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Deposit Interest


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In October 1996 I paid a deposit of £1050.00 in respect of a property I was to rent from 1 November 1996.

 

My Tenancy Agreement stated that the deposit would be invested in a building society or bank account and that the interest would be "to the credit of the tenant".

 

Each year, when I renewed my tenancy, that detail remained the same.

 

I have, this morning, received an addendum to the tenancy agreement advising that from 1 November 2007, "any interest earned will belong to Thamesview Estate Agents LTD".

 

(The original letting agents were Bentalls PLC, then Dexters and now Thamesview).

 

Should I contact Thamesview and find out exactly how much interest has accrued to date?

 

Should I ask that any accrued interest be paid to me before I agree to this new arrangement?

 

I'm not really sure how to proceed and would be very grateful for any information/advice.

 

Thanks.

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Hi,

 

As far as I am aware, the landlord(s) cant change the contract like that, they have to give you notice.

 

I would contact the company, show them your previous agreements if you need to, and request that they uphold the clause. Also, insist to them that it is continued until they server the adequate notice, usually 1 month, that they are changing the contract. Until the notice has expired, the interest up until that point is still legally yours

 

Rich

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In the first instance I would not accept the clause depriving you of your right to interest, write to them on the subject.

 

If they then say no and you are content with that, then I would request the payment of the interest accrued to date. You could say that you will accept the amendment if they pay the interest accrued to date.

 

I do not like clauses that do not state the interest rate you are entitled to, invariably they will say 0.5% per annum of something low like that.

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Subject to the terms of the original contract, one party cannot unilaterally alter the contract's terms.

 

A contract is an agreement, and can only be altered by agreement. Beware of doing or saying anything which might expressly or impliedly agree to the proposed alteration.

 

Your safest course is to write to the landlord, stating that you do not agree the proposed change to the contract's terms. Keep a photocopy of the letter, and send it by recorded delivery - or at least get a certificate of posting at the Post Office.

Note

 

This is a self-help forum in which users share their experiences. Assistance is offered informally, without any assumption of liability. Use your own judgement; obtain advice from a qualified and insured professional if you have any doubts.

 

This posting gives general guidance only. It is not an authoritative statement of the law. Consult a Solicitor for specific advice before deciding on any course of action.

 

 

Further information:

 

Assured and Shorthold tenancies - A guide for tenants

 

Renting and Leasehold - Advice from Shelter

 

 

All posts are opinion only

 

 

If you've found my suggestions useful, please click on my star and add a comment

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