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Tenancy Deposit Scheme
Since July 2012, landlords taking a tenancy deposit are required to lodge the deposit into one of the Scottish Government's approved tenancy deposit schemes, who then hold the money until the end of the tenancy.
Belvoir are partnered with Safe Deposits Scotland, a not for profit organistaion and are supported by amongst others The Scottish Association of Landords and ARLA.
At the end of the tenancy Belvoir, on behalf of landlords, will need to agree with the tenant how the deposit should be allocated and advise Safe Deposits Scotland holding the deposit.
Safe Deposits Scotland will then repay the deposit in accordance with the agreement, unless there is a dispute between the parties over how the deposit should be allocated.
In the event of disagreement Safe Deposits Scotland will ask for evidence from all parties as to how they feel the deposit should be allocated and will then carry out an adjudication process before issuing their findings and pay out the deposit in accordance with that decision.
This means that there will be delays in tenants getting their deposits back, particularly in the event of a dispute.
The Tenancy Deposit Scheme will also apply to deposits already held and there are transitional arrangements in place in terms of the timescales involved for paying deposits into a scheme.
Once Belvoir has transferred an individual deposit to Safe Deposits Scotland, tenants will be provided with fuller information along with a Deposit Account Number (DAN) and a Deposit Repayment Number (DRN) so they can participate fully in the process.