Rental Arrears associated with Coronavirus

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  • kennyj52
    replied
    I have also recently received a "compassionate" email request from one of my tenants. And, as with the majority of you, here I want to do what is reasonable and fair given the current difficult circumstances. But I am recently retired and now rely for my income wholly on my state pension and rental income. The tenant is self-employed and has no work at the moment and is not confident about the prospects of work in the near future. When I asked about help for the government's Self Employment Income Support Scheme (SEISS)", the response was rather vague - "
    it won't be very much, because I haven't yet paid tax on my main trading year". Also about Universal Credit (UC) - "I am not sure it would be possible/make much of a difference".
    The tenancy has been running for 6 months on a 1 year AST and until now has been without issues and while I believe the tenant is genuine and sincere in highlighting her predicament to me, I do feel that she has not really exhausted the other avenues open to her to supplement her income and is taking the "easy" option by asking for my help - in common with so many youngsters of her generation (including my own daughters) expecting financial bail-outs by the older generation.
    Nevertheless, I would like to offer her a mutually agreeable solution e.g.: T
    o allow time for the SEISS and UC schemes to kick in,
    starting off with a reduced rent, balance deferred to be reviewed on a month by month basis. I don't want to just simply reduce the rent because the property is a shared tenancy between the tenants and I feel I would be obliged (in fairness to the other tenants) to offer them the same deal even though they have not yet been affected by the current crisis in this way.

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  • theartfullodger
    replied
    As more and more people self-isolate with their families I'm expecting divorce & split-up rates of co-habiting couples to go up... It would be ungentlemanly to say what prompted this thought.

    Keep safe folks!#

    Artful: 72 ... still feeling good!

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  • loanarranger
    replied
    I think that the payment holiday concession works for both parties with the outcome being a positive attitude by the tenant towards their Landlord.

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  • jpucng62
    replied
    I am postponing rent rises for 6 months and will help any tenant who falls into difficulties as much as I can. I am happy to offer a rent holiday - to be repaid over a suitable time frame - but not to write it off.

    Common sense needs to prevail here.

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  • landlordray
    replied
    I have just been approached today by one of my tenants

    https://forums.landlordzone.co.uk/fo...ial-properties


    I totally agree with royw and will assist my tenant as much as I can

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  • royw
    replied
    If they can afford to pay it back or the government will step in, then yes. If it's a good long term tenant and doesn't have the space cash to pay it off within 6 months I would consider a rent reduction. We don't know what the situation will be at the end of it, I wouldn't be surprised if many people don't have a job to go back to.

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  • ATC
    replied
    there may be something put in place by the Gvt. I expect in any event the Courts will suspend their sessions

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  • loanarranger
    started a topic Rental Arrears associated with Coronavirus

    Rental Arrears associated with Coronavirus

    the implications of the economic ramifications associated with the Coronavirus and individuals potentially suffering through reduced income begs the question as to how Landlords should act in the unfortunate event that tenants genuinely cannot meet their rental obligations. I have my view that a conciliatory approach by accepting a “holiday” period would be permitted on the understanding that any Arrears would need to be repaid over six months once normality resumes. I accept that some might milk the situation but for long standing tenants who have always paid promptly there is to my mind a need to be seen to understand the unusual circumstances in which we all face and the bonus could be in retaining the goodwill of the tenant. Can I ask if others have considered what their actions will be should such difficulties exist with tenants.

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