Empty Property, empty rental income and still face costs?

by Readers Question

14:42 PM, 24th March 2020
About 2 weeks ago

Empty Property, empty rental income and still face costs?

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Empty Property, empty rental income and still face costs?

I am a professional Landlord with quite a few properties. I have Buy to Let mortgages on all of them.

However, like most landlords there is money over and above the mortgage payments from the rent I receive, to which I live on. The government have to surely rethink their strategy on this.

Maybe if needed they should pay the tenants rent and then get them to repay the government back on a repayment plan when able to do so when this nightmare passes.

I have in the last two weeks had two properties that need to be re-let, they are empty. I will now not be able to show any prospective tenants around due to the new lock down rules. Also the council will want council tax paid in full each month as well on these. This should be immediately waved for rental properties during this crises.

Everyone in the general media seems to only worry about renters and not give a damn or thought about the landlord and the problems that are encountered by landlords who play a key part for housing people in this country.

Ray



Comments

Monty Bodkin

10:25 AM, 25th March 2020
About 2 weeks ago

Reply to the comment left by Simon Williams at 25/03/2020 - 10:12
Travel lodge was housing people who couldn't find social housing. They have just closed;

https://www.theguardian.com/world/2020/mar/25/homeless-travelodge-residents-turned-out-on-to-street-coronavirus

Where are they going to go?

Marcus Cassidy

10:59 AM, 25th March 2020
About 2 weeks ago

Reply to the comment left by The Property Man at 25/03/2020 - 10:24
I am not waiting for that as we dont know just how long that will be. I have arrange key safes at my empty properties and someone to do a facetime personal tour with prospective tenants . Then take holding dep and reference . Once approved agree move in date and get tenants to take pictures of each room for inventory all done on line. payment etc set up on standing order and jobs a good one. Just done that with one property so extending the possibility to the others

Marcus Cassidy

11:05 AM, 25th March 2020
About 2 weeks ago

Reply to the comment left by Simon Williams at 25/03/2020 - 10:12
No its not against the rules. Firstly the house is empty so not breaking anyone elses isolation. The new tenants will not come into contact with anyone else at all. If they travel in their own car to empty house and dont come into contact with anyone else then how is that breaking rules? Seems safe enough as not giving any opportunity for anyone to catch anything even if the tenants are infected.

The Property Man

11:12 AM, 25th March 2020
About 2 weeks ago

Reply to the comment left by Marcus Cassidy at 25/03/2020 - 10:59
Yes I do agree I set up everything online also and already have the keys at a key nest location for collection so I don’t have to come into contact with the tenants or go out to move the tenant in.

I fully understand what your saying, so I may do the same but I am also making sure the tenants are a little flexible on the move in date just incase.

Kabs

18:36 PM, 25th March 2020
About 2 weeks ago

I have six propertys empty all need some work doing. With this situation I'm unable to complete the work and will loose thousands from potential rent.
I'm not sure if I could claim loses from the government.

Mick Roberts

17:01 PM, 29th March 2020
About A week ago

Reply to the comment left by Monty Bodkin at 24/03/2020 - 20:57Great words again Monty,
If it's someone u know or can trust, leave keys under a brick with disinfectant or something, let 'em look, they may be much more desperate & grateful than u that they can finally have somewhere & start to self isolate. I had same this week, started rewire Monday before lockdown, carried on as gal with 3 kids in refuge homeless hostel with 3 other families was desperate, she moved in Friday, she can now self isolate instead of risk of catching & spreading in hostel.
My Letting Agent wasn't viewing, so I acted. Adapt or die.

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