Dealing with the coronavirus pandemic has created many challenges across society. Every sector is responding to an evolving situation, and professionals from all fields need guidance. This is particularly true in the lettings sector, with landlords having a considerable array of concerns.
Communication is vital at all times, but right now, it is imperative landlords stay in touch with their tenants. All landlords should be in regular contact with their tenants, and they should pay particular attention to any tenant who falls into the higher-risk category that requires extensive social distancing.
These groups should fully isolate, so it would be best to not arrange any inspections or non-essential work at these properties. If you have tenants in this position, and you are in a place to help, contact them to ensure they are able to arrange for food and medicine to be delivered.
While landlords should keep an eye out for their tenants, you must take care of yourself too. If you need to self-isolate, you must do so, and ensure you don’t expose yourself or others to any risk. Even if you don’t have to self-isolate now, it is helpful to plan, which can ease the process if you must do so at a later date.
Therefore, landlords should consider alternative arrangements in the management of their rental property. If this arises, you should ensure tenants are informed about any change which will affect them. At this time, landlords should contact tenants by email, text or telephone call if required.
Hopefully, you will not need to rely on them, but creating contingency plans will help minimise problems as and when they arise.
This is a worrying time for landlords for many reasons, but knowing many tenants are struggling financially is a significant concern. While landlords will be sympathetic to their tenants’ needs, landlords have to manage their finances, even in this troubling situation.
UK Finance advises landlords in this position to contact their mortgage provider and to discuss the situation with them. Mortgage lenders have agreed that landlords can contact their lender and self-certify their tenant hasn’t been affected by COVID-19.
With news and guidance being updated regularly, it is important landlords stay up to date with relevant guidelines. As of mid-May, Government guidance allows letting agents to work as normal, which provides additional support for landlords.
A joint statement from David Cox, chief executive of ARLA and Mark Hayward, chief executive of NAEA Propertymark reads: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again. The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers. It’s also a step to reinvigorating the housing market and will be a boost to the economy. Safety of course will be paramount, and we would encourage everyone to ensure that they follow Government guidelines closely to protect others and themselves.”
If you have any questions about the Finchley letting market, or you need assistance, please contact David Harris & Co today.
