Important Message to all Landlords and Tenants
*Updated information for Landlords from 23/03/20 *
- Be prepared that you may not receive rent for the next 6-18 months. Call your property agent to discuss. Please be aware that some agents will not be operating at the moment and you may have to take back management of the property.
- If the property is mortgaged – Please contact the bank to advise them that you may not be able to make repayments as you are not receiving rent – and therefore try to negotiate the next steps.
- If you have landlord insurance – Contact your insurance company to see if they cover this event.
- If you have utilities: rates, land tax or utilities and are unable to pay them– Contact the relevant company to discuss the matter and take steps forward.
- Commercial property – These changes will impact your BAS and when we start the BAS quarter we will assess how to adjust accordingly.
Many businesses and residential tenants will not be able to pay their rent in the coming months as their businesses struggle and people lose their jobs.
The Prime Minister has announced that Tenants will be protected:
“Relief can be provided for tenants in both commercial tenancies and residential tenancies, to ensure that in hardship conditions, there will be relief that will be available, and ensuring that tenancy legislation is protecting those tenants over the next six months at least.”
Commercial and Residential Tenants – please contact your Landlord if you can’t pay your rent and negotiate as soon as possible.
Landlords – please be understanding of your tenants requests and work with your banks and other suppliers to defer payments so that you can continue to operate your buildings and houses. By working together we can try to achieve a positive outcome for all parties.
Please do not hesitate to call or email us with any questions.
Date Published: 20 March 2020