Version Superseded: 20/10/2014
Point in time view as at 17/09/2014.
Housing Act 1985, Paragraph 5 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
5(1)Where on a change of the standard national rate or the applicable local average rate a rate of interest is capable of being varied, the local authority shall vary it.E+W
(2)The authority shall serve on the person liable to pay the interest notice in writing of the variation not later than two months after the change.
(3)The variation shall take effect with the first payment of interest due after a date specified in the notice, which—
(a)if the variation is a reduction, shall be not later than one month after the change, and
(b)if the variation is an increase, shall not be earlier than one month nor later than three months after the service of the notice.
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