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propertylawyer, Solicitor
Category: Law
Satisfied Customers: 288
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I have a property that I lease to tenants. There is a clause

Customer Question

I have a property that I lease to tenants. There is a clause in it about the charge to be made for late payments. It refers to "base lending rate" of barclays PLC. I have rung Barclays to find what this is and they say they do not have a base lending rate. The do, of course, have a base rate, but that is not the same so my question is:
What does "Barclays Base Lending rate" refer to?
Submitted: 1 year ago.
Category: Law
Expert:  propertylawyer replied 1 year ago.

It means the bank's Base Rate.

Barclays Bank Base Rate (BBBR) is a variable rate set by Barclays Bank PLC, which typically follows the Bank of England Base Rate but is not guaranteed to do so. BBBR is currently0.25%.

Generally default interest is reserved at 4 % above Base so your default rate is probably 4.25%.

Any questions or queries?

Happy to assist further.

Please can I kindly request that you accept /positive rate my reply otherwise the website will not pay me for assisting you. Many thanks

Expert:  propertylawyer replied 1 year ago.

Do you need any further assistance? I am happy to help you further if necessary.

Please can I remind you that I do not get paid for answering your question unless you accept /positive rate my reply. Please can you take a moment to do this as I have answered your question. Many thanks.