Landlords will also be protected as 3-month mortgage payment holiday is extended to Buy to Let mortgages
At the end of this period, landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.
Existing tenancy agreement:
Late payment of Rent will be charged at £30.00 if it has been 3 days overdue and then a further £10.00 per day until the account is brought up to date and arrears cleared.
There is a new law in play: https://www.gov.uk/government/collections/tenant-fees-act
Official government document is a very formal language, here is a simpler explanation: https://blog.openrent.co.uk/tenant-fees-ban-what-landlords-need-to-know/
You will be able to charge fees for rent payments that are over 2 weeks late. The fees can be up to 3% plus the Bank of England base interest rate.
Will being late with rent be reported to Experian, Equifax and Transunion?