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Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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Can my landlord add interest rates into an ast payment

Customer Question

can my landlord add interest rates into an ast for late payment of rent
Submitted: 2 years ago.
Category: Law
Expert:  Harris replied 2 years ago.
Hi, thanks for your question.
What does it state in your tenancy agreement?
The landlord must state in the tenancy agreement that interest will be charged, and at what percentage and this must be fair and reasonable for it to be effective.
Please let me know if you have any further questions regarding this.
Customer: replied 2 years ago.
The landlord is renewing the tenancies as she has asked for a 4% rate if the rent is late it will be an additional clause
Expert:  Harris replied 2 years ago.
If you have outstanding rent for the previous tenancy agreement in which there was no clause for interest payments then the new tenancy agreement will not cover the previous rent payments.
For the new tenancy, 4% would be a reasonable amount to charge but you should check if there are further fees that the landlord lists (such as late payment fees, administrative charges etc) as they cannot claim these in addition to the interest.
Expert:  Harris replied 2 years ago.
Hi, this question remains open. Please rate my response positively if you found it helpful - I will not be credited for answering this question without a positive rating. Thank you!