Corona Virus - advice required for Landlord : residential properties

[chancellor_the_duke]

Sorry for the rant but been reading different reports all day and I haven't seen one mention of how us landlords are protected.

I was wondering this also. Haven't seen any help for landlords with mortgages or bills or repairs or maintenance associated with home ownership.

[Flashback1966]

The common man reading the news, will misinterpret the term mortgage holiday. The mortgage will still need to be paid, but deferred to a later date. The bank still has security over people's home. The bank could still repossess the property.

If a landlord offers a rent payment holiday, then there is no guarantee those rent arrears will be paid. A tenant could move out and decide they don't want to pay their arrears. Would the government guarantee such payments?


The Labour Party and campaign groups such as Generation Rent wants landlord to offer rent payment holidays. However, they campaigned for low deposits, so there is little safety net for bad times. They campaigned for tax hikes on landlords.

The Government was n't kind with S24 tax changes, nor has it considered reversing it the recent budget.

If I did receive a request from a good tenant, I would consider positively. Especially, if it was a contractor type employee, where they receive no payment if they don't go to work. For the greater good, I would n't want someone working if they had the virus, just so they could pay rent.

However, it is would be unfair for landlords to be lumbered with rental losses, whilst the aviation industry who bear responsibility, for hastening the virus to these shores, will get a bailout from the Government.

If there is a repair, in coming days or weeks, I will struggle to find someone willing to go, especially if it happens to get out of control.....

[mariner]

A Court could consider any repaymennott plan as binding. Why not offer T 'rent payable in arrears', making it cle ar they would remain perm in accountable rent arrears?
Only the Property owner can claim any mortgage 'holiday' relief due.

[chancellor_the_duke]

The common man reading the news, will misinterpret the term mortgage holiday. The mortgage will still need to be paid, but deferred to a later date. The bank still has security over people's home. The bank could still repossess the property.

If a landlord offers a rent payment holiday, then there is no guarantee those rent arrears will be paid. A tenant could move out and decide they don't want to pay their arrears. Would the government guarantee such payments?

You make some valid points, and this will especially affect landlords with mortgages. People don't tend to think of landlords as human beings with their own financial difficulties but as wealthy 'companies' taking advantage of the poor, and this lack of consideration of landlords is just more of the current ongoing climate of onslaught against landlords. It also matches the government's year-by-year new laws at the detriment of landlords, without considering how some of the genuine but less wealthy ones will survive. It's why I feel it's a dangerous role to stay a landlord, and why I no longer wish to be one.

[jpucng62]

I think everyone is very scared and no-one knows how long this will last. Will it all be over in 3 months or will be still be in this crisis this time next year?

A tenant advising they may have a problem is a good sign - communication is the key to avoiding misunderstanding. As LLs we need to be prepared to look at our tenants on a case by case basis and help where we can.

There will inevitably be people trying to milk the situation but if the tenant is a good one will no previous history of not paying rent, I will work with them to keep them in their home whilst they apply for UC or wait to get back to work. Payment holidays are just that - not lost rent.

Given that new renters may dry up for a while it benefits both sides to be flexible.

In these dramatic time, please everyone, be kind.

[landlordray]

It is good to get a good response to my query, and to get the views of various landlords,
although some seem to see this as Tenants ' trying it on'

I think a lot depends on how well you know or trust your tenant.

In my initial post I asked two questions : what to do regarding the tenant and also what help can landlords expect when they start struggling
when rents dry up for 3 months at a time ?????

Seems at the moment the media are more focused on rent holidays for the tenants.

[Extremely Stressed]

Seems at the moment the media are more focused on rent holidays for the tenants.

This is what has rubbed me the wrong way. I am 100% for helping tenants through this tough time and being reasonable but what do we do?

I rely on my rent to support my family and pay my bills. What happens to us with no rent coming in?

The label on Landlords needs to change. Hopefully the government actually addresses what Landlords are supposed to do with no rent, instead of thinking we are loaded cash points.

[boletus]

The chancellor is meant to be giving some more details of support available later today.

Housing minister to give a statement shortly.

Hopefully a calm measured response that will help genuine tenants and not just something for the opportunists to exploit.

[chancellor_the_duke]

Hopefully a calm measured response that will help genuine tenants and not just something for the opportunists to exploit.

That's "hopeful" !

[irenecarmen]

I agree with Extremely Stressed. Tenants have now approached me to waive their rent. I have no mortgage, so no assistance for me, and my income stream has suddenly dried up in the worst possible time.

[Echoes]

Flashback1966,

My worry is the same, as I have some rent due from my tenant already and if he ask me for rent holiday, that will add on and if that tenant move out and not pay at all. I will be gutted. Who is going to cover that?

[Diversity]

The common man reading the news, will misinterpret the term mortgage holiday. The mortgage will still need to be paid, but deferred to a later date.

If a landlord offers a rent payment holiday, then there is no guarantee those rent arrears will be paid. A tenant could move out and decide they don't want to pay their arrears. Would the government guarantee such payments?

These are salient points. If a LL does agree, can they ask T for evidence of loss of employment such as letter from employer, and make an agreement of terms (payments to be made at a later dates, when and what happens if they can't - guarantors?) for T to sign

[DPT57]

I wouldn't be too quick to put anything in writing if I were you. Its still early days in the Government bail-out package.

[chancellor_the_duke]

I agree with Extremely Stressed. Tenants have now approached me to waive their rent. I have no mortgage, so no assistance for me, and my income stream has suddenly dried up in the worst possible time.

Most tenants will not lose their jobs because of coronavirus and most will be taking advantage. If you cannot afford it, tell them 'no'. If you go into debt you'll lose the property anyway & they won't be able to live there anymore, so they aren't doing themselves any favours. They'll just find somewhere else to live but you'll have lost your property so this would likely affect you more than them. Make a decision & stick to it.

[pebblepebble]

My tenant paid this week on time, but when they took the tenancy over he was self employed. They have been there for three years now and I would be lenient, never a problem with paying. However since being made redundant my rent is now my only income and my husband is due to retire later this year and could end up without a job before then. We had intended to sell the property when these tenants leave.