What is a rent arrears charge?
All tenants are expected to pay their monthly rent on time. This means that the funds need to be received and cleared into our bank account by the due date. If you send your rent payment before the due date but it is not received by us until after the due date, then your rent payment is late. All late payments incur a charge of 4% above the base lending rate from the Bank of England, of the total monthly rent per day, for everyday that the rent payment is late. This charge can either be paid off before the end of the tenancy, or the charge will be deducted from your deposit at the end of the tenancy.