Coronavirus: Update for Residential Landlords
The government has now released its Bill to battle the coronavirus pandemic which has a number of points aimed at landlords, Homeowners and those who are renting privately.
In case you missed here are some of the key points...
extending notice periods for repossession for the duration of the emergency. This is a substantial change from the original proposal to suspend all repossessions.
widening the pre-action protocol for social landlords to include private rented sector landlords
Ensuring that buy-to-let lenders will offer a mortgage holiday of up to three months for private landlords whose tenants have been impacted by the coronavirus. This is on the understanding that landlords will be expected to offer a similar rent holiday to their tenants.
Now is more important than ever to open communication with your lenders, tenants or landlords. Make them aware of your current situation and how you are going to combat it. If you are homeowners requesting a mortgage holiday, this could have some negative implications so consult with your brokers, lenders and proceed only unless it's absolutely necessary.
Although there seems to be no specific new legislation stopping current possession orders. It seems the majority of the recovery companies have decided against carrying out evictions due to health and safety and the prevention of their staff contracting the coronavirus. We believe this is the case across the country although there may be an option for some Landlords who find themselves in this position to instruct a private bailiff to carry out the works.