused by the tenant.
About the authorEddie Hooker has been involved in the insurance industry since 1985. He worked with many large insurers such as Legal & General and AXA Insurance prior to setting up his own insurance business, Hamilton Fraser, in 1996. Hamilton Fraser now employs over 130 staff out of their North London office, dealing with various insurance products for the buy-to-let property market such landlord insurance, rent guarantee insurance, emergency cover and tenancy deposit protection.
Eddie and Hamilton Fraser Insurance first started to provide landlord insurance as early as 1996 when they became involved with the Small Landlord Association, which later became the National Landlords Association.
By working closely with the industry’s leading companies Eddie and his team have built up a detailed understanding of the landlord market ensuring that the customer experience is founded on knowledge and support. This has been highlighted in a recent customer survey that found that 95% of Hamilton Fraser customers were either satisfied or more than satisfied with the service provided by the company.
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