First time landlord - one tenant made redundant

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    First time landlord - one tenant made redundant

    Hi,

    We are first time landlords letting out our property as we have moved overseas. We have appointed a letting agent to fully manage the property.

    Tenants have been found, reference checks complete and the tenancy agreement is signed. They were due to move in next week but we have just been informed that one of the tenants has been made redundant and they are concerned at not being able to meet the rent plus bills.

    As we have the tenancy agreement signed, I am unclear what our options are other than proceeding with the rental as legally agreed.

    I'd welcome anyone's advice, especially if you have been in a similar situation?

    Thank you.

    #2
    What does the LA advise?

    As first time, ex-pat LLs, I suggest joining NLA/RLA or undertake some LL training.

    Comment


      #3
      If your tenant now don't want to move in you could allow them to surrender the tenancy before they move in and both walk away.

      Otherwise you may have to go ahead with the tenancy and either accept a permanently lower rent or a rent holiday with the arrears being paid after the crisis.

      The key here is to communicate with all parties to devise a solution. No one wants an empty property or tenants that can't pay at the moment and your tenants may not wish to take on a rent they cannot afford.

      Good luck!

      Comment


        #4
        As above, but changed to
        If your tenant now does not want to move in you Must allow them to surrender the tenancy before they move in and both walk away. They are happy as they can't afford it. You are happy that you not be in the situation that they never pay any rent after the first month. ( taking you 4 months to evict them,at your cost )

        Comment


          #5
          Don't go ahead.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            I'm afraid your property is likely to be empty for quite a while. You probably need to speak to your insurer to let them know this. They may require weekly inspections or similar to remain covered

            Comment


              #7
              Thank you all for your responses; all very useful. We haven’t yet spoken to the letting agent due to the time difference and being unable to reach them at the weekend via phone or email. Hopefully we will hear shortly and they will be able to advise the options available in this uncertain market.

              Comment

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