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  1. #71

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    I have had tenants approach me to delay rent payments whilst they are seeking Government assistance.

    They are self employed and the lock down means they can't work.

    As the Gov is processing lots of claims right now I've said to the tenants a delay of 2 weeks is fine and to let me know if Gov assistance doesn't come through in that period.

    It is deeply concerning that a large percentage of kiwis have no meaningful savings.
    Last edited by Perry; 29-03-2020 at 03:56 PM. Reason: spell check

  2. #72

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    Quote Originally Posted by Beano View Post
    A mortgage holiday is not a true holiday .
    It is an additional loan that accrues interest from day one .
    Hence if the landlord passed this on the tenant would have to pay rent plus interest.
    Also, from what I've seen posted, mortgage holidays are for owner occupied homes only. Investments don't apply, and won't receive mortgage holidays. Business as ususal?

  3. #73

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    Another article has appeared in Stuff today relating to commercial tenants that have stopped paying their rent.

    The word "suspend" has been used, even for the Bob Jones properties, which I understood was a deferment. There is also a quote from Wellington Hospitality Group manager Jamie Williams stating that most landlords are able to draw on loss of revenue insurance to cover the shortfall.

    I'm concerned that these types of articles, full of assumptions and half truths, are going to muddy the water with our tenants and the deals that we have already put in place due to the level 4 restrictions.

  4. #74
    Join Date
    Aug 2003
    Posts
    7,832

    Default

    Quote Originally Posted by Calebp View Post
    Also, from what I've seen posted, mortgage holidays are for owner occupied homes only. Investments don't apply, and won't receive mortgage holidays. Business as ususal?
    Where did you hear that it was owner occupied homes only?

    cheers,

    Donna
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  5. #75
    Join Date
    Mar 2009
    Posts
    157

    Default New S.145 and schedule 5 provisions.

    So it looks like one of my tenants may have decided to take this opportunity to save as much money as possible by using the current crisis to stop paying rent, and stop communicating with me about it.
    I suppose I can't complain, this will be the second time in ten years I've had to terminate a tenancy and the last time it was a PM doing it for me anyway.... So I guess I could say I've never had to do it.
    So realistically with the new 60 days provision and the other provisions in S.145 and schedule 5 how long do the experts think it's going to take me to evict these people if they don't pull their socks up?

    Cheers
    Sparx

  6. #76
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,883

    Default

    Have you let them know that rent is still due and payable?

  7. #77
    Join Date
    Mar 2009
    Posts
    157

    Default

    Indeed. The day after the first payment was missed they were notified of the arrears and the period which it was for.

  8. #78
    Join Date
    Feb 2015
    Posts
    413

    Default

    Have a tenant who gave notice before the lockdown. I have advised them they can stay until lockdown is over .
    They came back with
    New rent reduced by $110 and NEW TA signed
    That tenancy is fixed for the next 12 months at this rate

    1st weeks rent to be waived due to cancelling the new properties PM's agreement.
    Is this opportunistic ?
    This amounts to 5K decrease in revenue p.a - which represents about 8 weeks of rent




    Last edited by Bluecoat; 06-04-2020 at 01:09 PM.

  9. #79
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,440

    Default

    Looks opportunistic, to me. Same rent should apply in the [new] TA. But a reduced rent for the lockdown period, with the TA-specified amount to resume on 1 May 2020.

    Artemis has posted information of what tenants should do.

    Also, see this post.
    But Jennifer Sykes, at MBIE, said that an option that tenants and landlords may consider is reducing rent temporarily. The Residential Tenancies Act allows parties to a tenancy to agree that the tenant can pay a lower rent temporarily. Once that time is up, the rent is reinstated at its earlier amount. As the reinstatement of rent is not a rent increase for the purposes of the Act, it would not be caught by the rent increase freeze in the legislation just brought in.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  10. #80

    Default

    Quote Originally Posted by Bluecoat View Post
    Have a tenant who gave notice before the lockdown. I have advised them they can stay until lockdown is over .
    They came back with
    New rent reduced by $110 and NEW TA signed
    That tenancy is fixed for the next 12 months at this rate

    1st weeks rent to be waived due to cancelling the new properties PM's agreement.
    Is this opportunistic ?
    This amounts to 5K decrease in revenue p.a - which represents about 8 weeks of rent



    I had a similar situation of a tenant giving notice before lock down and then cancelling the notice because they were unable to move.

    They were stressed because they'd signed a new tenancy agreement for a property in another city and the PM for that property insisted they pay full rent for that property even though they had no ability to move in.

    As the existing tenancy agreement is still valid we did not draw up a new TA. Instead we agreed for the period they continued to stay or the period of the official Gov lock down (which ever was the soonest) they would pay a reduced rent.


 

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