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  1. #41

    Default

    Hello Merlot Mike

    The way I approached this "fair proportion" is:

    1. The tenant can't access the premises, so full rent for the qualifying period is refunded (in my case above, 6 days rent)
    2. The insurance still covers the premises despite the lack of access, so no refund on this part of the outgoings, but I'll probably end up going 50/50 with the tenant
    3. Full rates are still charged by the council. This is the bit I'm still working on.....I'm waiting to see if the council will give any rates rebate. If they do, I'll pass it on, otherwise I'll split it 50/50 with the tenant.

    This is a new situation, so I'm making it up as I go along...........
    Last edited by learner; 25-03-2020 at 12:28 AM.

  2. #42
    Join Date
    Apr 2005
    Posts
    2,898

    Default

    Quote Originally Posted by Perry View Post
    The sentiment is ideal, but it needs to be across the board. I.e.
    ..
    If everyone takes a hit on a pro rata basis, we'll get through it.
    The problem is, the math.

    This virus is not taking lives across the board.
    It's going for a very specific group.
    If you were in that group, then in some ways, the rest of the population is taking a heavy hit for you.
    If you catch my meaning.

  3. #43
    Join Date
    May 2004
    Location
    Christchurch
    Posts
    589

    Default

    Could you get anyone to replace him now? What’s the alternative?

  4. #44
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    104

    Default

    Quote Originally Posted by learner View Post
    This is a new situation, so I'm making it up as I go along...........
    For sure. My lawyer has just advised that a 50% reduction in rent and outgoings is appropriate for the duration of the lockdown. One thing to consider is that all of his equipment is still securely stored in the premises. I can't use the place to store my stuff in the interim. So he's still getting the use of the space in that sense.

  5. #45
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,422

    Default

    Quote Originally Posted by Merlot Mike View Post
    For sure. My lawyer has just advised that a 50% reduction in rent and outgoings is appropriate for the duration of the lockdown.
    Will your lawyer be discounting fees by 50%?
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  6. #46
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    104

    Default

    Quote Originally Posted by Perry View Post
    Will your lawyer be discounting fees by 50%?
    Probably not but I understand your point. How are you approaching this situation with your tenants? Is that particular clause in their lease?

  7. #47
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,422

    Default

    I don't have tenants covered by a lease like that, so, no.

    For me, it's a matter of keeping them informed and watching what develops.

    One is 'bailing out' for a long drive home, this afternoon, towing a caravan. I provided him with the info quoted below, saying pull over and have a sleep if need be, rather than risk going to sleep behind the wheel.

    If you're in a different part of the country, you should make immediate arrangements to get home. There will be allowances for people not able to do so by Wednesday, but you should call the Covid-19 information helpline on 0800 779 997 to let them know your circumstances and get advice.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  8. #48

    Default

    One of our commercial tenants owns a licenced restaurant on our property. We've provided a lease reduction to 50% for next month on the proviso (among other things) that all outgoings continue to be paid in full.

    The situation for them is very grim: They have at least four weeks of no income, and no insurance will cover them for this situation, and the stigma of COVID-19 transmission in hospitality will remain for some time. They've always paid the lease and outgoings on time, have never given me any trouble, and are a couple of young go-getters. Given the situation, I'd rather take the hit and get at least some income, than have them liquidate and get nothing, while simultaneously being unable to re-tenant the property due to it being hospitality related.

    I would encourage everyone to be reasonable in these sorts of situations that are no fault of the tenant, and that could also burn the landlord. Obviously however, everyone has different commitments/perspectives, so this arrangement may not be suitable.

    In terms of residential tenancies, I don't own any, so can't really comment.
    Last edited by Bradley; 25-03-2020 at 05:44 PM.

  9. #49
    Join Date
    Nov 2008
    Posts
    1,050

    Default Corona Virus...rent reduction....whats fair

    Obviously some tenants are going to take a hit .
    Some have asked for a conversation on a reduction of rent.
    Im interested in what the general concenses is on whats fair and resonable

  10. #50

    Default

    I will offer the same level of discount I get from countdown or New World through this period...

    Oh that's right, they've announced a removal of their regular discounts under the guise of not encouraging people to only buy what they need.

    https://www.nzherald.co.nz/nz/news/a...ectid=12319733


 

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