DOES IT MATTER IF MY RENT IS LATE?

On occasion tenants may be late with paying their rent. There may be genuine reasons for this delay, however when you begin your tenancy you are signing a legally binding contract in the form of a General Tenancy Agreement Form 18a. This agreement will incorporate weekly rental amount and when payable ie “on due date” – failure to meet this obligation may result in a Notice To Remedy Breach being issued.

Renting is very competitive in today’s market. Rarely does an agency only receive one application for a property. When they receive multiple applications, the payment history is high on their list and the owners, when deciding which tenant to choose.

Legislation has changed and repeat offenders of late rental payments may be served with an eviction notice. Even if the tenant remedies the breach by the said date, an Agency/Owner can give a Notice To Leave with the appropriate notice periods.

Another circumstance which tenants may not be aware of is; often owners use the rent to pay part of the mortgage on the property. When a tenant doesn’t pay their rent, often it means the owner can’t pay their mortgage. Regrettably, some banks can be less forgiving. If this occurs, the bank may repossess the property and the tenant will be evicted.

Communication is the key! Keep in touch with your Property Manager, we are here to help. Organise your rental payments in line with your salary cycle, organise a Direct Debit for payment – set and forget!

Comments

Popular posts from this blog

12 Real Estate Myths Busted

Don’t take the bait!

THE MYTH OF CHOOSING A “BIG AGENCY”