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Why we say tenants need a payment holiday too


27/04/2020
Author : Mary-Anne Bowring

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Pay it forward: landlords are taking mortgage holidays but what about tenants who are facing hardship? A recent survey by Landlord Action found nearly three-quarters of landlords have been contacted by tenants worried about their rent payments. This highlights the severe impact the lockdown is having on household finances.

Mary-Anne Bowring, group managing director at Ringley, thinks renters should have their rents reduced if they can prove they have been unable to access cash through the government’s income support schemes, and their furlough or government money means a reduction in their normal household income. After all, she says, that income is what the affordability of the letting was granted on. In particular, Mary-Anne thinks this should be the case if the landlord is benefiting from a mortgage holiday. “Otherwise,” she says, “this is a lose-lose situation for the government and the wider economy - which means all of us”.

The government has already banned eviction proceedings from happening and is urging landlords to work with their tenants in situations where they are struggling to pay rent. Tenants who are out of work and living on reduced incomes surely have a right to know if their landlord has secured a mortgage repayment or a repayment-and-interest holiday. How can it be right for the landlord to still expect tenants to pay their full rent if they are being propped up by their mortgage lender? Of course, the government still needs to help renters either not covered by income support schemes or who have not yet received the additional cash.

Mary-Anne adds: “The word ‘unprecedented’ has been used a lot in response to the impact Coronavirus is having but statistic after statistic shows a level of damage not even seen during the worst of the Financial Crisis. The government has moved decisively to help protect tenants and landlords, but it is inevitable some households will fall through the gaps as the various income support schemes get up and running and payments are processed.

“Transparency is key, and renters have a right to know if their landlord has benefited from a mortgage holiday and, if they are struggling financially, they should be able to request a reduction in rent. Any rent reduction must be conditional on being able to prove financial hardship to prevent abuse of the system and it is important tenants and landlords work together during this uniquely difficult time.”

 


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Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management

Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership

Ian Barber MD BTR Mobilisation & Leasing

Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!

Jon Curtis MRICS Head of Building Engineering

Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.

Kate Robinson MIRPM MD Blocks/FM Management (London Region)

Master plan setup, ops and staffing and resident engagement. ISO45001 champion.

Lee Harle Partner Ringley Law

Plot conveyancing. Debt litigation. Group Company Secretary.

Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)

Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.

Chris Georgalis MRICS Head of Commercial Valuation

Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews

Nichola Pughe MRICS Head of Residential Valuation

Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist

Libby Chen MSc Compliance Manager

Operational Plant & Equipment strategy PPM Compliance lead, Asset tagging Client major projects

Dipesh Parekh Director PlanetRent

Customer centric, vertically integrated PropTech/fin-tech solutions.

Leana Aristodemou MIRPM MARLA AssocRICS Strategic lead: ESG & Asset Business Plan delivery

Financial modelling, valuation analyst to support underwriting & fund reporting.

Natalie Birmingham Helpdesk Support Manager

Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.

Steve Norman Planning Director

Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.

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