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More pain for Landlords?

Times do not seem to be getting any easier for Landlords right now. Maddy Baillie of the Rutland & Stamford Mercury reported this week:

“Tenants who live in private rented accommodation and their landlords, are being urged to seek help in resolving tenancy issues.

Emergency measures preventing new evictions were introduced in March to help people hit financially by the coronavirus pandemic.

However, from September 20 the Government has lifted the ban on eviction proceedings meaning private sector landlords can again take court action to remove tenants over issues such as rent arrears.

South Kesteven District Council is asking tenants and landlords to get in touch to access free help and offer the best chance of avoiding tenants being made homeless.

The Cabinet Member for Housing, councillor Robert Reid, said: “Our housing officers will do everything they can to prevent unnecessary evictions.

“The pandemic has had a huge financial impact on many people, some of whom may have faced difficulty paying essential bills such as rent.

“That could mean tenants are at risk of losing their homes while landlords, who have their own financial responsibilities, are losing income.

“We believe it would be better for all concerned if every attempt was made to avoid an eviction notice being served.”

Legislation has been introduced that means until March 2021 landlords must give tenants six months notice of eviction, except in the most serious cases such as incidents of anti-social behaviour and domestic abuse.

The Secretary of State for Housing, and Newark MP, Robert Jenrick, said: “We have developed a package of support for renters to ensure they continue to be protected over winter.

“No tenant would have been legally evicted for six months at the height of the pandemic as the stay on possession proceedings was extended until 20 September.

“These changes will support landlords to progress the priority cases while keeping the public safe over winter.

“We will keep these measures under review and decisions will continue to be guided by the latest public health advice.”

94% of landlords own one or two properties and rely on this rental income to pay essential bills of their own as well as fund the property they are renting out; it is a difficult balance at the best of times. With no rental income this means that many landlords will be in a similar position to the tenants with mortgage company’s applying pressure to keep their account up to date.

Successive Governments have failed to build enough houses for decades and the onus has fallen on landlords to fill that void by buying excess stock and renting out in the private sector. Their reward has been onerous legislation making it almost impossible to make money from such a venture.

If you are saddled with a property that is not making you money and you need to see the back of it then contact us to get a fair price for a quick sale.