Standing Orders
Standing Orders for Rent
Whether you pay rent on a Monthly or Quarterly basis, the rent should be paid via a Standing Order direct from your bank account to ours. This is to ensure that rent is always paid on time and in full, which minimises any chance of mistakes with payments and avoids any associated late-payment fees.
How to set up a Standing Order
- With some banks and building societies, you can set them up online or over the phone.
- Else, you can visit your bank to complete a standing order form and return it to them.
- You’ll need our bank account number, sort code and other details to set this up
A Standing Order authorisation is NOT a Direct Debit mandate
A standing order is a regular payment of the same amount that's paid on a specified date. It allows the bank to take money regularly from your account to pay another account.
Once a Standing Order has been created, it will be your responsibility to maintain the standing order and cancel it where appropriate, although we will remind you to cancel it towards the end of your tenancy.
- As stated in the Tenancy Agreement, you must pay rent regularly on the dates agreed by Standing Order, and failure to do this, or if you do not carry out your responsibility to check that your bank has set up your Standing Order correctly and you underpay or overpay your rent, you will be in breach of your contract and you may be liable for charges.
- Please be aware that even if you schedule a standing order for the 1st of a month, depending on which day that falls on it may not show as leaving your account until a day or two later! This might happen if, for example, the 1st of a month is a bank holiday. Don't worry if this happens, as your bank will pay the amount as soon as possible after a holiday!
To find out more about what standing orders are, please see this guide from moneyfacts.co.uk!