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Richlist

Rent Payments during Lockdown

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Have any of the regulars on here experienced tenants withholding rent payments during the lockdown ?

Fortunately I'm still receiving 100% payments although I've had two complain that they are unable to use the benefit I offer as part of their package. Longer term tenants get free use of my holiday home (in Spain). Obviously they can't get out there at the moment and booking something for later in the year when the situation is totally unknown is not a good idea either. It wouldn't surprise me if they try to ask for a rent reduction due to loss of benefit.

 

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I suppose I could offer my T's use of my holiday home, but that's when they've found their own campsite and they would have to put it up themselves (I don't mean that in a painful way).

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😄 COR..........No problems encountered so far but I do have one where I am completely mystified how he is managing to pay his rent AND manage all the other household bills as he has not had a job since last Christmas when he was laid off due to redundancy but I have not approached the subject. His Wife works so that must be where the bulk of bill paying etc comes from with his irregular income from the one or two days he does work.

Oh Well doesn't pay to think too deeply about it. Their rent was duly paid yesterday and that is all that matters to me.

I would like to offer 1 or 2 of my long term tenants something nice like Richlist does but I do not have a Spanish villa. I do give out wine and beer and chocolates at Christmas to two of them. Must be going soft in my old age.  😀

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No problems here either , but what earlier on in the year looked very buoyant with our AirB&B / Booking.com holiday lets are now zilch.

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The Government is discussing today whether to extend the "No Eviction" period for Tenants for non payment of rent for another 3 months.

I guess for the unscrupulous tenants it's another chance to bankrupt landlords with this Covid regulation bearing in mind there is now a back log of 40,000 eviction cases waiting to go through the Courts.

It's a pity the Government doesn't allow for helping the private landlord to avoid being forced out of business if they are unable to meet their financial commitments to the banks and mortgage companies.

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Seeing where the sympathy lies for me it's easy to see where the consideration will go.

But, there are mortgage holidays for LL's, but I think they can come with additional charges and even affect credit history. Happy to be put right on that as I haven't researched for my own mortgages.

There are some loan possibilities but again I have little 1st hand knowledge.The 'Bounce Back' i think is payment free for 12 months then interest at 2.5%, that loan can be 25% of turnover, I think.

A  LL friend told me he obtained £50K from Santander on one of the Covid schemes. Which I don't know, and I'm not sure he was completely factual in his application. I did read this week that HMRC are aware that they paid out too much in many cases for the self employment assistance, that doesn't apply to LL's anyway, and they don't intend to try and get it back. So maybe stretched truth loans will be free from threat of fraud.

I can't see any Gov't wanting to take on ,000's of homeless people, far better for them that LL's go under. That at least would buy time before the mortgage companies want their properties back for auction. Who knows, would that give Local Authorities opportunity to offer humanitarian assistance to the needy T's and take the properties cheap?

 

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Landlords don't need to go bust.

Rent guarantee insurance or a home owning guarantor are the best tools available in the current crisis. If the tenant cant or won't pay have an alternative means of clawing back what is yours.

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