Residential property tenants - how to cope with Coronavirus
You may be interested to know how Coronavirus also is known as COVID19 affects other aspects of the economy be it self employment, property or other aspects of employment.
Speak with tenants. I have already had to let go, two tenants, because they knew they were going to struggle after being made redundant. As landlords, we may need to be sympathetic and let tenants go early.
NLA – Guaranteed rental income insurance: to help you with the issue of tenant nonpayment of rent.
Help and guidance from the National Landlords Association on how to deal with Coronavirus and tenants
Check your property insurance for buy to lets to see what their policy is on tenants failing to pay because of Coronavirus.
Speak with utility companies to out in place payment plans for gas, electricity etc. especially if you own HMOs
Landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.
Government support to tenants by putting in place a non-eviction of tenants for a three month period
Commercial property tenants - how to cope with Coronavirus
The government announced that commercial property tenants would not be forced out even if they are unable to pay their rent for a three month period. This update is included in the emergency Coronavirus Bill currently going through Parliament. Commercial tenants will still be liable for the rent after this period. The government is also actively monitoring the impact on commercial landlords’ cash flow and continues to be in dialogue with them.
The change will come into force when the Coronavirus Bill receives Royal Assent. It will last until 30 June, with an option for the government to extend if needed.