tenant late payment charges
I would like landlord vision to have the following options when dealing with tenants who are in rent arrears:
- charge a set daily fee for everyday the rent is overdue after a set number of days of the rent payment fee (ie. on day 15 if the rent has not been received charge the tenant £25 per day until rent arrears has been paid)
- Charge a percentage of the rent arrears each day that the payment is overdue after day 15 of the rent payment being due. ie if the Bank of England base rate is 0.01% and within the rental agreement it states 4% additional to bank of England late payment charge is due each day the rent is over due. (example rent is £640 per calendar month, the payment is due on the 8th of each month. on the 15th day (23rd of the month) the rent payment has not been received the tenant is charged £25.664 late payment fee, on day 16 is charged £26.6931264 and so on until the outstanding balance has been paid.
Customer support service by UserEcho
Would like ability to charge interest on late payments based on tenancy agreement per tenancy which is plus bank of England base rate (which should be looked up from BOE so no need to find historic rates) and able to set when interest should be charged e.g give tenant 5 days allowance before interest is charged, given landlord flexibility to select nos days. Interest charged should be viewed on tenants reports, have a column showing interest charged for each individual period rent is late and added to how much is owed, later give landlord option to waiver interest should one wish too