The Prime Minister has announced the following that affects landlords and tenants…

March 27, 2020

Uncategorized

The theme of the presentation was to put the economy into hibernation by protecting businesses from unsustainable debt and rent arrears after the closure period.

The Prime Minister repeatedly signalled that 6 months is the period that the Government is considering.  However, we are yet to hear any more details of the package.

The suggestion appeared to be that commercial tenancies would be dealt with first, with residential tenancies to follow.

The Prime Minster foreshadowed that he and the Treasurer would have more to say in  “the next few days”.

The PM declined to answer a question seeking more details on the proposed hibernation, but did say that there are landlords that would need to suffer and banks would need to make arrangements with them.  Land tax relief was also foreshadowed.

The PM also highlighted that before locking a tenant out for not paying the rent and closing its doors, landlords should consider that the property can’t be re-let in the current environment and that it is sensible to consider the economic environment to ensure that everyone gets through.

Sam Hopper, Abilene Singh and Callum Dawlings

About Sam Hopper

Sam is a property and insolvency barrister.

View all posts by Sam Hopper

Subscribe

Subscribe to our RSS feed and social profiles to receive updates.

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: