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Hi all, need some deposit advice as I have a weird situation. My tenant left nearly a year ago, was getting the whole deposit back but they haven't given me any bank details for me to repay. How long do I need to hold onto this? I have sent multiple emails chasing them as I don't want to get caught out! Normally tenants are fighting for the deposits
Where is the deposit being held, surely its in a deposit scheme...
If it isn't in a scheme then hold on to the deposit plus 2xthe deposit as compensation for 6 years as that will be the amount you are paying over when they realise.
You assume the OP used a custodial scheme, if it was registered using an insured scheme it would remain in OPs account for the duration of the tenancy
My deposits insurance scheme, so its still in the deposit bank account. It has been unprotected with My deposits as I confirmed to the tenant I would refund it all. I just needed them to give me their bank details.
If you've made all reasonable efforts to contact the ex-tenant, all you can do is sit on the funds. Why not pop it into a dedicated high-interest account?