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Interest on rent deposit
Sabz1010
Posts: 7 Forumite
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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Comments
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What interest? The banks are only paying 0.0000000000000000001%0
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Sure.
Good luck.0 -
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.0
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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:0 -
Don't think this applies in Scotland does it?Colincbayley wrote: »The TDS will split the interest between LL and tenant.
:rotfl:0 -
it wouldnt have made much I have 20,000 in one bank I GOT 2,98 A MONTH UNTIL i SHIFTED IT.0
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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!
Lodger0
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