Hi Mark,
Where did you hear this? It also applies to buy-to-let. I noticed a LandlordZone email that made the residential-only claim, but this is false.
Sam
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Hi Sam,
I read it in a post somewhere, if its false then I stand corrected, and a lot happier.
Thank you for letting me knowā¦
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Very useful comments on negotiating reduced payments. I have to admit my tenants failed the credit reference but looking through paperwork, I understood why. They seemed very sensible, and had good savings, so it was a bit surprised that they simply said they wanted to pay half rent for six months with no repayment plan. Iāve reverted with half rent for three months with the balance deferred to be repaid over the following 12 months. They were panicking, and of course, I tried to be as helpful as possible as soon as possible. But with so much savings when they moved in last month, Iām left wondering why exactly they find themselves in so much difficulty so quickly!
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maybe someone lent them the money to look good on the bank statement and they paid it back
Hi. I am also keen to get the process and wording in place to accept reduced rent payment so please can you let us know once this is ready so I can be ready to execute with my tenant.
Is there any work being done on producing a template for reduced rent that protects the landlord ?
Hi all,
Thanks for letting me know that guidance for a reduced rent agreement is a priority for you.
I am working with a solicitors at leading housing law firm, Anthony Gold, to put together the most helpful guidance possible, and should have something to share with you early this week.
Sam
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That would be great, thanks, Sam
I too would appreciate the guidance ASAP as my tenant has reached out due to having no income during the newly announced lock down. Hopefully we can figure something out which protects the long term while dealing with the chaos in the short term.
See, I am still not getting this new Pause feature.
Why not just use a method already in place, namely the āAdd a rent payment buttonā. The way I understand that nifty feature is that if I, for example, input Ā£200 then you will chase them for their usual rent minus 200 quid
Is there something I am still missing ? I can already easily reduce rent for as long and by as much as I like while still benefiting from rent collection procedures. No ?
Steve as I understand the Pause feature introduced only effects the automatic emails generated from OpenRent which would normally actively remind the tenants of overdue rent. By hitting pause you donāt change the features of Rent Collection in OpenRent - you only pause the emails to the tenants.
Hi Sam you mentioned guidance would be published with template agreements for landlords to use with tenants unable to pay rent at this time. Do you have an ETA on this?
My tenant is self employed and without income until the situation improvesā¦
I would appreciate advice and template agreements to look at ASAP please.
Best regards, Scott
Hi All, Robin from Anthony Gold has helped us turn this around really quickly.
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Hi Sam! Thank you very much for this guide as I found it very useful, providing assurance that my plan as a landlord is heading in the right direction. In an earlier post you said:
āI have sought expert guidance on this ans will hopefully have a guide for landlords soon. For the moment, we think phrasing it as a rent payment plan is the least risky way to do it. I.e. instead of saying āthe rent for the next three rental periods is halvedā, it is phrased more like āthe rent for the next three rental periods is the same always, but multiple payments can be made, incuding payments made at some point tbc after the usual due dateā.ā
Would it be possible for OpenRent to add to the guide or provide a template of sorts to give landlords such as myself a template agreement which could be made to cover a fixed duration to be paid back at a later time? I am trying to draft one myself but experienced guidance would be appreciated!
I was refer to where the guide recommends recording the agreement but gives no template or example agreements which might be used. I am seeking guidance on the wording which might be used?
"It is a good idea to record the agreement in writing, but there is no need for a contract signed by both parties, and right now that should definitely be avoided because it would involve making unnecessary trips out of the house.
An exchange of emails or text messages between landlord and tenant will provide sufficient evidence as long as copies are made."
Scott
Hi I completely agree that we need to be decent and flexible with our tenants during this difficult time.
However my tenant has been in arrears with payments since November 2019. I have been flexible and negotiated a number of payment plans to try and support them but they kept ignoring dates agreed and then blocked my contact on their phone when they couldnāt afford to pay and I was trying to get in touch to find out what was going on.
I had just reached the point with this where I was going to be able to serve four weeks notice for any deferred payments and then corona happened.
I donāt do this as a business - I rent one property to cover costs because I have relocated to another area and rely on these monies.
My concern now is that a person who is already struggling to pay rent and catch up when in arrears is going to really struggle to meet a payment plan once this is all over.
I want to support and do the decent thing as my tenant has already got in touch and is in a desperate situation with the recent outbreak but would really appreciate any thoughts or advice on how to approach the above.
Appreciate this is all new for everyone and not a lot of guidance around at the moment.
Thanks
Jen
Jen, are you a member of any of the landlord groups ? I would be looking to take legal action since you can prove their issues with rent payment precede the outbreak of corona.
That is great, Sam. Thank you.
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Thanks for this swift blog post covering this.
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Hi. Think it depends if your tenants are employed or self employed? Help for self employed to be announced today UC and LHA paid immediately with no wait times. Government will pay 80% of wages of employed so tenants should still be able to pay at least 80% of their rent. As far as I understand thereās also a Ā£1000 loan payable immediately which could make up short fall. Also I believe people can also ask for a repayment holiday on store/credit cards and utility bills and worth asking about council tax.
Yes this would be very useful