In this two-minute read, we look at some sensible and practical advice for landlords wondering what to do during the Coronavirus outbreak.
For landlords and tenants this a particularly anxious time.
The Guild of Letting and Management published eight points to consider around the paying and collection of rent.
Although every situation is different, this seems general advice at the moment.
The steps are:
- Ensure the tenant is aware that rent is still due.
- If the tenant is having trouble, guide them to the Department of Work & Pensions website where they can obtain the guidance they require regarding pay, statutory sick pay (SSP) and other relevant up to date information.
- Ask tenants to put their concerns to you in writing. It is vital you can discuss the matter with all the relevant facts to hand.
- Speak to your lender and find out what they are putting in place. Some landlords have already offered tenants a discount on rent or a "rent holiday". But remember, that as with the mortgage lenders, this deferred rent will have to be paid back in the future.
- Speak to the guarantor, where there is one. They should not be left out of any discussions regarding rent payments.
- Check whether your insurer can offer rent and legal protection.
- Keep records up to date. Every conversation over the phone, email, must be logged and documented.
- Any pre-existing arrears (pre-18th March 2020) cannot be factored into this Coronavirus situation. Remember everyone is in the same boat. No one has experienced this before, this is not the same as the 2008 recession and is a public health matter, so it is difficult for all involved on so many levels.
At Cook Residential we recognise this is a fast-moving situation, and you may have more questions, although we are a sales' only agency for the latest updates and advice from the Government visit: https://www.gov.uk/coronavirus
And remember: Stay Home – Protect the NHS – Save Lives.