In recent weeks, the UK government has been providing guidance to landlords on how to financially recover from the effects of the coronavirus pandemic. The guidance is being led by Michael Gove, the Minister for the Cabinet Office, who is responsible for coordinating the government’s response to the crisis.
In a statement, Gove said that the government was committed to supporting landlords and tenants during this difficult time. He highlighted the importance of landlords being able to access financial support from the government, such as the Coronavirus Business Interruption Loan Scheme (CBILS). This scheme provides loans of up to £50,000 for businesses affected by the pandemic, and can be used to cover rent arrears and other costs.
Gove also pointed out that the government has introduced a range of measures to help landlords and tenants manage their finances during the pandemic. These include a temporary ban on evictions for renters in England and Wales, and an extension of the notice period for evictions from three months to six months. The government has also extended the notice period for Section 21 evictions from two months to six months.
In addition, Gove has encouraged landlords to consider offering rent reductions or payment holidays to tenants who are struggling financially due to the pandemic. He also suggested that landlords could offer longer-term payment plans or other forms of assistance, such as waiving late fees or offering rent-free periods.
Finally, Gove urged landlords to work with their tenants and local authorities to ensure that everyone is able to access the financial support they need during this difficult time. He also encouraged landlords to seek advice from organisations such as Citizens Advice and Shelter, which provide free advice and support to those affected by the pandemic.
Overall, Michael Gove’s guidance provides a comprehensive overview of the measures available to landlords and tenants in order to manage their finances during the coronavirus pandemic. By taking advantage of the financial support available from the government, as well as offering rent reductions or payment holidays, landlords can ensure that they are able to continue providing housing for their tenants during this difficult time.