Compensation for late return of deposit??

Volcom94

Hello,

My girlfriend and I rented a flat through a lettings agent for about a year and a half.
I was present through the final inspection, along with somebody from the letting agent with his clipboard, and also the landlord. Everything went well, we kept the place clean and tidy, the landlord was happy and so was the letting agent. This was on Monday the 15th of last month, which was also the last day of our tenancy. This was two weeks ago. In that time, nobody from the lettings agent has contacted me regarding any deductions the landlord would like to take off the deposit, so I assume everything is fine.

I couldn't help but feel my deposit should have been returned by now. I emailed the lettings agent on Monday and asked when I can expect my money back. She emailed me back to say that she doesn't personally deal with the deposit side of things, and that the person who is responsible for it had been on holiday for two weeks and is only now getting back to work and settled. She explained that this person has a lot to get through, but will get the money back to me as soon as possible. (As if that's a valid excuse not to have returned over £1000 to me??)

It turns out that they have 10 working days to return my deposit. It's been more than that now, and quite frankly I find this totally out of order, but I'll save you all the grief as I'm sure you all already know that lettings/estate agents are complete and utter thieves.

I heard somebody tell me that if they haven't returned it within the 10 days, I'm entitled to some compensation, this person told me I'm entitled to the equivalent of two months rent. I'm not sure I trust this source, so I'm asking you guys. I have no doubt that my deposit will be returned to me soon, but I want to know if compensation is possible. I already understand that I'd have to contact the deposit protection scheme people if I wanted to do something about this, but before I do anything, I want to know if I am due any compensation for late repayment of my deposit first.

theartfullodger

Compensation: Sorry, compo....


Yes, what actual financial loss did you incur?



You are at liberty to sue for that loss through small-claims

G_M

So you are waiting for £1000.

Business interest rates are likely to be around 0.25%,so that is £2.50 pa or 21p pm (so £0.11p for 2 weeks).

Depending how long it evntually takes for the money to come through, you could make a claim for that lost interest......

Meanwhile, have you submitted a claim via the deposit protection scheme?

* Deposits: payment, protection and return

pinkshoes

G_M wrote: »

So you are waiting for £1000.

Business interest rates are likely to be around 0.25%,so that is £2.50 pa or 21p pm (so £0.11p for 2 weeks).

Depending how long it evntually takes for the money to come through, you could make a claim for that lost interest......

Meanwhile, have you submitted a claim via the deposit protection scheme?

* Deposits: payment, protection and return

Given the bank holidays, the 10th working day since Monday 15th April is TODAY, so they are not actually late until midnight tonight...

But as above, you can charge at the interest rate for any subsequent days late.

mimiduck

No you do not get anything extra.
Also pretty sure the 10 working days refer the timeline once the deposit should be returned once deductions have been agreed by both parties. Every time I move I always raise a dispute as I never hear back from the agent, I suggest you do the same.

HampshireH

..... you heard somebody tell you.....

1st on the google search results tells you all you need to know.

https://england.shelter.org.uk/housing_advice/tenancy_deposits/how_to_get_your_tenancy_deposit_back

Request your deposit back via the scheme it is in.

lookstraightahead

Landlords would like hell kick up a stink if your rent was late. It's not just to do with interest it's to do with actually needing your money. If it stops you being able to do something, like paying a deposit on your next property for example.

Volcom94

I've looked at that, It's not about getting my deposit back, because they will give it back. It's about claiming some type of compensation for them returning it to me later than the 10 days, even with no deductions.

quantumlobster

Volcom94 wrote: »

I've looked at that, It's not about getting my deposit back, because they will give it back. It's about claiming some type of compensation for them returning it to me later than the 10 days, even with no deductions.

It's very straightforward.

Quantify the loss caused by the late return of your deposit, and then you can take action to recover said loss, assuming the amount is worth pursuing.