Though rent is probably the least fun part of living in a property, it’s something we must mention. The details surrounding your rent terms will be outlined in your Tenancy Agreement.
Though rent is probably the least fun part of living in a property, it’s something we must mention. The details surrounding your rent terms will be outlined in your Tenancy Agreement and this will state when the rent must be paid. Usually, this will be a monthly sum payable at the start of the period it covers. For example, August’s rent will be payable at the beginning or before the month of August.
Rent:
In almost all cases, you will need to pay PropertyLoop through your bank or building society. This can be done via a standing order so that payments arrive regularly, on an agreed date and are not missed. Generally rent is paid by a standing order mandate and should be set up to be paid 3 days prior to the rental due date in order to be in the recipients account on the due date (The due date is typically, although not always, the date on which you moved in).
How do I keep track of my rent payments?
Keeping track of your rent payments is really easy and will be shown on your bank statements and the rent section of your PropertyLoop online portal.
What happens if my rent is paid late?
Any problems with rental payments, that may result in late payment. Arrears letters will be issued if rent remains outstanding beyond 3 days after it was due. A default fee of interest on late rent is payable at 3% above Bank of England base rate applicable if rent is more than 14 days overdue.
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