If a rental payment is late, interest will begin to accrue pursuant to the terms of your tenancy agreement that governs your occupation of the property.
As per all our AST agreements, commercial leases and long-leasehold agreements, if rent is not paid on time by the due date, interest begins to accrue.
Such interest will be detailed within the terms of your AST. If there is no exact rate specified in your AST, or your agreement with the landlord is oral then we charge interest at 5% above the Bank of England base rate.
We are very understanding of circumstances why rent payments are usually delayed, and as such we will be happy to discuss penalty-free extensions with you if you know your rent will be late for a particular period. We require at least 10 working days' notice prior to rent being due in order to assess and agree to any penalty-free extensions.
Without such notice we will grant a one-time courtesy for late payments. Beyond this, extensions will not be permitted and interest will begin to accrue.
We also reserve the right to charge for each letter we send in relation to chasing arrears. More information about this can be found here.