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Business Rental Deposit
gettingtheresometime
Posts: 6,911 Forumite
We're about to sign a new lease for the unit that we run our business from & have been asked for a rental deposit.
As this is just over £2k, I've been asking if it ringfenced but am just getting told it's held in a non interest bearing account.
Do businesses have to register the deposit with any scheme (like a residential landlord would have to) ?
As this is just over £2k, I've been asking if it ringfenced but am just getting told it's held in a non interest bearing account.
Do businesses have to register the deposit with any scheme (like a residential landlord would have to) ?
0
Comments
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No. Those schemes are for ASTs.
Not sure you'll get answers here as this is not a business support forum.0 -
I'm not even sure if there are any such schemes for commercial leases, but there's certainly no obligation to use one - the norm is that it remains in the landlord's name. Would be nice to get some interest (and occasionally you do) but for £2k at today's interest rates it's hardly worth arguing about.
Commercial leasing in general doesn't have any of the consumer protection that residential tenants have - you're all big boys and girls and can negotiate what you think you need (and/or pay for professionals to do so on your behalf, or at least explain to you how bad a deal you're signing up to).0 -
It's not so much the interest on the deposit I'm concerned about, it's whether or not it's ringfenced just in case the landlord / management company goes belly up.0
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