Will May be the Last Extension on UK Evictions?
As a landlord we live on rental income. If you are a landlord in the UK and your tenant has not paid since last March due to Covid, your situation has to be dire.You have lost income in which you will probably never see plus in the majority of the cases you still have a mortgage to pay. Basically a nightmare situation. Actually all of Covid was a nightmare for most. However having non paying tenants only worsens the situation.
The government said the move was part of an “unprecedented package of support” for businesses and renters during the pandemic to help “reduce pressure on public services”. The ban been extended several times during the pandemic, and the current one was due to expire at the end of March. Shelter shows that almost have a million private renters in England have fallen behind with their rent or been served with some type of eviction notice.
Can you imagine the condition of these properties when the landlords eventually get them back. I would assume one word..” Rough” In need of refurbishment. This is insult on injury. Especially for overseas landlords.
The contrary is what we do. We provide social housing and work with the appointed representatives from the home office to house needy people. We have 5 and 10 year contracts. No voids…no management and maintenance is covered up to 5,000 per year other than structural. This lets us focus on sourcing and refurbishing more properties. We sell some and keep some as banks do not like the long leases.
If you are a landlord and want to learn about another property niche, consider social housing!
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