Who owns the deposit scheme's interest?

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    Who owns the deposit scheme's interest?

    When the deposit a tenant gives to a deposit scheme is held and gains interest presumably, who is the rightful owner of this interest at the end of the tenancy?

    Thanks

    #2
    Originally posted by HP2010 View Post
    When the deposit a tenant gives to a deposit scheme is held and gains interest presumably, who is the rightful owner of this interest at the end of the tenancy?

    Thanks
    From DPS faqs.


    Both agents/landlords and tenants are eligible to receive interest in the event that some/all of the deposit is returned to them. However, they can each elect to waive their portion of interest that has accrued, in which case it will be retained by The DPS.
    The rate of interest paid will vary from time to time relative to the Bank of England Base Lending Rate (Base Rate). Currently, interest will be paid at Base Rate minus 2.32%. The rate at which interest is paid is reviewed annually with the Communities and Local Government (CLG).
    I offer no guarantee that anything I say is correct. wysiwyg

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      #3
      Originally posted by jta View Post
      However, they can each elect to waive their portion of interest that has accrued, in which case it will be retained by The DPS.
      Why on earth would either want to do that...?!

      Certainly my experience is that the default is that they pay it out in proportion to the amount of the deposit they are paying to each party.

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        #4
        Originally posted by jta View Post
        Currently, interest will be paid at Base Rate minus 2.32%. The rate at which interest is paid is reviewed annually with the Communities and Local Government (CLG).
        So presently that's (1.82)%?

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          #5
          Umm. Minus 1.82%.
          I offer no guarantee that anything I say is correct. wysiwyg

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            #6
            Originally posted by jta View Post
            Umm. Minus 1.82%.
            Yes - I'm an accountant. I put all my minus figures in nice (red brackets).

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              #7
              Regarding the deposit it stated on our paperwork from the 1st house we rented that the deposit would come to us, which it did.
              The 2nd was that the agents kept it and this house also the agent keeps it.

              Does the LL not stipulate at the beginning where it goes?

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