Charges for late payment of rent

Chasing tenants for late payment of rent involves extra cost by raising letters, making phone calls & sending emails. The Tenancy Agreement entitles Derwent Living to pass these costs onto tenants whose payments are late. We charge interest at 1% over base rate if payments are overdue by more than 14 days. Typically charges will be around £50 if we have to chase you for payment and £100 if we have to serve notice seeking possession – the amount charged would depend on how much is owed and for how long the debt is outstanding.