Have you ever heard that phrase - "sitting tenants"? Well it's a pet hate of mine when someone misuses it, but you can spin it to your advantage. Here's how!
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As my colleague investor discovered when a portfolio he purchased (literally just a week before this all kicked off), statutory periodic tenancies allow a month’s notice from the tenants’ side, so basically it’s left him with a load of empty rooms which he can’t view during the notice period, and likely voids after this lockdown we find ourselves in.
You may need to refer to my previous video slamming periodic tenancies; personally I would never allow a tenant to go periodic because I want to retain control of when my properties might come back to the market. After all, I want the best returns. I want the easiest life, so I choose to let my properties during the peak (in terms of demand and hence price) of the year.
So what happened In this instance? A lot of these properties were let on a multi-let (room-by-room) basis, and as it happened they were initially let on a fixed term which had since expired, so they were are “holding over” on a mo…
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Wow, just wow. That’s the feeling I have at the moment. The world, not just the UK, has been taken by storm. Such incredible, drastic measures have never been seen before, with everywhere I look trade has been affected. Restaurants, bars, places of worship; everything has been forced to close and people are banished to their homes en masse. It’s for good reason that I’ve not spoken out as yet, I’m still taking it all in - and the letting landscape is changing on an hourly basis!
What does this mean for you as a landlord?
Financial - Well, for starters your tenants’ employment may be affected. Do they still have a job? Will they be able to pay their rent? I for one have sent out my sympathy to all tenants and asked to reach out in confidence if they have been affected, this to preempt any cash flow issues when mortgages need to be paid. To further preempt I have asked all my mortgage lenders for a payment holiday just in case I will need it further down the line, this to buffer my cash …