At the point of writing, we are now back in lockdown and although measures aren’t as tough as lockdown 1.0, they are still restrictive. The UK Government has implemented further measures to protect commercial tenants from rent collection until the end of 2020. On the residential side, the Government’s support seems heavily weighted towards the tenant. So where does all this leave you as a conscientious, law-abiding landlord?
Residential Landlords – what is the current situation?
It is a challenging and uncertain time for Londoners living in the private rented sector and understandably the Mayor is working to ensure those who are vulnerable and on low incomes get the support they need during the pandemic. However, tenants are legally obliged to continue paying their rent to you as normal if they are able to do so. It is only those directly impacted by the outbreak that may qualify for Government support.
Also, the Government’s measures only apply to renters who have an Assured Shorthold Tenancy (AST) and some who have licences. They exclude lodgers, holiday-lets, hostel accommodation and accommodation for asylum seekers. If you are in any doubt then please get in touch with us today and our Property Management team can advise.
As a residential landlord you are hopefully aware that the mortgage holiday is being extended with applications open until to 31st January 2021. This should hopefully help ease any pressure, particularly if your tenant is having difficulty paying rent. As every circumstance is different, our advice is to have an open and honest conversation with your tenant to try to agree a sensible way forward. Our Property Management team pride themselves in taking a balanced approach to recovering rent and in the first instance will try to work with the tenant to get rent coming in again.
If you’re still struggling to receive your rent payments then we can help! Our Property Management services include rent collection, service charge management, maintenance programming, and landlord advice – find out more today.
Commercial Landlords – what does the Coronavirus Act 2020 extension mean for you?
The Coronavirus Act 2020 protects commercial tenants from eviction for non-payment of rent and this has now been extended to the end of 2020. But it is important to understand that once the statutory moratorium period of the Coronavirus Act 2020 is over, landlords may immediately deal with any unpaid rent that has accrued during the moratorium.
The tenant’s obligation to pay their rent has not been affected but despite the government’s measures they may still not be able to meet their rental obligations. As a landlord, you are not obliged to agree rent concessions or ‘accept’ the breach of non-payment of rent. But before you take more drastic action such as forfeiting the lease or trying to ‘seize’ their goods under the CRAR procedure, please seek professional advice.
It may all seem like doom and gloom but there is light at the end of the tunnel… We would love to offer you 3 months of our Property Management Service for FREE! Let us take the pressure off so you can relax in the knowledge that your rent will be paid. Contact Elizabeth Adams today on 020 70611100 or firstname.lastname@example.org for more information about our exclusive pre-Christmas offer of the first 3 months free when you sign up to a 12 month contract.