No Rent For Buy To Let Landlords

by BakerStreetPropertyMeet

18:54 PM, 18th March 2020
About 6 months ago

No Rent For Buy To Let Landlords

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No Rent For Buy To Let Landlords

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.


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Comments

Chris Sheldon

16:15 PM, 30th March 2020
About 6 months ago

Reply to the comment left by Annie Landlord at 30/03/2020 - 16:10
Hi Annie,

I will ensure someone updates you today. Could you possibly pop a quick email to our info@ inbox with your name so i can get the right person to contact you.

Beaver

16:35 PM, 30th March 2020
About 6 months ago

Reply to the comment left by Phil Barker at 30/03/2020 - 16:10
So he's self-employed then, is that right?

Annie Landlord

16:43 PM, 30th March 2020
About 6 months ago

Reply to the comment left by Chris Sheldon at 30/03/2020 - 16:15
Many thanks Chris. I have forwarded my last email to info@

Phil Barker

16:43 PM, 30th March 2020
About 6 months ago

I understand that he was employed by the restaurant ,and it is a family run by his uncle

Beaver

16:47 PM, 30th March 2020
About 6 months ago

Reply to the comment left by Phil Barker at 30/03/2020 - 16:43
So if you look on the gov.uk website you'll find that people who are or were self-employed will be entitled to an income payment based on the average of the last three years SA302s but they won't be able to get that until June. So the last 6months abroad don't necessarily matter if he was working for the previous 2.5 years.

So you need to tell your agent that the rent is still due and ask the agent to find out what his employment status has been for the last three years. Was he self-employed over this time?

Ken Smith

11:22 AM, 2nd April 2020
About 6 months ago

As an ex-landlord, but looking after my brother's BTL whilst he's abroad, I can't help but pick up on the sheer panic that permeates these pages now.

Now is not the time to behave like headless chickens. It's the time for a calculated thought-out approach. Most people will be in a position to pay. The decent ones will know this and will muddle through at worst.

It seems that bad tenants without guarantors cause the most problems. No surprises there.

The message for the future (if there will be one for everyone still in this game) is to plan well regarding tenant recruitment and always have a home owning guarantor in place. Also, why not take control of YOUR business?

Letting agents will, 90% of the time, dissuade you from insisting they get you a tenant with a guarnator.

Ask yourself why they would do this? The answer is simply that its harder for them to get a tenant if you have this requirement in place. they are only interested in signing anyone up.

However, they still want their fee is a rent payment is missed. Funny eh?

In my experience, most poor landlords (babes-in-the-woods types) only weaken themselves more by trusting letting agents to run their businesses for them. This is a serious business and should not be trusted to letting agents - with Dopey Darren and Gormless Gemma 'working' for you. If you are depending on these people to do your bidding just now - then I pity you. Why do you think agents never like landlords and tenants to communicate directly? It's the 'divide and rule' mantra!

Letting agents are a disperate, unprofessional bunch of money-grabbing chancers in general. Yes, the odd good ones - they are the exception that prove the rule.

Ignore that fact at your peril.

JonC

16:59 PM, 2nd April 2020
About 6 months ago

Hi, I have a few student-let HMO's & the tenants in their final year of uni have all decided to go home as the campus has closed & all lectures are now on-line. All of them receive student loans & their rent is due as & when this comes through - next payment is April.
Many have contacted me, incl parents, asking for their contracts to be cancelled due to implications of covid-19.
1) It was their choice to leave the property - they are still able to live there
2) Their means of paying the rent has not been taken away due to covid-19 (or anything else)
Cancelling contracts or even cutting them short will leave me in real dire straits.
Is anyone else dealing with this?
Thanks,

Whiteskifreak Surrey

18:16 PM, 2nd April 2020
About 6 months ago

Reply to the comment left by JonC at 02/04/2020 - 16:59
Exactly the same situation. Our University apparently contacts LLs to terminate tenancy early. We have not received anything from the Uni, just an email from one of the tenant. The rent was due yesterday. We really do not know what to do.

JonC

18:26 PM, 2nd April 2020
About 6 months ago

Reply to the comment left by Whiteskifreak Surrey at 02/04/2020 - 18:16
Thanks for the reply. The uni has cancelled all on-campus accommodation contracts from 1/4. We have had a very one-sided letter from the SU asking us as private landlords to consider doing the same. It's because of the uni's decision that our tenants are jumping on us to do the same - nothing to do with their own finances! They are financially unaffected but are quite prepared for me to be. One parent has just informed me they have cancelled the dd for the rent payment & won't discuss with me until they have spoken to the university.
Hoping this all works out in the end as I don't think they have a leg to stand on legally but just a nightmare at the moment!

Freda Blogs

18:39 PM, 2nd April 2020
About 6 months ago

Reply to the comment left by JonC at 02/04/2020 - 18:26Have you seen the govt guidance? It sets out very clearly about contractual liabilities -
https://www.gov.uk/government/publications/covid-19-and-renting-guidance-for-landlords-tenants-and-local-authorities
We are using this as our basis for considering rent concessions. Some tenants will warrant greater consideration than others who can still afford the rent (perhaps with guarantors' help).
Also, feedback from others on other threads on this site have said that lenders are not behaving equally as to the mortgage deferment and some are asking for evidence, which we in turn will be seeking from tenants (students and young professionals) to help us make the judgement as to who we can/cannot help, because we still have a lot of liabilities that we have to meet.

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