CV tenant protection means landlord loss of livelihood

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    CV tenant protection means landlord loss of livelihood

    A landlord of 3 mortgage free btl’s, my 3 tenants informed me they’d lost their jobs and won’t be able to pay the rent - possibly for at least three months. The blt’s are my only source of income. The tenants are now protected by law and canteen be evicted. Will the government help me pay my own bills in this situation. I’ve not seen any government proposals on landlord protection. Has anyone?

    #2
    I think they might like to reconsider in view of today's announcements, mightn't they?

    I'm in a similar position, but most of my tenants fortunately are care workers, so I hope indispensible.

    If your tenants really have no income, (even the dole, surely) I would tell them you'll accept 50% rent from now until they are re-employed, and 125% subsequently until the debt is paid off.

    However, I smell a rat, and I think this is a ruse to see how soft you are.

    Comment


      #3
      Agree- most tenants are scrupulous chancers. The government will pay 80% of their salary to avoid losing their jobs, up to £2,500 per month for THREE months and possibly longer so there's no real reason for them to lose their jobs. On the other hand, government is doing almost nothing for landlords (self employed)- you're entitled to "statutory sick pay" while unwell with a fever for 7 days (which comes to about £93 in total, no joke).

      So, gov are giving up to £2,500 per month for 3 months tenants (£7500) and up to £93 for landlords.

      Comment


        #4
        Sell one of your properties to whoever will give you cash first. Why should everyone else suffer in this situation but you?

        Plenty of over-extended landlords had to cut their cloth accordingly in the last financial crisis. Now it's your turn.

        Comment


          #5
          Originally posted by Jeremyst View Post
          Will the government help me pay my own bills in this situation. I’ve not seen any government proposals on landlord protection. Has anyone?
          I assume you missed the bit on mortgage holiday for up to 3 months that was announced before even before ban on tenant eviction? It was extended to BTL, at same announcement of ban on tenant eviction I think.
          I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

          I do not answer questions through private messages which should be posted publicly on the forum.

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            #6
            Originally posted by KTC View Post

            I assume you missed the bit on mortgage holiday for up to 3 months that was announced before even before ban on tenant eviction? It was extended to BTL, at same announcement of ban on tenant eviction I think.
            O/P doesn't have a mortgage. He just uses his rent to live on.

            Comment


              #7
              All landlords, please write to the Chancellors demanding protection for landlords too

              21-03-2020, 08:38 AM
              I have emailed the Chancellor at CEU.enquiries@hmtreasury.gov.uk requesting that he also protects landlords when tenants stop paying rent. My Subject area says: ‘Private residential landlord with no mortgage, and no income other than the rent paid by our tenants (they have stopped paying the rent) - and no savings‘. Please include your FULL name and address (otherwise aides may not pass on email). Happy to forward my email if you let me have your email address

              Comment


                #8
                Originally posted by KTC View Post

                I assume you missed the bit on mortgage holiday for up to 3 months that was announced before even before ban on tenant eviction? It was extended to BTL, at same announcement of ban on tenant eviction I think.
                The OP does mention being mortgage free so not much help in their case. The interest "holiday" is in any case a deferral rather than a rebate. It has to be repaid. It is also I believe conditional upon passing it on to the tenant (which seems fair enough). L is then responsible for recovering the amount from the tenant when the deferred interest becomes due to the lender - or absorbing the loss. I suspect that it is not really going to be worth applying for in all that many cases.
                Assume I know nothing.

                Comment

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