No Rent For Buy To Let Landlords

No Rent For Buy To Let Landlords

18:54 PM, 18th March 2020, About 2 years ago 124

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Its a distressing time for Buy To Let (BTL) Landlords with tenants affected by Coronavirus (COVID-19). Now if tenants don’t pay their rent, landlords won’t be able to evict them for non rent payment using a Section 21 notice.

This poses a problem if tenants start to demand rent payment holidays of their landlords. In this video below Ranjan addresses the problem faced by residential buy to let landlords and the array of other costs and overheads they now face.



Comments

by Luke P

9:45 AM, 19th March 2020, About 2 years ago

Reply to the comment left by Monty Bodkin at 19/03/2020 - 09:42
Let's wait for the emergency legislation (they ain't gonna screw the banks)...

by Eugene Tooms

9:58 AM, 19th March 2020, About 2 years ago

Reply to the comment left by Luke P at 19/03/2020 - 09:41
well old boy it't time for us to all do our bit.

by Monty Bodkin

10:06 AM, 19th March 2020, About 2 years ago

Reply to the comment left by at 19/03/2020 - 09:18
As A landlord i'm getting out ahead of this and offering 30-50% reductions in rent to tenants

Course you are old boy.

by JB

17:14 PM, 19th March 2020, About 2 years ago

I've just had my 1st request for a rent holiday.

It seem Landlords are to be used as banks, giving unsecured loans at zero interest rate. Its a different story when we want to borrow money.

by Mark Alexander

17:17 PM, 19th March 2020, About 2 years ago

Reply to the comment left by JB at 19/03/2020 - 17:14
What reasons were given?

by JB

17:33 PM, 19th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 19/03/2020 - 17:17
They think their employer may close the company. They are excellent tenants and been with me for years. They are obviously worried and want to know what their options are.

by Mark Alexander

17:41 PM, 19th March 2020, About 2 years ago

Reply to the comment left by JB at 19/03/2020 - 17:33
Have you mentioned the PayPal option via LettingSupermarket.com ? It’s not too late to get them to deal with rent collection.

Do you have Rent Guarantee Insurance?

Have you explained to them that a rent holiday isn’t the same as free rent and that and late or missed rent payments will still be due?

Do they have any other savings or credit available?

Good luck!

by JB

17:45 PM, 19th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 19/03/2020 - 17:17
I did Fire Alarm testing earlier this week and found tenants at home who are usually at work. Living in a seaside resort many work in hospitality so I am expecting more to have problems.

by JB

17:50 PM, 19th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 19/03/2020 - 17:41
No I don't have rent guarantee insurance.
My tenants are pretty conscientious but if things get too bad I can imagine some will pack up and go back to eastern Europe leaving me with the debt.
I will survive - I have a number of tracker mortgages and low LTV but worry for other landlords who are highly geared on SVR's.

by JB

17:54 PM, 19th March 2020, About 2 years ago

Incidentally, I was speaking to my tenant find agent today and she is having a mare with holiday lets. She is now converting many back to residential AST's after some were only just converted to holiday lets!


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