Think about this now; If you turf your tennants out, how long will it take to find another tennant?
If you have a good tennant ,why not cut some slack?
The alternative is to find another one,who may not pay you what you are presently getting ,you may find tennants are looking for a reduction in rental prices anyway.
You may find that the new ones are not as good and it may take some time to find another one in the current climate.
You may also find that its not that easy anymore to let,and what would you would end up doing is cutting your nose off to save your face.
If it were me and I had a choice of keeping a good tennant at a reduced cost or gambling on ,having no tennant/bad tennant/left waiting to get a tennant ,I know which I would choose to do.Its your call though.
Landlords are not a charity, we cannot explain to the bank that the tenant needs some slack, and we will pay our mortages when the tenant coughs up. This recession is fast becoming a racket with some people, ( Who seem to think that everyone owes them a living ). A lot of people only want to see what suits them.
Have we got the courage now to vote for a government strong enough to make painful decisions which will benefit our children but maybe not us??
Off topic, but what government would that be?
I have an investment apartment with the same bank as my family home.
The security for the investment mortgage is the property itself and,
“Any other security now or in the future held by us for your liabilities in general will be security for your liabilities in respect of the loan”
My understanding of this is if I don’t pay the investment mortgage, the bank could choose to repossess my family home even if payment was up to date, as it would be a lot more saleable in today’s market than an apartment.
I have been asked to reduce the rent and have done so in the interest of both parties. I need the rent to pay the mortgage, my family home is security for it, there’s not much leeway there. It has to be treated as a business.
If they can afford to rent a movie they can pay their rent!!!
Tenants have leeway pay up or get out...
Having said that when my last tenant gave me his notice I offered him a rent reduction on the spot...Ssshhhh don't tell anyone!!!
Exactly.well said.As for the following quote If they can afford to rent a movie they can pay their rent!!! since when does rent cost 4e.
Flanders i am quite sure that the government scheme to defer mortgage payments will not extend to rental properties.
I never implied it would. The rental property is the tenant's home, in a similar fashion to your first residence being your home. I was wondering that if you were unwilling to give a tenant any leeway in payments, would you then happily accept some leeway on your own home mortgage with the government scheme?
You know Flanders...I don't know where you are coming from.
I never implied it would. The rental property is the tenant's home, in a similar fashion to your first residence being your home. I was wondering that if you were unwilling to give a tenant any leeway in payments, would you then happily accept some leeway on your own home mortgage with the government scheme?
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