Flatmate being rubbish with rent

Anewbe4u

Anewbe4u

Anewbe4u

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Joined
26 Dec 2003
Posts
2,224
Hey,

My flatmate was 3 months late paying his rent. He missed one month. Now, I wanted to charge him for the OD fee's but he isn't willing to pay them.

His rent is £350. In his contract there is this little paragraph.

Where the rent or any other sum due by the Occupier under this Agreement is in arrears, whether legally demanded or not, the Landlord shall be entitled to charge interest at the rate of 4% above the prevailing base rate of the Bank of England on the outstanding sum from the date when the same became due until the date of payment.

So, how much should he have to pay? I'm an idiot and can't work it out. Basically, its £350 is the amount he is in trouble for.

Thanks peeps.
 
I can't understand the bit about 3 months late and missing a month but:

If BoE interest is 0.5%, then it will be at 4.5%.

After first month late, due = 350 x 1.045
After second month late, due = 350 x 1.045 x 1.045
After third month late, due = 350 x 1.045 x 1.045 x 1.045 = 399.41
 
Just found this in the contract too

Any bank charges incurred by the Landlord through a cheque of the Occupier being dishonoured by the Occupier's bankers shall be deducted from the deposit if not already paid by the Occupier to the Landlord.

Now, he pays by cash, would you say this covers him or me?
 
If the bank charge is £10, the occupier pays £10 as well as the late payment charge, either cash, or as a decuction from the deposit. Sounds simple enough.
 
DB_SamX said:
If the bank charge is £10, the occupier pays £10 as well as the late payment charge, either cash, or as a decuction from the deposit. Sounds simple enough.
Click to expand...

Yeah, it mentions cheque though, he pays by cash. I would assume it covers me but he can be a bit of an ass.
 
Not quite sure I follow anymore. That cheque clause isn't valid if he pays cash I guess.

WHy would it cover you? Contract on both your names? If so, you are both legally liable for the £59.41 but it's up to you to convince him to pay for it.
 
Just a note to the many posts above, 4% above BoE base rate is 4.5% per YEAR, not per month. It's around 0.37% per month.

So it certainly shouldn't be anywhere close to £399.41 if he only missed 1 months payment (not 1 years payment!). 3 months cumulative interest on £350 would come to around £3.90 by my calculations.

edit: Whether or not you want to do anything about additional OD fees etc incurred is another kettle of fish entirely, of course.
 
Last edited:
HangTime said:
Just a note to the many posts above, 4% above BoE base rate is 4.5% per YEAR, not per month. It's around 0.37% per month.

So it certainly shouldn't be anywhere close to £399.41 if he only missed 1 months payment (not 1 years payment!). 3 months cumulative interest on £350 would come to around £3.90 by my calculations.

edit: Whether or not you want to do anything about additional OD fees etc incurred is another kettle of fish entirely, of course.
Click to expand...

Almost seems not worth having it in there!

Thanks
 
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