As you know guidance is being issued on a daily basis from the Government. We have collated some of the guidance that has been most recently issued with links so you can find out more.
Bank Of England Interest Rate reduced – 19 March 2020
The Bank Of England interest rate has been reduced down to a record-low rate of 0.1%, down from the previously reduced rate on 11th March 2020 of 0.25%
Coronavirus Bill – Draft legislation March 2020
Following the initial eviction protection announcement because of Coronavirus, the law change is in fact any new Section 8 or Section 21 notice being served must now be for 3 months, not 2 weeks (for rent arrears) or 2 months respectively as they were before. In reality, because the Courts are now closed, any landlord wanting to take an expired notice to Court for possession after 3 months will almost certainly be waiting a prolonged time to actually get possession because of the backlog.
The initial suspending of evictions announcement has transpired in the Bill to be that Landlords can still issue eviction notices, as detailed above.
The Government has set out that the Hardship Fund, which was announced by the Chancellor at the Budget, will go to local authorities in England to enable them to reduce the 2020 to 2021 council tax bills of working-age people receiving Local Council Tax Support.
If you rent house shares to singles, students or young professionals, what advice are you offering them about dealing with coronavirus? Here is a summary of the guidance compiled by The Landlords Guild.
The Ministry of Housing, Communities and Local Government has stated Work carried out in people’s homes, for example by tradespeople carrying out repairs and maintenance, can continue, provided that the tradesperson is well and has no symptoms.
The wellbeing of the tenants household should also be asked about too. Our advice is for non-urgent repairs to on hold, for now, providing the tenants agree, in the interest of everyone’s health. The other complication surrounding this is that many builders’ merchants and suppliers for materials are currently closed.
Until the announcement made by the UK Prime Minister on 23rd March, restricting people to their homes, we have continued to operate gas safety inspections and investigations (including landlords gas safety checks), focusing on the highest risks. Inspectors have been taking a range of precautions to protect the public and engineers that they come into contact with, as well as themselves; based on the guidance provided to businesses and the public on Gov.uk.
We will be sharing more updates on our social media as we hear more so please do connect with us on the platform that you prefer to use.
LinkedIn – Adam Kingswood
Twitter - @KingswoodRIM
Facebook - @KingswoodResidential
If you need any further advice, then please do contact us directly by email on firstname.lastname@example.org or call us Nottingham: 0115 704 3163 or Mansfield: 01623 277 115