Rent deposit

Nurse_Bambi

I'm renting and plan to stay in this property for the next 2 years. It occured to me that my deposit (£1500) could be making me a little money in interest. Do landlords have to put the money in a savings account if you ask them? After all it is my money isn't it?

cheers

bjmaca

The law is a bit patchy here. The landlord does not have to put it on deposit they can spend it if they like as long as the money is there when you leave the property.

You will find a lot of landlords do this so they can either furnish the property or to fix problems with there other properties without using there own cash.

Sorry you do not get the interest. But hey it would be worth asking who knows he may do it for you.

mzmoneypenny

My parents rent out a couple of properties, and I know that my mum pays the deposit into a bank account and keeps that set aside for the tenant when they leave. The tenant also gets whatever interest that the deposit money earns (providing there are no deductions for repairs to damage that's been caused by the tenant).

Let's face it, if you've paid £1500 this year and say, for instance, you were planning to stay 10 years instead of the 2 years - Would you be happy just to receive £1500 back when inflation rises means it buys you a lot less than it would 10 years ago? :-/

I would ask landlord as mentioned by bjmaca above. No harm in asking. Might also be worth speaking to Citizens Advice to see if they know the legal situation on that.

Nurse_Bambi

Thanks for your replies.

I may as well ask. she can only say no.. and probably will!!

cheers