In all instances the balance on account will be transferred to landlord within 5 calendar days of the rent day. We ‘same day’ process rent payments received however rent payments received late in a working day and after office hours are processed the next working day which could be after a weekend or bank holiday or both.
Some general points to consider…
- For rents paid by standing order, if the payment is due to go out on a bank holiday or weekend, the money will leave the payers account on the next working day
- Rent payments that fall due on a bank holiday are not compellable until the following day [S1 Banking and Financial Dealings Act 1971]
- Rents are not overdue until midnight of the rent day [Aspinall v Aspinall 1961]
Still not answered your question? We love questions so fire it at us using the contact details here
Please rate this article so we know how well it answered your question…