In a press release dated the 23rd of March, the Residential Landlords’ Association (RLA) provided a useful round-up of news and information for landlords during this time of crisis and the self-isolation of many families on account of Covid-19.
Rent and mortgage holidays
The RLA welcomes the assurances given by the government that landlords will be offered mortgage repayment holidays if their tenants suffer financial hardship because of the coronavirus. In a quid pro quo, landlords for their part are expected to give their tenants a rent holiday.
The RLA also notes that notices to quit by landlords seeking to repossess their property during the current emergency have been extended from a minimum of two months to three months.
Further support for landlords
The pressure group also argues that the government could do more to support landlords – ensuring that future financial problems for tenants are headed off by supporting the incomes that landlords need to maintain.
To these ends, the RLA is now calling on the government to:
- temporarily suspend the five-week wait that generally precedes the first payment of Universal Credit to those tenants in need; and
- delay the implementation of the final stage – currently planned for the beginning of the new tax year in April – of removing all income tax relief on landlords’ buy to let mortgage interest repayments.
Advice and guides
The RLA also offers a number of advisory guides on subjects such as minimising health risks (for landlords and tenants), financial support, the rules on repossessing your let property, and the management of your property during the coronavirus emergency.