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Fri 17 April 2020
The Coronavirus has impacted the majority of the population, with many worried about their health and finances. Whilst these are uncertain times for homeowners, landlords and tenants the Government and other businesses have offered some solutions.
There is also additional support available including help with utilities, mortgage holidays and income support.
Most lenders have agreed to offer payment holidays on mortgages, including Buy-to-Let. At the moment, this is for a period of up to three months for those that have been directly impacted by the Coronavirus outbreak. Homeowners are, however, expected to catch up on any payments and interest will still be accrued during the payment holiday.
If a tenant in your Buy-to-Let property is unable to make their rental payments in full, you should speak to your lender.
Tenants should continue to pay their rent in full and on time and comply with the terms of their tenancy. If, however you feel you are not able to do this, you should speak to your landlord or managing agent as soon as possible.
The Government is encouraging landlords and tenants to be reasonable during this period.
Help with your income
Help with your bills
Communication is key
We are keen to work with any tenants in our managed properties who are worried about paying their rent. If you are experiencing financial difficulties, please do get in touch with your managing agent to discuss the options available.
Our clients can be assured that we will keep them informed should their tenants be worried about being able to make their rent payments. We can discuss how to manage this effectively for you and the options that may be available to help you during this time.
There is guidance for landlords and tenants issued by Ministry of Housing, Communities and Local Government here: www.gov.uk/government/publications/covid-19-and-renting-guidance-for-landlords-tenants-and-local-authorities