Coronavirus Advice For Landlords
It is fair to say all of us are looking for guidance and advice right now. In the rental market, there is always a lot to be said for turning towards to the experts. However, given the challenges on offer in 2020, even the most experienced landlords will benefit from help. If you need assistance, we can help.
While landlords are looking for guidance to assist themselves make informed decisions, they also want to support their tenants. We know this is a challenging time for landlords, and it is likely they are facing many requests from their tenants. The Government has issued a range of pointers for landlords, and we will provide some of these for you here.
Can landlords stop charging rent during the COVID-19 outbreak?
It is no exaggeration to say many people will be experiencing financial hardship during the lockdown. There will be tenants who are unable to pay their rent. There have been various topics and discussions which lead into mortgage and payment holidays, and this is a topic that landlords have likely considered.
There is no requirement for landlords to offer a rental holiday. However, the NRLA believes many tenants have taken the decision upon themselves to not pay rent when due. This is likely to cause problems in the long-term.
Ben Beadle, NRLA chief executive, says: “The mortgage repayment holiday is only available for landlords who are struggling to make their payments because their tenants are unable to pay part or all of their rent as a direct result of the coronavirus and through no fault of their own. It is not an automatic payment holiday and landlords who successfully apply still have to make these payments later on. It is not a grant.”
There is a need for flexibility in the market
Ben continued by saying; “What it does allow is that where a tenant is having genuine difficulty in meeting their rent payment because of a loss of income, landlords have much greater flexibility to agree a mutually acceptable plan with the tenant to defer the rent due.”
Each case should be viewed on its own merits. There is no one single solution which would appease the rental market, and it will take a range of solutions to satisfy all tenants and landlords. Landlords should be proactive in this matter if they can. Contact tenants and see if they need assistance.
Landlords and tenants should be aware of rights brought in to support tenants:
· 18th March – Legislation introduced which prevents tenants from being evicted during the COVID-19 outbreak
· 26th March – Legislation introduced which suspends all evictions in the court system
The ban is in place for virtually all tenants, not lodgers, and no one will face eviction for a three-month period. Landlords are not able to initiate court proceedings until after this period ends.
We know this is a challenging time, and for many people, the thought of letting property is a challenging one. However, if you are a local landlord, we are here to help. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.
