Tenants own business supplying lighting to large scale events?

by Readers Question

10:22 AM, 16th March 2020
About 7 months ago

Tenants own business supplying lighting to large scale events?

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Tenants own business supplying lighting to large scale events?

If Covid19 gets a bad as it has in Italy I’m sure many people will find themselves temporarily out of work or for the self employed, with no income. One of my tenants owns a business supplying lighting to large scale events. As landlords how should we deal with this?

I contacted my tenants yesterday and said if they thought they might have financial difficulties to contact me asap.

Does anyone have a strategy for dealing with this?

I have to say all my tenants are excellent people and worth supporting through difficult times.

Many thanks

Gillian


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Comments

JB

11:31 AM, 16th March 2020
About 7 months ago

I'm looking forward to my tracker mortgage rates going down - so that will help if you're lucky enough to have them. Can anyone explain why new fixed rate mortgages have gone UP?

Rob Crawford

16:47 PM, 16th March 2020
About 7 months ago

I have advised mine to contact the Council's welfare financial support team and also Citizens Advice. I have told them not to accept any response by either that says nothing more then " talk to your landlord". If the tenant goes into rent arrears and you have rent protection insurance, make sure you comply with the insurers terms & conditions. This normally means chasing the rent within x number of days and serving a section 8. The insurer will then take whatever action is necessary. If you don't do this to the letter, the insurer may not pay out.

michael@mjproperty.co.uk

17:25 PM, 16th March 2020
About 7 months ago

We are going to deal with each individual tenant on a case by case basis. If they have no history of late payments or arrears then our approach would be to offer them a rent reduction of their choice with the balance to be repaid over the next 6 / 12 months.
We are also offering a tenancy surrender under certain circumstances but we are fortunate enough to have had the discussion with our main bank who have offered to extend our overdraft by 3 months rent income. Obviously this will be a last resort for us.
We will have to wait and see how this develops but we will have to try and work together with our tenants.
Our thoughts extend to all of you in these very difficult times, hope your families are well. Try and distance yourselves as much as possible!


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