Commercial Leases · glossary
The rate on late payments under the lease: 4% a year above the Bank of England base rate. It applies to any of the Rents unpaid 14 days after the due date, and then runs from the due date itself. It was part of Linnet's price for paying rent monthly. Particulars: Interest Rate · Chapter 3 · see Rent deposit, Forfeiture
Explained in Chapter 3, Rent, Rent-Free and VAT, of Commercial Leases.
The Interest Rate is 4% a year above the Bank of England base rate. Interest runs “from the due date”, so the 14 days give no free credit. A payment made on the twentieth day carries interest from the first. The landlord need not chase first, and interest is never charged on unpaid interest.Read Chapter 3, Rent, Rent-Free and VAT →
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