Cox & Co require deposits from all tenants as part of the leasing process. It’s normal practice for a letting agent to take a deposit from their tenant as security, just in case the terms of the agreed contract are broken. The new Tenancy Deposit Scheme legislation is designed to safeguard the tenant’s deposit by requiring landlords to submit the deposit to a Government-approved scheme to hold for the duration of the tenancy. In addition, the Tenant is provided with certain documents explaining the deposit protection process.
All tenancy deposit schemes in Scotland must be approved by the Scottish Government. The scheme used by Cox & Co is Safe Deposits Scotland – an independent third party authorised to hold and protect the tenant’s deposit for the duration of the tenancy.
Once the deposit has been lodged, it is kept in a safe designated account until the end of the tenancy and both parties have agreed to its return. All deposits taken on assured and short assured tenancies, university accommodation and other types of occupancy agreements must be submitted to a Government-approved scheme.
If you have any queries about the Tenancy Deposit Scheme and what it means for you as a tenant or landlord, please get in touch