yes I have a few small industrial and residential units the residential tenants have been great and I feel more inclined to help them out as much as I possibly can
the small industial units will have had a Ā£10k grant each (not repayable) to help them out . To pay rents and get them thru the crisis . I know as I reeived one on my small unit They can pay you out of that
Hi Collin
Not all landlords have other jobs. A few of people I know and myself donot have another job as we try to manage everyone by ourself as self employed because we created this as our full time job as self employed. I have been volunteering to adult education as I had enough for living and satisfaction giving time to community.
But now as a landlord it makes me think that you need another job or income to survive as there are no help for self employed full time landlords. So you are right that landlords may need another job to survive but for some people itās not easy as this rental is their full time job.
From experiences sometimes tenants do try their every bit in order not pay or ask to reduce even when they were getting furloughed money.
I have noticed that all trades prices going up like electrician, builders, service charges in London etc so there is no logic of tenants asking to reduce the rent so much or expect not to pay.
Hopefully one day we all get though all crisis somehow.
I have been fortunate as i have always worked as a Joiner/ builder and slowly bought property s as i got the cash. Being a LL is not all sweetness and light. At least I dont have to pay out for most building work I can do it myself
Well said Martin. Itās funny how the phrase has gone from ārental holidayā to ārent suspensionā these tenants are obviously expecting to live in the property fir free and expect the Landlord to write the outstanding Off.
I take a hard Line with people who think Iām a charity. We donāt get any support from Courts or Councils and itās about time they both realised that the tenant isnāt always a victim
Because itās peoplesā homes it is considered a special case and the last thing the Government want is a bunch of homeless people on their doorstep with their hands held out. Banks and other lenders have been asked to show forbearance, but they have deep pockets. Most landlords have one or two properties and Iām not aware of any other SME that have been required, by law, to give credit. In fact, quite the opposite! I am sure youād be aware many small businesses have received grants of up to Ā£25k, which has been wholly abused. In my local area alone, I am aware of a number of outrageous wastes of this taxpayer money. One example was a local tradesman with a small lock-up. By dint of him paying rates he got an automatic Ā£10k, despite him being a sole trader who worked throughout the lockdown. I also hear that many businesses on the brink before the pandemic have taken the Bouncback loan with the intention of going bust and not having to pay it back. Grants, loans, furlough payments etc should have been means tested, this would have given the Government the resources to target tenants who canāt pay their rent. Notwithstanding, of course, the myriad who are just trying it on. End of the day, it was an easy choice to chuck landlords under the bus. The only fall-out the Government was ever going to have to contend with was the limp-wristed response from a small handful of ineffective landlord industry bodies.
I couldnāt have put it better myself.
you are so right about the grant. I moved my insulation supply business into a 2500 ft sq unit which I bought, so no rent. I am rates exempt anyway. I got a Ā£10k grant off the goverment which I was not expecting and did not really need as I have enough capitalā¦ Income tax is payable on it ,as it counts towards profits, As many building sites went on working I did okā¦ It would not have bothered me if I had no grant, but as someone said to me " you will end up paying it back in extra taxes"
Only 40% max. But you canāt blame people for taking free money, who wouldnāt? But I do believe, in the wash-up, there will be some sort of inquiry and the free money to those who did not need it will be front and centre of any criticism.