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 Mark Alexander

16:29 PM, 21st March 2020, About 2 years ago

Reply to the comment left by Jessie Jones at 21/03/2020 - 15:57
Another alternative is to offer them a financial incentive to move out. This could save the sale and far less expensive and stressful in the long run.

by Stephen

21:33 PM, 21st March 2020, About 2 years ago

Hi Anyone
JAN 2020 Tax returns + SECTION 24

So what if tenants don’t pay rent .
When it comes to JAN tax return + SECTION 24 .

So this means ,not everyone has the money to pay the TAXMAN

Any comments?

by Matarredonda

21:54 PM, 21st March 2020, About 2 years ago

Reply to the comment left by Stephen at 21/03/2020 - 21:33
What will be more pressing if we are 3 months behind with rents is the tax due on the 31st of July S doubt the taxman will give a three month payment holiday.

by Mark Alexander

22:05 PM, 21st March 2020, About 2 years ago

Reply to the comment left by Matarredonda at 21/03/2020 - 21:54
It has already been announced that the second payment of tax on account for this year can be deferred until the end of Jan 2021

by Matarredonda

22:23 PM, 21st March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 21/03/2020 - 22:05
Aah had missed that so thank you.

by Stephen

0:11 AM, 22nd March 2020, About 2 years ago

Reply to the comment left by Matarredonda at 21/03/2020 - 22:23
Hi Mark /All
Eg July 2020 second payment can be deferred until the end of Jan 2021
But then what about payment 31st JAN 2021
I assume the government have not thought that far ahead yet . Anyone ?

Thank you very much for this

by Bemused

7:57 AM, 22nd March 2020, About 2 years ago

Reply to the comment left by Stephen at 22/03/2020 - 00:11It’s already part of the system to allow payments on account to be revised to reflect lower profit levels and the government have agreed to be lenient about the length of time it takes to pay taxes. It doesn’t mean that there won’t still be cash-flow problèms. For me it depends how severe the loss of rent is. If I lost a whole year’s tenants because the universities weren’t reopening in September, that would be devastating. My staff would have to go on the new 80% scheme and all my subcontractors would lose their work. I wouldn’t be able to pay my HMO licences. (But then would I need them and if they lapsed would I be able to get them back?!!). Too early to sweat about that possibility. Most of my students have gone home except one house who are sweating it out together. I have one girl who can’t get to her parents as they are in a lockdown country. She’s my main concern right now.

by Eileen Bradley

14:25 PM, 22nd March 2020, About 2 years ago

Reply to the comment left by Jessie Jones at 21/03/2020 - 15:57
Thank you for taking the time to reply - much appreciated.

by Mick Roberts

6:55 AM, 23rd March 2020, About 2 years ago

Reply to the comment left by Luke P at 19/03/2020 - 09:41
Great point Luke,

Let the Govt sort it through UC & collect it back through instalments. They have more power than us & can get the money back automatically.

by Beaver

11:20 AM, 23rd March 2020, About 2 years ago

Reply to the comment left by Rob Crawford at 19/03/2020 - 09:21
That really is the problem: Tenants abusing the system.

Doctors aren't seeing patients at the moment. Blood immunoglobulin tests aren't available. Even when they become available the fact that you have antibody titres in your blood to Covid19 don't in themselves indicate that you have been unwell. Many people who have Covid19 don't have symptoms; even if they have them the symptoms are often not severe.

If even if the tenants doctor was prepared to see them you wouldn't be able to rely on a doctor's note.

A lot of people won't be able to pay their rent: But it won't be to do with Covid19. It will be because of a response to Covid19 that destroyed their jobs or their businesses.


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