If Your Tenant Is Made Redundant: A Guide
If you’re a landlord, one of the main concerns you may be likely to face is your tenant being made redundant. But don’t worry, there is no need to panic. There are plenty of options and directions to go in which will help solve the situation – for both of you. So, if you’re about to list a property via an online property agent, then here are a few pointers on how to proceed regarding redundancies, should you need to know:
If you’re fond of your tenant and don’t want to see them go – especially through a situation they have no control over like redundancy, then you can set a period where their rent is reduced, so they can have a little breathing space until all is back to normal. This should be done via a written agreement. It will also give them a deadline to work towards regarding finding a new job.
Ask Them To Vacate The Property
The other thing you can do is inform them they must move out and find something which they can afford. This, of course, is a little more of a permanent measure. If gaps in their rent have been an issues in the past, you’re well within your rights to serve them a notice. However, we do recommend doing this thoughtfully and with respect, rather than just giving them a day’s notice prior to your decision.
Benefits via local housing authorities are a legal right to those living in the UK. They may actually be entitled to a little cash to help ease their stress and yours. Plus, they aren’t too tough for tenants to apply for, meaning that if they have reasonable grounds, they are likely to receive assistance. Just make sure to remember that if they are under 35, they will only be entitled to a rate equal to a shared room, which may not be enough to cover their full rent.
Spending ones savings is not something anyone wants to do in a rush. Although it really is worth having an honest, serious, personal conversation with the tenant to see if the money is there to help straighten out the scenario. Don’t forget that you also have a mortgage to pay, too – and their rent is an essential element in ensuring you don’t lose your property altogether or run into financial difficulties.
Are you looking for an online property agent you can trust? Then check out www.propertyloop.co.uk today. Built by experienced property investors and landlords, the website connects renters with the owners directly. Why not sign-up to see it in action? It’s a free platform that only charges a small fee once you get your rent money in. Your property is featured on all major search and comparison portals as well as advertised by PropertyLoop everywhere else on the Internet. You don’t have to worry about finding the good renters, that’s the job for the platform. Receive offers straight to your mailbox and select the renters that are right for your property. Need access to busy London property market? No problem at all! PropertyLoop is the London market specialist with years of experience and unique knowledge. Whatever your needs are, you can always speak to friendly support staff. Renting property is made as simple as one, two, three.
As a landlord you will gain passive monthly rental income from your buy to let and capital appreciation as the years flit past. And it’s exactly this capital appreciation ...
February 12, 2021
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