Tenancy Deposit Scheme

[hollyhobbie]

Hi, anyone know about this?
We're just about to sign our Assured Shorthold Tenancy Agreement, but it says that any interest earned on our deposit "will belong to the [lettings] agent" ...this doesn't seem very fair to me and I have an idea that it's not allowed, but my Googling hasn't revealed any answers.

yup it is allowed. the lettings agent will be part of scheme where they pay effectively an insurance premium in order that they can hold it themselves. You should get details fo the scheme they have chosen within 14 days of the start of your agreement.

the alternative is a scheme where no party gets any financial gain.

Thanks for that. I'll strike it from my "things to ask them about" list.