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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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After 12 years I have decided to sell my shop. I have just

Customer Question

After 12 years I have decided to sell my shop. I have just discovered that the landlord has not paid my deposit in a special account as specified in a deposit agreement but put it in his own personal account. No interest was ever paid. I have always paid the rent on time and never missed a payment. What rights have I got and what interest can I request for my money.
Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

AlexWatts2013 : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return. For now please let me know was the special account interest bearing?
JACUSTOMER-efqtf6rj- : The deposit deed says that interest will be paid periodically and added to the deposit. F landlord used the money can it then be considered a loan breaking interest accordingly?
AlexWatts2013 : Does the agreement specifiy a rate of interest payable?
JACUSTOMER-efqtf6rj- :

no

AlexWatts2013 :

Then yes you can ask for interest on the money but to be fair you could only use the bank of England base rate as these sums are very low. To see what the rates have been month by month please see: http://www.bankofengland.co.uk/boeapps/iadb/repo.asp

AlexWatts2013 :

If this fully resolves your question then please take a moment before you leave and rate my service, it only takes a second and is an important part of the process. Otherwise if you need more information or help then please click reply. Alex