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Bank account for security deposit

  • 25-08-2010 11:54am
    #1
    axer
    Registered Users, Registered Users 2 Posts: 5,517 ✭✭✭


    Hi,

    I am in a situation whereby my Landlord is being taken to court by a bank in the next couple of months. I have a concern regarding my deposit. If the landlord was to go bankrupt my understanding is I could have a job to get my deposit back.

    I know when I lived in Germany deposits were lodged in a bank account and could not be touched by me until signed for by my landlord. This meant that the money was mine the whole time but I could not touch it unless the landlord said it was ok.

    Does anyone know if the same type of bank account can be setup in Ireland? Is it a done thing at all?

    I just want to know before I suggest it to the landlord.

    Thanks for any help/advice.


Comments

  • #2
    thenightrider
    Registered Users, Registered Users 2 Posts: 1,647 ✭✭✭thenightrider


    Ive never heard of that here before if you think you will not get your deposit back do what i did with one of my landlords tell them you will not be paying the last months rent when you are moveing out and that they can keep the deposit.

    Just an idea if you are not going to get your deposit back.


  • #3
    axer
    Registered Users, Registered Users 2 Posts: 5,517 ✭✭✭axer


    thenightrider wrote: »
    Ive never heard of that here before if you think you will not get your deposit back do what i did with one of my landlords tell them you will not be paying the last months rent when you are moveing out and that they can keep the deposit.

    Just an idea if you are not going to get your deposit back.
    The thing is I am not planning on moving out yet. The issue is that the bank is bringing the landlord to court with the view of repossessing the apartment (from my understanding). I am still paying rent to the landlord.

    My concern is what if the landlord declares bankruptcy and the bank take over the apartment. I am concerned that there might be issues getting my deposit back thus I was looking to setup a bank account where my deposit is deposited but is not in the landlords name thus cannot be touched by any third party no matter how much the landlord owes.


  • #4
    ztoical
    Registered Users, Registered Users 2 Posts: 4,788 ✭✭✭ztoical


    axer wrote: »
    I know when I lived in Germany deposits were lodged in a bank account and could not be touched by me until signed for by my landlord. This meant that the money was mine the whole time but I could not touch it unless the landlord said it was ok.

    The UK have the same sort of system for deposits and it's a real shame they don't bring something like it in in Ireland. You could set something up but the issue is the LL already has the deposit so you would need to speak to them about moving it to a different account. There is a chance the LL doesn't have it esp if they are being taken to court. Yes they are meant to keep it away from their own money but the truth is allot of Irish LL have got into the habit of spending deposits same way allot of tenants have got into habit of using the last months rent as their deposit.

    Have you spoken to the LL at all regarding the deposit and what could happen regarding the apartment if the bank takes it?


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