Best Scottish Deposit Protection Scheme???

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  • Best Scottish Deposit Protection Scheme???

    My small property maintenance business is now expanding to include full letting agency services. A let has been agreed on our first fully managed property (to begin on March 1st) and I am now evaluating the 3 Scottish deposit protection schemes (Letting Protection Service, My Deposits and Safe Deposits)

    They all seem much the same, do users on here have any opinions on which one is best?? (or which to avoid?)

    All opinions appreciated but please declare if you have an interest in the scheme you're recommending!

    Thanks in advance for any replies

    Cheers
    Tim

  • #2
    I've used Safedeposits, simply because SaL are backing them (of which I am a member) and SaL seems streets ahead of anyone else in understanding/influencing the Scottish PRS.

    However now decided not to take deposits, largely due to mandatory adjudication, and will trust in the Scottish legal system should I get problems...

    Cheers & welcome to LLZ!!
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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    • #3
      Thanks Artful, yes I have been reading about the issues on here, I think I'll stick with taking deposits for now but it's something I may consider in the future. I've always seen the ability of a prospective tenant to pay a healthy deposit as a sign of their financial stability (I did manage a couple of flats a few years ago prior to registration requirements etc).

      Thank you also for the welcome, I think I'm fairly au fait with SAT's etc and my legal obligations, up to the point of disputes/evictions etc which I have never really had to go through however I do know a lot about property maintenance, especially interiors.... although this is probably the wrong forum for that.

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      • #4
        Everyone welcome here...and knowledge on any subject is always welcome: there's a couple of other members I can recall being in your line..

        How's the market in Glasgow for lettings and maintenance??

        Cheers!
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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        • #5
          Maintenance is maintenance - always needing done. Some landlords more responsible than others (although the irresponsible ones don't tend to use us as we're too expensive and they don't like being told their properties are 'illegal'). There has been a marked downturn in enquiries about home improvements/kitchens/bathrooms/renovations though. Lettings seem fine, the one-bed flat we have just agreed a let on had a good amount of interest and went quickly for a decent rent. I have heard anecdotal reports that some agents in Glasgow have gone under recently due to using deposits for cash flow (and the new requirement for registering deposits affecting that). At this stage I am just trying to get my procedures nailed down and working well before actively looking for more properties to manage.

          Anyone else have any comments on which deposit registration scheme is best? Or if it even matters?

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          • #6
            A landlord I know is also using Safedeposits and has been through the dispute process which they said was fair so it looks like I'll go with them for now. Thanks for your imput Artful.

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            • #7
              I use Letting Protection Scotland (as I believe Shelter were championing Safe Deposits Scotland and My deposit had a mobile number on the Scottish gov website) and they seem very good.

              However I would add that I haven't had any disputes yet.

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              • #8
                I use Safe Deposits Scotland and have been unable to speak to them for the last 2 days. Phone just rings and rings and then cuts off. When I did get through I was told there were no advisers available and someone would call me back - it took 24 hours! They left me a message and I called again but still no advisor's available. They must be extremely busy or very understaffed.

                I have asked for a deposit to be repaid to me due to rent arrears and damage. Their website shows the status as repayment to landlord requested but does not tell you if the tenant has agreed/not agreed, when they were contacted or if they have replied so not really a proper status update. Probably why they are getting a lot of calls.

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                • #9
                  Originally posted by glasgowagent View Post
                  I have heard anecdotal reports that some agents in Glasgow have gone under recently due to using deposits for cash flow (and the new requirement for registering deposits affecting that).
                  Any anecdotal news on the impact of the banning of Premiums?

                  ML
                  Refer Mad Regulators to Arkell vs Pressdram.

                  Comment


                  • #10
                    No, but I imagine it's having the same effect on agents and resulting in increased rents to cover increased management fees. Anyone on here willing to share what their management fees are?

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