Coronavirus has put us all under tremendous pressure financially, but for many landlords that pressure is amplified with the worry of how to manage if tenants stop paying rent.
The new COVID-19 regulations are anything but easy to navigate. Are you eligible for a payment holiday? What happens if a bad tenant decides to take advantage of the situation? What if your letting agent isn’t help you work with your tenants?
It’s a mess out there right now, but there is a way through it all. Whether, or not, you’re one of our customers, we’ll help you find a way through this situation.
It doesn’t matter if you are contracted in with a letting agent, or managing your own properties, just give us a call, we can help you find a way. We’ve got the low-down on the COVID-19 financial regulations, we’re here to help. No chargeIt’s important that they can prove what their current situation is. Laid off or furloughed? Either way they should have the ability to prove their current circumstances.
Perhaps your tenant has been furloughed? If
so, he may have a short term cash flow issue, but he will soon receive 80% of
his salary. Perhaps you could work out a short term reduction in rent to help
them and then figure out a mutually agreeable repayment plan?
If they have been laid off, find out what
support they are applying for and when it will become available.
I recently put together a Frequently Asked Questions section on my site that deals with the most pressing questions surrounding the Coronavirus and how it affects landlords. It covers:
As a Landlord do my tenants have to keep
paying rent?
As a Landlord can I still give my tenants
notice?
As a Landlord can I get a Mortgage Payment
Holiday?
As a Landlord do I still have to carry out
repairs?
As a Landlord can I still do my regular
inspections?
As a Landlord can I delay doing a Gas Safety Certificate?
As a Landlord am I still expected to comply
with the new Electrical Regulations due on the 1st July 2020.
Remember, the fundamental principle behind the
new act is not to make Landlords suffer unnecessarily, but simply to ensure
that tenants have a right to a decent, warm and safe place to live. The key to
getting through this period is communication.
If you are struggling with your letting agency
and need help working with your clients I can help. Email me at paul@performancepmltd.com and we can chat about how I can help you.
