My tenants have signed a new fixed-term agreement with a rent increase but are still paying the old amount of rent. They did this last year too. Can I charge them interest on the amount they are in arrears? There is this clause in their agreement:
3.0 Interest on Rent Arrears and Other Monies
3.1 You agree to pay interest at the rate of 3% above the Bank of England base rate upon any Rent or other monies due under this Agreement which is more than 14 days in arrears in respect of the date from when it became due to the date of payment.
So after seven days, can I advise them that I will start charging them interest if they have not paid it after 14 days?
