Tenant Loan Scheme

With the weekly average of COVID19 deaths remaining over 1,200 per day and no end in sight to the lock down period, attention is turning to the recovery process. This both focuses on the already 5.8 million people who have been vaccinated and the support systems which governments have made available for citizens to get back on their feet.

However when it comes to tenant debt the English government has been debating while Wales and Scotland have been implementing. With Scotland in December 2020 introducing their £10 million ‘Tenant Loan Scheme’, enabling debt burdened renters to cover a maximum of 9 months rent arrears with an interest free loan.

Wales launched their scheme in October 2020 which provided an interest rate loan at 1% APR that is repaid over 5 months. This loan gave more confidence to landlords as it was paid directly to the letting agent or landlord on behalf of the tenant. 

Meanwhile in England there is support for companies with the ‘Bounce Back Loan’, but debate has stalled any support moving towards English tenants. The Housing Minister Christopher Pincher directed parliament to reject requests for tenant support, sparking Lord Greenhalgh to state that the idea should not be dismissed.

These debates occurred back in October and still to this date the primary funnel of support available comes through the Universal Credit system. We went through the options in our previous article ‘Financial Support’ if you have not checked your entitlements we suggest you have a read.

For now we are waiting to see the direction the Government will move and will update when there is any direction given.

Written by Toby Dawson

Valuations

We would be happy to value your property without obligation or charge. Our knowledgeable & experienced team will provide you with an honest & accurate market appraisal of your property based on market trends. We can also offer advice on current legislation and how best to present your property to prospective tenants & purchasers.

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Good marketing begins with appealing images, an accurate floorplan and an appropriate description with supporting information. In order to ensure full exposure, as well as on our own web site, we advertise on the major property portals, social media and other selected mediums. Once we have these solid foundations, our talented and experienced sales team takes over!.

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We offer a very polished and thorough management service. We are able to deal with all aspects of the day to day running of your tenancy on your behalf and are able to advise on contractual and legislative matters in what has become an increasingly complex contractual and legislative environment.

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Fees

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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