Their is a life, their is a way. first of all, You have to talk with your tenants with a family approch regarding late payment. You can solve such as problem without any legal documentation. Posted 1 year ago    Report abuse

Mgrshiv Kumar Recruitment

Yes You can add that now. Posted 1 year ago    Report abuse

karaikurichy sankakaranarayanan subramanian Principal Consultant

Yes,you can make a supplementary agreement stating that after 3rd of month any rent you receive will be charged a (some %)fee.coz it is mutual no government laws on it that you can not take. Posted 1 year ago    Report abuse

Manish Singh Senior Executive

Hi, Their is a life, their is a way. first of all, You have to talk with your tenants with a family approch regarding late payment. You can solve such as problem without any legal documentation. Posted 1 year ago    Report abuse

Hitesh Barad Administrator

Hi Vidhya, You can always raise the question of LATE fees charges. The simple way is that the lease agreement (I GUESS ITS THE STANDARD PRECEDENT YOU HAVE USED) must have an date by which they have to pay the rent. This is normal in all cases. Now comes the presumption part under the law. When they default in the payment, you should write to them saying that they need to pay the rent with 6% interest (market rate) or else the lease agreement will be terminated by you, as the tenant has defaulted the covenants and assurance given by him in the Agreement. I am pretty sure this will work and you will have regular and timely payment. Posted 1 year ago    Report abuse

Rahul Jain Advocate

Hi Vidhya, I regret, but nothing much can be done as of now since the clause of late payment fee is not there in ur lease agreement. You have no option but to talk to them and wait till you renew the lease, if at all, and then put this clause there in. As such you have already mentioned that they paying every month though late. cheers Posted 1 year ago    Report abuse

Vicas Rajvanshi Deputy General Manager

there is two kind of agreements..one for lease and one for rent...what you are stating is bit of confusion whether tenants are on rent basis or lease basis.... if it is rent basis (Monthly) you can make a new agreement, first you need to speak to your tenants on this issue and get the agreement stamped by notary. if it is lease..then there is no question of late fee or anything because lease is bound to be for 3, 4, or 5 years where on closing the term you need to repay the lease amount without paying interest amount to the tenants.. Posted 1 year ago    Report abuse

ravikumar Krishna Retail Finance Manager

I assume from your comment that the tenants have already taken possession under the lease and are therefor now entitled to tenure in accordance with those lease terms. If you do not have any means of charging for late payment in the lease, under British law which is common to India you must now wait until the lease ends or the first review if you have one that allows you to amend. It is tough but it is a lesson to get it right first time and use a lawyer to draft the lease then if it is later found wrong you can sue the lawyer. Posted 1 year ago    Report abuse

John Bryan Foreman Retail Architectural Consultant

Either you make a clause about late payment or you shift the payment dates to a better convenient week for your client depending on his cash flow circumstances Posted 1 year ago    Report abuse

Samir Kamar Research and Development