Corona Virus

[Richlist]

CoR...let me know if you no longer require your assets......I'm happy to take them off of your hands for free.

[Carryon Regardless]

RL I'm pretty sure that many of those in possession of my 'assets' would screw up your management structure, in a style of 'de'struct.

[Grampa]

I'm already planning ahead for promotions when the lock down ends.

We have had a very good last 6 months and with the help from the government for staff wages and grant payments I am not too concerned at the moment. We have a strong letting portfolio with a lot of rents paid directly from the council.  So touch wood I think we can weather the storm for the next few months without much change 5-6 months time i may have to have a re think and tighten my belt. 

[Melboy]

I'm just going with the flow right now.  There is nothing I can do about it.  I have managed to get 2 gas /boiler certificates done this week without any hassle. My Son was dressed up like he was going for a space walk though to carry out these tasks. 

You will have noticed that (as far as I am aware) there is no Government relaxation in the rules for a rental property gas certificate.  Has to be a valid one in place.... no exceptions.

[kerbut]

Nor EPC,s ,I had one done yesterday

[Richlist]

Yes, a worrying time for anyone in business, large or small. Forward planning is essential, review your finances, assess the risks, contingency planning etc.

I've had a lot of guys buying stuff this week telling me they are eg. kichen/bathroom fitters, small builders etc who now have absolutely no work.

My concern is rents.....the longer the situation lasts, the more risk that rent payments will stop. I see the lockdown being switched on and off well into the summer. There will be no anti virus fix until at least the end of 2020.

[Melboy]

I do have one "high risk" tenant at the moment where if this situation continues there is no way they could continue to pay rent and council tax and family bills.

He and his wife are thoroughly decent hard working and very nice people so I am not sure how I am going to deal with this if and when the situation does arise.

Worth a thought now so how would anyone else deal with this faced with the potential phone call from them that they are unable to pay this months rent due to the Corona virus lay off?     One is in full time but lowish paid work for a major clothing high street store and the other is a self employed landscape gardener who also does other driving work to fill in during quiet Winter work periods. No children.

[Richlist]

I think the lockdown will be switched off and back on a number of times throughout the year. The purpose of the lockdown is to keep the numbers of those affected at a manageable level for the NHS. They know they can't permanently fix anything until an anti virus, in quantity, becomes available.

That means some people will be able to return to work......almost definitely with extra safety rules. Nevertheless, they will be able to earn an income for periods throughout the year. 

I don't think there is much you can do other than hope that your tenants will receive enough income from a combination of Gov assistance and sporadic work in order to pay some/all of the rent.

[Mortitia]

2 hours ago, Melboy said:

I do have one "high risk" tenant at the moment where if this situation continues there is no way they could continue to pay rent and council tax and family bills.

He and his wife are thoroughly decent hard working and very nice people so I am not sure how I am going to deal with this if and when the situation does arise.

Worth a thought now so how would anyone else deal with this faced with the potential phone call from them that they are unable to pay this months rent due to the Corona virus lay off?     One is in full time but lowish paid work for a major clothing high street store and the other is a self employed landscape gardener who also does other driving work to fill in during quiet Winter work periods. No children.

There is plenty of driving work about in the larger towns but they've got to put themselves out there to apply.  Maybe offer some guidance when the situation arrives?

I've just told my first rent attempted refusenik to get on to Tesco/Sainsbury/Asda etc for work - a big step down from her normal day job and she should be getting furlough payments.  I refused a 'rent holiday' saying it would only have to be paid later.  I have asked to see evidence from employer if furlough will NOT be paid. 

 

[Carryon Regardless]

I have sent a letter to some of my T's, and their g'tors. The same later will go out to the other T's closer to rent due date.

I have said that where a T feels a need to reduce rent payments they should make me aware so we can discuss.

I have pointed out that for many their finances won't change so a reduction isn't reasonable.

I have pointed out that rents are and will still be due and non payment would likely cause an arrears situation that may also incur additional charges. At some point all monies due will be claimed. It states that T's believing this is just cause to enjoy a bonus are wrong. I am however hopeful that I can afford to be sympathetic to those with genuine need, and I am sincere with that.

Should this 80% 'tax rebate' actually occur in June then I feel that can be used to help those T's in genuine need of a rent holiday. But as RL 'some' payment from said T's is also reasonable.

The repossession is now stretched out to 3 months notice, still ambiguous but BJ said protection is in place for 'no fault' evictions. But beyond all that I see no point in spending my money on a court application to even 'attempt' to hoof a T, when I don't see much possibility of achieving a replacement. 

Will potential T's respond to an advert,

will it be considered an essential journey for the viewing/s,

will I find it easy to do any works in preparation for a new T,

I become liable for council tax, water, and electric and the insurance may become void,

will a new T be any better or just take the p from day one anyway.

My thoughts are to consider the cons of each case and work it to best outcome. Hoofing is most definitely the last resort but I anticipate taking one or two to County Court to claim the debt. Will the Court sit or even have a sympathetic interest (if it gets that far), I doubt it.

 

[Melboy]

 This is week 3 for me in total isolated lock down but I have to confess that I did attend an urgent eye appointment at our local hospital for a problem with my right eye which had been booked for some while and the very nice lady who phoned me more or less stated that although it was up to me whether I went for the appointment or not it could be months before a new appointment could me made. So I attended for tests etc.

 Age related macular condition and the forming of cataracts in case you are wondering but it has been caught early and the doctor stated that they will monitor the condition carefully over the next 6 months and take all the necessary actions that will be required so I toodled off back home happy that I did attend.

All my ( long overdue ) home jobs have been coming along nicely and kept me very busy so time for me has passed very quickly but I do feel for those people who are trapped in flats with young children and how they manage with the situation.  No adverse reports from my tenants as yet but I have kept in contact with all of them. 

