Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
We have three very nice tenants (three individuals) in one of our rental properties who have stayed in the property for years.
We are currently selling this property and have found a buyer. The deal is fairly close to the position of exchanging the contracts and we have offered the tenants to move into another vacant rental property we own.
Previously all three were okay to move (though they prefer to stay in the current property) then Covid-19 happened and now one tenant has sent a text saying he is self isolating as he has Asthma and not working (though his employer is still paying him). He hasn’t refused to move as yet but think he may refuse to move until Covid-19 is over. Secondly the new property is too far from his place of work. This will scupper the deal on a property we have had trouble selling
Added problem is none of the tenants have AST agreements in place plus don’t think we can evict these tenants as will take too long to go down this route anyway.
Wondered if anyone had any suggestions. Maybe to give a couple months free rent in the new property?
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