In this two-minute read, we look at some sensible and practical advice for landlords wondering what to do during the Coronavirus outbreak.
The only thing that seems certain during this period of history is the uncertainty we're all experiencing.
And for landlords and tenants this is a particularly anxious time.
A respected industry body recently issued some helpful advice which addresses several questions landlords have been asking.
The Guild of Letting and Management published eight points to consider around the paying and collection of rent.
We understand that every situation is different, but this seems sound general advice at the moment.
The steps are:
1. Ensure the tenant is aware that rent is still due.
2. 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.
3. 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.
4. 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.
5. Speak to the guarantor, where there is one. They should not be left out of any discussions regarding rent payments.
6. Check whether your insurer can offer rent and legal protection. If in doubt speak with us at The Property Cloud first.
7. Keep records up to date. Every conversation over the phone, email, must be logged and documented.
8. 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 The Property Cloud we recognise this is a fast-moving situation, and we appreciate due to the uncertainty you may have more questions.
A good rule of thumb is to contact us if you are unsure about what to do next.
Call us on 020 8935 5256 or email us firstname.lastname@example.org
We're still open for business and here to help our landlords, tenants and community.
For the latest updates and advice from the Government visit: https://www.gov.uk/coronavirus
And remember: Stay Home – Protect the NHS – Save Lives.