Grant for Landlords

For those who have managed their properties through a Special Purpose Vehicles (or SPVs) then you have already had the support of the Bounce Back Loan scheme and for all owners through mortgages, a holiday from payments was given. 

This of course only patched the problem with the BBL requiring repayment as it is only a loan, and the mortgage holiday increases the future monthly payments as the period of the mortgage doesn’t change as well as the payment amount.

The focus of the Chancellor Rishi Sunak has been on assisting business earnings, but for most, property is an income generating investment. But there is a light at the end of the tunnel for those who are listed as self-employed or a member of a partnership.

If you can prove you have been impacted by the coronavirus (COVID-19) then you can make a claim for the loss in profit between the 1st of May 2021 and 30th of September 2021.

To be eligible for the Self-Employment Income Support Scheme (SEISS) grant you must:

  • Be a self-employed individual or a member of a partnership
  • Must have traded in both tax years (2019-20 & 2020-21)
  • Submitted your 2019 to 2020 tax return on or before 2 March 2021
  • Trading profits of no more than £50,000
  • Trading profits at least equal to your non-trading income
  • Intend to keep trading in 2021 to 2022
  • Reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021

It should be a warning that grants like the SEISS carry the same risks as the BBL did for businesses, where lenders might have doubts in providing loans/mortgages to those who have applied.

If this is something that applies to you then you can follow this link to apply and read more details: 
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Written by Toby Dawson

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TENANT FEES - NEW ASSURED SHORTHOLD TENANCIES (AST's) SIGNED ON OR AFTER 1 JUNE 2019

Holding Deposit - One week's rent, apportioned to first month's rent

Security Deposit - Five weeks rent if rent per annum below £50,000, six weeks rent if above £50,000

Unpaid Rent - Interest at 3% above the Bank of England Base Rate. Interest will not be applied until the rent is 14 days in arrears.

Lost Keys -  Tenants are liable for the cost of replacing any lost keys and/or security device including the costs of replacing any locks and/or security device if required. 

Changes to the tenancy agreement (Tenant's Request) - £50 inc. VAT (or reasonable costs if higher). 

Early Surrender of tenancy (Tenant's Request) - Should a tenant require an early surrender of their tenancy and should the landlord agree, the tenant will remain liable for the rent due under the tenancy until the date a new tenant takes up occupation of the property. The tenant will be required to cover the landlord's costs in connection with the  surrender of the tenancy and the re-letting the property