Posted on September 2, 2020
With people losing jobs due to the Coronavirus, many aren’t able to make the rent. That’s bad news for small landlords. Unlike large real estate companies that own multiple properties, small landlords don’t have the cash or access to credit to cover their expenses when they aren’t paid their rent.
More than 230,000 tenants have fallen behind on their rental payments since the Coronavirus pandemic began. With the Government ban on evictions until 31st October, landlords across the country are taking a hit too.
Even though we are in a pandemic, it’s important to look after landlords and ensure they get the right support.
Workout Repayment Plans
As your estate agents in Newcastle, we understand that landlords are as much in trouble as their tenants are. That’s why it’s important that tenants continue paying their rent where they can.
In cases where tenants aren’t able to make rent, we encourage them to talk to us to workout an affordable repayment plan.
Those with no or low incomes have access to benefits system to help cover their rent. Universal Credit, for instance, includes an allowance for housing costs.
Apply for Mortgage Payment Holiday
The Government is offering a mortgage payment holiday for those landlords whose tenants are having financial hardships owing to the Coronavirus.
A holiday allows you to delay your payments for a short period. You can apply for a three-month holiday until 31st October.
If your tenant hasn’t paid their rent for past several months and you are unable to reach a fair resolution, you might be thinking of serving an eviction notice. However, with the Government ban in effect, we advise against doing so.
This is a difficult time for all of us and we are all in this together. Keep the communications line open with your tenant and your property manager until you can agree to a suitable resolution.
Talk to Your Property Management Agency in Newcastle
At Wright Residential, we are here to ensure our landlords have the right support during these difficult times. Our letting agents in Newcastle can assist you in every way they can to help you sail through any hardships you might be facing.
Talk to your property manager to discuss your worries and issues. We will be able to talk things with you to come out with a fair resolution whether it is to do with tenants not paying the rent, assistance with your mortgage payment holiday application or any thing else that’s worrying you.
Contact us today or call 0191 240 1818!