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Interest on rent deposit

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Sabz1010
Sabz1010 Posts: 7 Forumite
edited 17 February 2010 at 10:01PM in House buying, renting & selling
I'm handed my keys back on a flat I rented for 10 months yesterday and wondered who is entitled to any interest earned on the £625 deposit held through my tenancy? Does anyone know if I can ask for this to be refunded to me, if the letting agent made interest on it? I live in Scotland. Can't seem to find an answer but I'm hopeful someone on here will know. :)

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  • Colincbayley
    Colincbayley Posts: 579 Forumite
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    What interest? The banks are only paying 0.0000000000000000001%
  • Enfieldian
    Enfieldian Posts: 2,893 Forumite
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    Sure.

    Good luck.
  • Sabz1010
    Sabz1010 Posts: 7 Forumite
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    Lol, yeah in todays market you have a fair point. Does anyone know what the legal position is on this anyway? I know on this deposit for ten months it's not really worth doing anything about but I'd still like to know what the legal position is for future reference.
  • Colincbayley
    Colincbayley Posts: 579 Forumite
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    The TDS will split the interest between LL and tenant.

    Most AST's ( but not all ) will say that the LL keeps the interest.

    But to be honest, unless it is a very large deposit held for a long time, then it just ain't worth it.

    Saying that, I think The National Bank of Greece are offering very good interest rates at present??:rotfl:
  • G_M
    G_M Posts: 51,977 Forumite
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    Colincbayley wrote: »
    The TDS will split the interest between LL and tenant.

    :rotfl:
    Don't think this applies in Scotland does it?
  • TOMITMA111
    TOMITMA111 Posts: 2 Newbie
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    it wouldnt have made much I have 20,000 in one bank I GOT 2,98 A MONTH UNTIL i SHIFTED IT.
  • Colincbayley
    Colincbayley Posts: 579 Forumite
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    G_M wrote: »
    Don't think this applies in Scotland does it?
    Correct, the Scots have a lot more sense.
  • theartfullodger
    theartfullodger Posts: 14,671 Forumite
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    Deposit Protection Schemes are not in Scotland (yet..).

    Unless your tenancy agreement specifies anything about the interest (usually would only say it goes to Landlord anyway) then no, no dice, sorry.

    You could always try suing in Sheriff Court under Small Claims process: Last small claim I put in had fees of £63: As the merkins say, go figure...

    Conversely, assuming your Landlord has a business banking account (which usually incur banking charges) would you be happy to pay his bank charges for the transactions related to the deposit, less any interest??

    Cheers!

    Lodger
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