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interest on deposits (lettings)
newcook
Posts: 5,001 Forumite
While I am aware that you can ask your solicitor for the interest earned on monies between exchange and completion (has to be requested within 1 month of completion), can you also ask for the same with the refundable deposits when you rent?
Most letting agents have a minimum term contract of 6 months and usually you have to put down a minimum of 1 months rent as a deposit which they will give you back when you leave the property (providing you havent broken anything and not paid for the repair!).
During this 6 months your money is sat in their account earning money - surely you have every right to ask for it back?!
Most letting agents have a minimum term contract of 6 months and usually you have to put down a minimum of 1 months rent as a deposit which they will give you back when you leave the property (providing you havent broken anything and not paid for the repair!).
During this 6 months your money is sat in their account earning money - surely you have every right to ask for it back?!
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Comments
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tenancy deposit schemes do pay interest on tenants deposits.0
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There are 3 different Deposit Schemes and 2 different types - custodial or insurance-based.
You will probably not get any interest if your LL has used the insurance based one ( LLs retain the deposit and pay a fee to protect it.) For the ones that are custodial, there is no cost to the LL, and they hand the deposit monies to the scheme: interest is initially used to fund the running of the scheme and some is repayable to the Tenant.0
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