Landlord Charging Interset

[kippers]

The house that we are renting was sold about 6 months ago to a Foreigner. Recently I was 2 weeks late with my rent and te new owner sent me a letter saying that i will have to pay 1% interest per day that the rent was overdue.

Is this legal? it certainly wasn't in the original lease.

[bob4you]

I don't believe it is legal, but on the other hand it is probably negotiable and a equitable arrangement might be better than eviction.

[Moonfruit]

The lease contract is null and void as the contract is between the original owner and yourself.

1% per day is the norm, but generally there is a grace period, written into the original contract depending upon what you negotiated. (Usually 7 or 14 days, to allow for the fact that you may be out of the country, or other unforseen circumstances.)

However, i suggest that you renegotiate the lease with the current owner, and as said above, its better than being evicted with the loss of your deposit.

[junkofdavid2]

The house that we are renting was sold about 6 months ago to a Foreigner. Recently I was 2 weeks late with my rent and te new owner sent me a letter saying that i will have to pay 1% interest per day that the rent was overdue.

Is this legal? it certainly wasn't in the original lease.

Oh, it wasn't in the original lease!

Well, what was on the original lease?

As far as I know, it states the date that the tenant must pay the rent!

As for the legality question... as far as I know too, what is illegal is breaking a contract; such as a payment deadline stated on it.

So... I wonder who really is the "lawbreaker" here???

Edited March 21, 2008 by junkofdavid2

[PadThaiGuy]

The house that we are renting was sold about 6 months ago to a Foreigner. Recently I was 2 weeks late with my rent and te new owner sent me a letter saying that i will have to pay 1% interest per day that the rent was overdue.

Is this legal? it certainly wasn't in the original lease.

Oh, it wasn't in the original lease!

Well, what was on the original lease?

As far as I know, it states the date that the tenant must pay the rent!

As for the legality question... as far as I know too, what is illegal is breaking a contract; such as a payment deadline stated on it.

So... I wonder who really is the "lawbreaker" here???

Do what you agreed to do and you won't have any problems.

Two weeks late is totally unacceptable.

Your landlord has bills to pay too.

You pay the fine and buy them a bottle of wine or somthing.....promising not to be a deadbeat again.

[briley]

I am told that the maximum interest chargable is set by the government or the bank and is 15% currently.

1% a day is slightly over that.

[Smithson]

I can understand why he's unhappy with the rent being late. On the other hand I'm guessing you paid a deposit and one month in advance. I don't suppose he's paying interest on those.

Bottom line is if you don't pay he'll take it from deposit.