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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi there, I am subletting a room in the flat that I live in

Resolved Question:

Hi there, I am subletting a room in the flat that I live in as the ex-flatmate moved out. I get a sublease agreement from the subtenant. In the lease agreement, he asks for interest on his deposit. Is this normal? Should I give him any interest on his deposit? Also, I don't want him to bring anyone else to stay in the flat, can I add this onto the lease agreement? Thanks.
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX 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 as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

No this is not normal. Deposits are normally kept interest free.

Alex Watts :

Yes you can add that overnight visitors are not permitted.

Alex Watts :

You can add this clause

Alex Watts :

But a interest bearing deposit is not normal.

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Just to double check, does this "If there is no Lease renewal, the amount of Interest owed will be returned to the Tenant according to the same terms set forth for the original Security Deposit." mean that I need to pay interest to the subtenant?

Alex Watts :

Well you need to see what the bit about the original security deposit says.

Alex Watts :

The renewal says that if interest is earnt, it is paid.

Alex Watts :

Does that help?

Customer:

sorry, i am really new to this

Customer:

the deposit section is like this



  1. 1. Security Deposit.


The Tenant is responsible for depositing £910 as a Security Deposit with the Sublessor. This Security Deposit is security that the Tenant will comply with all the terms of this sublease. This Security Deposit may not be used to pay the last month’s rent without the Subtenant’s prior written consent.


If there is no Lease renewal, the amount of Interest owed will be returned to the Tenant according to the same terms set forth for the original Security Deposit.


 

Alex Watts :

Then no interest is payable if none is earnt

Customer:

okay, so i don't need to pay interest?

Alex Watts :

No.

Customer:

okay, thank you

Alex Watts :

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