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]
Further Reading
S1 Banking and Financial Dealings Act 1971
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