Soldato
Late Rent Payment Calculator | PropertySundays.com
www.propertysundays.com
Suggests the interest over the 14 days would be about £3.xx
Rent arrears interest calculation?
- Thread starter Yella Fella
- Start date
www.propertysundays.com
Suggests the interest over the 14 days would be about £3.xx
Caporegime
It doesn't say, therefore it's a matter of interpretation. In general, the courts have held the interpretation of contract terms where it is ambiguous should be in favour of the party that did not draft the contract. I would expect therefore that the courts would hold that there is no compounding of interest.
If it doesn't say then you would have to interpret it as the AER. A daily interest rate of 8.25% would be ridiculous, after 1 year £1000 would turn into £3,682,861,054,462,644.
The formula for the daily compounding interest rate would be: (1+0.0825)^(1/365)-1 = 0.00021721 (rounded down).
To calculate the total amount after for example 30 days you'd do 1000 x 1.00021721 ^ 30.
Last edited:
Associate
I am lucky enough to own two properties besides my home - I have always followed the principal of using a letting agency and accepting the charge for guaranteed rent - slightly less income but no headaches!
In answer to the original query the reason its normally base rate + 3% is not to catch the people who fall a month behind but to deal with people who have squatted a year in your property without paying at all.
In answer to the original query the reason its normally base rate + 3% is not to catch the people who fall a month behind but to deal with people who have squatted a year in your property without paying at all.
Bold move saying this on these forums. Bold move indeed.
Soldato
You really are a troll, I love it.
A very good point well made.
Associate
- Joined
- 28 Jul 2015
- Posts
- 128
Charging interest to individuals is usually a waste of time, they just tell you to go **** yourself
Business to business is more accepted though
Business to business is more accepted though
Last edited:
Associate
Because?
Because **** like you are one of the reasons that the housing situation in so messed up in this country. Homes should be for living in, not investments just to make money.
Associate
Is there something wrong with making money - that’s how the government gains tax revenue to support those that struggle or experience hardship.
You aren't making money tho.
Caporegime
The value of Landlords isn't zero - there is maintenance, etc. - but the rewards are out of whack with the value added. Thatcher really shafted the country when she trashed the national council housing stock.
Associate
Pretty sure I am.....
Associate
I would agree that Thatcher's decision to sell of the housing stock was not well thought out long term - but how council housing is run, managed and monitored is atrocious.
Na, the asset is. You are just the sack of organs that got dibs on it
Associate
My asset, purchased with my money that I earned - whether through rent or the asset rising in value I have made money.
Sorry if that goes against your idea of a free and fair society.