The Renting Homes (Fees etc.) (Prescribed Limits of Default Payments) (Wales) Regulations 2020
| Jurisdiction | Wales |
| Citation | SI 2020/202 |
| Year | 2020 |
2020 No. 202 (W. 45)
Housing, Wales
The Renting Homes (Fees etc.) (Prescribed Limits of Default Payments) (Wales) Regulations 2020
Made 28th February 2020
Coming into force 28th April 2020
The Welsh Ministers make the following Regulations in exercise of the powers conferred on them by section 27(2)(a) of, and paragraph 6 of Schedule 1 to, the Renting Homes (Fees etc.) (Wales) Act 20191.
In accordance with section 27(3) of that Act, a draft of these Regulations has been laid before and approved by a resolution of the National Assembly for Wales.
Title, commencement and interpretation
1.—(1) The title of these Regulations is the Renting Homes (Fees etc.) (Prescribed Limits of Default Payments) (Wales) Regulations 2020 and they come into force on 28 April 2020.
(2) In these Regulations, a “contract-holder” has the same meaning as in the Renting Homes (Wales) Act 20162.
Prescribed limits for failure to pay rent
2.—(1) The prescribed limit in the case of a failure by a contract-holder3to make a payment of rent to a landlord by the due date is to be determined as follows.
(2) In the case of a failure to make a payment of rent before the end of the period of seven days beginning with the due date, the prescribed limit is zero.
(3) In the case of a failure to make a payment of rent after the end of the period of seven days beginning with the due date, the prescribed limit is the aggregate of the amounts found by applying, in relation to each day after the due date for which the rent remains unpaid, an annual percentage rate of three per cent above the Bank of England base rate to the amount of rent that remains unpaid at the end of that day.
(4) In this regulation, the “Bank of England base rate” means the percentage rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets.
(5) But where an order under section 19 of the Bank of England Act 19984is in force, any equivalent percentage rate determined by the Treasury under that section applies.
Additional descriptions of default payment
3. The additional descriptions of default in respect of which a prescribed limit is specified are—
(a) a breach by a contract-holder of a term of the contract which leads to the requirement for a lock giving access to the dwelling to which the contract-holder’s contract relates to be changed, added to or removed, and
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