As landlords you will be aware that the Coronavirus is spreading across our country, you need to ask yourself?
How can I cope as a Landlord?
How can I be a good Landlord? What things can be done to protect and support my tenants? How can we protect our investments?
In terms of letting there is no ‘one size fits all’ response. It is inevitable that some tenants will be affected from Coronavirus and some will struggle to pay their rent, whether this is due to being laid off from work, having to self-isolate, or childcare the reasons are endless.
In these circumstances we are advising landlords to be as flexible as possible when it comes to supporting their tenants who are facing financial difficulties.
“Private and social renters affected by Coronavirus will be protected from eviction for three months in emergency legislation to be passed by the government,” Boris Johnson said on 18 March 2020.
Mr Johnson said: “We will be bringing forward legislation which will prevent renters suffering no fault eviction to protect people who face difficulties through no fault of their own due to the Coronovirus.“ You can not penalise people for acting when they follow government advice. Everybody is entitled to protection.”
As a landlord you need to be thinking how you can help your tenant, could you offer a rent holiday? Would you consider reduced rent? maybe a payment plan would work, or deferring payments so when they are back in work, they can pay back their arrears.
The government has not issued any help for the millions of renters as of today. We are hoping they will soon.
It all depends on how your affairs as a landlord are fixed, how flexible you can be?
The Chancellor’s promise of a three-month mortgage payment holiday to customers affected by Coronavirus has been extended to buy-to-let borrowers whose tenants are experiencing financial difficulties due to Coronavirus, the government has confirmed. Please click here
Here at Stuarts we are in close contact with our tenants, if a rent payment is late, or going to be late we encourage communication with our tenants and ask when they will be able to pay? We think this is the best way forward in these difficult times. It is important we all work together Stuarts, Landlords and tenants.
Please note Stuarts Homes have Client Money Protection – Your money is safe with us, this is regulated and checked by Safeagent