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Gloucestershire Business News

Rent Holiday: It's wise to be thorough - Patrick Downes, PACT Property & Assets Ltd

By Patrick Downes, PACT Property & Assets Ltd 

Patrick Downes

Maintaining a healthy landlord and tenant relationships has always been the best approach in good times and bad.

So it is currently important not to over react, or take a short term view when a rent holiday is requested.

Whilst landlords have a business to run just as much as tenants do, a tenants request for a rent holiday must be taken seriously and carefully thought through. 

Decide on your priorities: - 

  • Your own bank loans and commitments
  • Income levels required
  • Short term need v long term
  • What benefits can you ask for
  • Desire to change existing lease/change of clauses
  • Long term aim for the property
  • Risk of vacant property & for how long
  • Rates bill

What are your views of the tenant

  • Will rent holiday solve the problem
  • How long is requested or required
  • Are they taking the right advice and good advice
  • Quality of tenant and building usage
  • Historic relationships

We cannot be sure what the market will do post COVID-19 and the cost of having vacant property, including security costs, can be very high. But remember - read the lease, what does it say?

Careful analysis is key and a speedy response/solution is important.

For a thorough consultation, please call Patrick Downes on 07467 532171, email patrick.downes@pactproperty.co.uk or visit https://pactproperty.co.uk.

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