COVID 19- most Nuneaton Landlords now working from home…

….me being one of them!

So, i’m doing my best to retain some sanity whilst sat at home trying to run a business, home school my 5 year old, trying to block out the constant chit chat while i’m responding to emails and taking calls. It’s all good fun! I’m sure a lot of you are in the same boat (some of you will have the even bigger challenge of multiple children… enjoy!).

I’ve not been doing so many written blog posts on the Coronavirus because I’ve mostly been doing video blogs for landlords and tenants, helping them to decipher the vague announcements from the govenrment over the last few days. If you want to see any of the videos, please click here.

Unless you’ve been living under a rock for the last week, you will know that the government have announced that lenders will be offering a 3 month “mortgage holiday” to help relieve the financial pressures of those “impacted” by COVID-19. They also said that there will be a complete ban on evictions for the next 3 months to ensure that tenants are safe during this time of uncertainty. Both fair. Both necessary.

However, what was not made clear was what happens in the event that tenants cannot pay the rent and STOP paying the rent. The landlord may have the mortgage holiday but they have to pay this back eventually and are losing income in the mean time. Do tenants have to pay the lost rent back?

I have a couple of contingency plans in place in case this happens. If you would like to know what they are, please feel free to get in touch.

I know i’m a bit of a joker at times but, I just wanted to say that if any of you are feeling anxious or worried at this time about what will happen to you, your tenant or your investment property, please feel free to get in touch for a chat. I may not have ALL the answers but i’m hear if you need me.

If you do call, please excuse the noise in the background. It turns out that 5 years old aren’t particularly quiet!!

wishing you all the best. Stay safe.

Melissa

*STAR BUY* for Nuneaton Landlords!

Whilst doing my usual trawl through On The Market, I noticed this gem pop up. Admittedly, I am not usually a massive fan of flats. I have several of my own flats and can’t say that they’re my favourite but I do have some at Simon Close (where this flat is for sale) and these flats are, BY FAR, my favourite! The management company are fantastic and the flats rent very quickly here.

This flat is on for offers over £80,000 but it has been on since December so I’m thinking there may be some flexibility here.

Lets look at the fun stuff…
If you purchase the flat for £80,000 and the current tenant pays £500. The ground rent and service charges are £1210/year, which would leave you with a gross yield of 7.50% and a net yield of 5.99%.

However, I will share a little secret with you….I charge £525 for both of my flats at Simon close so, if the rent were to be increased, you could be looking at a gross yield of 7.88% and a net yield of 6.36%.

Not bad, ey!!!

If none of you snap this one up, I might add to my Simon Close collection!

If anyone is looking to have their Nuneaton Property managed or if you just simply want us to find you a tenant, please feel free to get in touch on 02477674545 and we’ll gladly help.