My Son is now entering a difficult phase as ALL his work has stopped which means no income as clients cancel future work and quite understandably they don't want him in their property during this epidemic.

Being a Ltd. company he is entitled to nothing by way of any state aid from the DWP.  We, as a family, will make sure he doesn't suffer in the long term and we will close ranks to support him as he, like many others in his difficult situation has a Wife, mortgage and 2 young children and business expenses going out daily from his account.

Well, that's an update for me so stay safe and I have noticed in the press that there is a leaning to the fact that the Corona virus was possibly man-made and escaped into the community, remember what I said about this possibility.

I was around in 1968 when the Hong Kong flu hit the World and killed many more people that this Corona virus (so far) and there was nothing like the shutdown you see now and the economic repercussions are going to be absolutely dire if this lock-down continues past August or even July but interestingly enough it was announced  yesterday that ALL builders merchants can now open up. The light at the end of a very long tunnel perhaps?

[Mortitia]

Sorry to hear about your eye trouble Mel. The cataracts are easy to deal with - hubby has had both done whilst on leave - one done in alternate weeks on the NHS - amazing  and all arranged from Sgpore. Not sure about the macular degeneration. - research still going on.

Us self employeds are left to fend for ourselves and live off savings if we have to until some sort of viability is achieved for the economy but I'm sure in time things will turn around but our world may never be the same again whilst one country wants world domination on so many fronts.  Could well be that losing some of their own people was worth it to stuff New York and leave us all reeling.

I'm just looking at a planning application under Permitted Development for a 5G mast near to one of my lets by Vodaphone/O2.  I've no real objection but is this another way in  by a foreign power? Everywhere I've been in the world in the past couple of years has the same complaints about the Chinese stripping out natural resources and forcing trade deals - Vietnam, Cambodia, Burma, Thailand, Laos.  The have a good foothold in parts of Africa, Australia and NZ.

[Carryon Regardless]

Update on the personal side. My HB T's continue to pay as desired, all are now HB direct to me so it's the top ups from them I attempt to manage.

Prestatyn house, I envisaged a middle aged couple being furloughed. He lost 10% of salary and informed me he would reduce rent by 25%+. I said too much, he did it anyway.

I've 2 brothers share a house in Lancashire, I've expected them to genuinely need a reduction. I've always said I would nail their feet to the floorboards rather then see 'em leave, this being after a void of 18 months due to local talent being undesirable. I missed a call from them yesterday, expecting the worst I called back. "Sorry head office screwed up so rent will be late, on the 27th. Can I make it the 27th for the rest of the year." It's only £365pm but you won't believe what a difference that has made to my day, the drinks are on me peoples.

In truth my mortgage payments have dropped some and it is fair compensation. I'm not counting the 80% due next month but that would be a healthy bonus.

My strategy is to get as much in while I can, as I see possibilities of the revenues being hit much more than have been.

[Melboy]

Week 5 of Covid 19 lock down for me.

I have been, well, nowhere.  I don't count the 10 minute exercise walk to my Daughter's house in the same village 3 times a week as a day trip out either.  All our food has been delivered on Tuesday with most of what we ordered substituted by the store.  😀    Can't afford to be too fussy though.  

The one thing that has made this lock down very bearable has been the glorious weather and the prospect of at least another week of it ahead.

Cabin fever has not set in just yet as I have completed a huge amount of back logged jobs on the house and the garden which I had planned to do anyway this year but to have them all finished by October 31st so I have completed them 6 months early but in fairness I did have planned works to be done on the rentals like new fences to be erected and other planned upgrade work which of course is now on hold but I really do need to have the rental properties work completed before November of this year.

All my tenants appear to be happy and coping very well but no doubt this could change in a flash.

[Richlist]

I agree, for me this lockdown has been great and for all the same reasons as you BUT......I don't have any mortgages to pay or a job where I'm receiving no income or any tenants not paying etc.

We also have to visit the supermarket for shopping....it now takes half a day (with the queuing) instead of less than an hour.

We are also struggling to put enough miles on each of our cars to keep batteries topped up.

We have also decided we don't need to renew RHS  membership cos they are closed for the forseeable, don't need to renew our Railcard, don't need to renew our travel insurance or our vehicle breakdown insurance etc etc......so we are saving loads of money this year.

But generally I'm gonna be quite happy in lockdown until the end of year.

[Carryon Regardless]

Consider one of these for the battery,

I bought one for the boat, it never got used on that but has been useful here, and helped the boat batteries recover after going in to deep discharge with the pulse mode.

12V/24V Car Battery Charger Intelligent Automobile Pulse Repair Starter AGM/GEL | eBay

[Melboy]

13 hours ago, Carryon Regardless said:

Consider one of these for the battery,

I bought one for the boat, it never got used on that but has been useful here, and helped the boat batteries recover after going in to deep discharge with the pulse mode.

12V/24V Car Battery Charger Intelligent Automobile Pulse Repair Starter AGM/GEL | eBay

I could have done with one of those 3 weeks ago.  I had to attend a booked hospital appointment for an urgent eye check.

The hospital for me is about 5 miles away up the M4 so Wifey and myself jumped into the car and off we went. My eye appointment lasted well over 2 hours and when I got back to the car the battery was flat. Surprising really as I would have thought a 5 mile run would put a bit of charge into it. I wasn't allowed to drive due to eye drops etc giving me distorted vision. Never gave it a thought when we set off to the hospital about battery power levels. Anyway I called out the recovery service for a jump start and 45 minutes later we were on our way home.

I now recharge my battery every 5 days!  Lesson learnt.    In the last 6 weeks I have driven around 12 miles. Saving a lot of money on having no petrol bills as well.