A new online calculator has been launched this week by the Letting Protection Service Scotland (LPS Scotland) helping landlords and letting agents calculate the deadlines they need to meet to secure tenant deposits.
By entering the date the deposit was received into the online calculator, along with the deposit renewal date (if applicable), landlords will be able to calculate the date by which they need to comply with the new Scottish Government deadlines to secure all deposits.
As the first deposit protection scheme to be approved by the Scottish Government, LPS Scotland developed the compliance calculator in a bid to help people get to grips with the new legislation. The calculator is one of a number of useful resources available on LPS Scotland’s website, www.lettingprotectionscotland.com to help landlords and letting agents secure deposits on time.
Kevin Firth, director of LPS Scotland, said: “We want to make it simple for landlords to navigate this new legislation, which is why we’ve launched this unique online tool to make the process of protecting deposits easier. Our timescale compliance calculator will help landlords work out their individual compliance dates in a matter of seconds.
“We would urge landlords not to fall foul of the heavy penalties they may face by failing to comply. Hopefully, the timescale compliance calculator, along with other resources on our website, will be helpful for landlords, letting agents and tenants to meet the deadlines set out by Scottish Government.”