Coronavirus is having a hugh impact on all of us and the impact its having on your tenant may impact on you as their Landlord. So what does that mean for Landlords and what help is there?
Landlords may be called upon to re-schedule rent payments if tenants fall into hardship and can’t pay, and therefore all landlords should plan accordingly, sooner rather than later, to speak to their mortgage providers and if necessary their banks.
Landlords have been banned from evicting tenants from their properties – both in the private and social markets. Housing Minister Robert Jenrick MP said: "The Government is clear – no renter who has lost income due to coronavirus will be forced out of their home."
But this does not mean that tenants should just stop paying their rent. We have contacted all tenants and informed them that they must speak to us immediately if they feel they are going to have any issues.
Landlords cant start the process for evictions within the next three months, the courts are simply not accepting possession proceedings.
Landlords are expected to work with tenants and help them. We will be offering help with repayment plans and asking tenants for as much evidence as possible of all their income and expenditure.
Landlords can also go to their lenders and ask to defer their mortgage payments for up to three months. The move announced by Housing Secretary Robert Jenrick came after Boris Johnson and Chancellor Rishi Sunak had faced mounting pressure to help renters after announcing a three-month mortgage holiday for homeowners. To make sure landlords do not suffer Mr Jenrick also revealed that buy-to-let mortgages would also be covered by the 12-week payment hiatus.
We urge that Landlords do speak to their lenders to gain clear guidelines on repayments and also to find out what will happen with their interest within this mortgage holiday.
Mr Jenrick MP sums it all up and said: 'The Government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.’
