Should I find a new tenant now?

by Readers Question

11:56 AM, 5th May 2020
About 12 months ago

Should I find a new tenant now?

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Should I find a new tenant now?

My tenants have now moved on. I have had the flat refurbished and I am wondering whether to try and find a new tenant now, or leave it until the Covid-19 Lockdown measures are eased.

What should I do?

I can manage the flat mortgage and expenses from savings so is it best to wait or get a tenant in now?

Many thanks

Philippe

Comments

Gary Nock

10:40 AM, 10th May 2020
About 11 months ago

Reply to the comment left by Marlena Topple at 10/05/2020 - 10:31
As long as you "tick the boxes" and justify it you can. See my post above. We are starting to advertise now and will be putting this in our ads:

"All viewings, prospective tenancies and subsequent successful tenancy applications will be carried out and progressed to completion in accordance and compliance with Section 6 (2) (I) of The Health Protection (Coronavirus, Restrictions) (England) Regulations 2020 and associated MHCLG guidance. This will include remote/ virtual viewings, social distancing, and e-signing of relevant documentation and its distribution. Please ask for full details"

Whiteskifreak Surrey

10:47 AM, 10th May 2020
About 11 months ago

What is the situation with student properties. Generally contracts for the next academic year will have already be signed.
It does not look the Unis will start in September. What should landlords be doing? Break the contract with mutual agreement, return deposits and start looking now for new, no students tenants?

Clint

11:38 AM, 10th May 2020
About 11 months ago

Make sure your new tenant has a guarantor who is a home owner.

juliet bonnet

17:13 PM, 10th May 2020
About 11 months ago

Reply to the comment left by Whiteskifreak Surrey at 10/05/2020 - 10:47
Hi Whiteskifreak,
What have you seen that leads you to believe that universities will not be open again in September?

Whiteskifreak Surrey

17:37 PM, 10th May 2020
About 11 months ago

Reply to the comment left by juliet bonnet at 10/05/2020 - 17:13
Nothing concrete, but they are all expanding their online teaching preparation. Students are gathering to fight for lower fees if teaching will be online. One of our friends is an Uni professor and he is not expected the students to start in September. By then we can have another wave of infections, too.

juliet bonnet

19:17 PM, 10th May 2020
About 11 months ago

Ye gods! And predictions are for a slump worse than the 1930's. Hard not to think that will turn out to be accurate!

Marlena Topple

21:15 PM, 10th May 2020
About 11 months ago

Reply to the comment left by Gary Nock at 10/05/2020 - 10:40
Thanks Gary for your helpful post/s. I will add that paragraph to my advertisements.

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