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  1. #21

    Default

    For investors who have commercial properties, and use the ADLS Lease (6th ed. 2012, v5), how do you interpret Clauses 27.5 and 27.6 in light of Alert Level 4? These clauses allow tenants to cease the payment of a fair proportion of the rent and outgoings during the period when they are not able to access the premises. They were added to ADSL leases after the Christchurch earthquakes, but it could well apply in the current covid-19 situation.

    The clauses potentially allow the tenant not to pay the rent and outgoings for up to 4 weeks at present, as Level 4 prevents non-essential businesses from operating for 4 weeks (and potentially longer). This could have quite an effect on landlords.
    Last edited by learner; 24-03-2020 at 01:33 AM.

  2. #22
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    933

    Default

    Yes that is correct.
    I believe it does apply .
    Mine are mostly 6 to 9 mths

  3. #23
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    104

    Default

    I just had a request from my tenant for a four week rent holiday during the lockdown. He operates a commercial kitchen for hire. He's a good tenant generally, this is his fifth year. Is there a possibility that food preparation may be considered an essential service and that he could still operate? Otherwise does anyone know what sort of general government assistance his business might be eligible for?

  4. #24
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,431

    Default

    There's a list of essential services, here. (Down the page a bit)
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  5. #25
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    104

    Default

    That's interesting. Anyhow I do believe that he is having a rough time - I was thinking about giving him 50% off for the four week duration. Any feedback is appreciated.

  6. #26
    Join Date
    Sep 2011
    Location
    Dunedin
    Posts
    1,742

    Default

    Quote Originally Posted by Merlot Mike View Post
    That's interesting. Anyhow I do believe that he is having a rough time - I was thinking about giving him 50% off for the four week duration. Any feedback is appreciated.
    if he goes tits up you wont get anything and little chance of finding a new tenant

  7. #27
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    104

    Default

    That's what I'm concerned about. So 100% or 50% off for the month? ...or allow him to defer the months rent and pay it off in installments over a few months starting after lockdown?

  8. #28

    Default

    I have just given temporary rent reductions to two of my commercial tennants, I gave one 50% rent reduction for two months to be then reviewed, the other I gave one month rent free plus two months of 50% off, they are both very good tennants, and I felt I should support them as they are very affected by this situation - Rates and Insurance is to be paid as normal.

  9. #29

    Default

    The thought of not receiving or reducing rent has been freaking me out. We have 2 rentals, nothing flash and the rent is our only source of income. We don't receive 1 cent of benefit from any source and pay taxes. We are not greedy landlords and we have bills to pay for rentals(rates, insurance, property management fees and our own home expenses. The Billions dished out we will not benefit 1 cent from. Prepared to flow through any "reduction" given to landlords to tenants. Reductions beyond will need careful thought as we have no other source of income and still have expenses.
    Last edited by PT88; 24-03-2020 at 03:16 PM.

  10. #30
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,260

    Default

    One of our properties is a 6-tenant house and one tenant is on minimum wage and lost his job yesterday. He's trying to get a new job but seems unlikely at the moment. He asked for free accommodation. I told him to ask his company about the govt subsidy.

    The mortgage makes me nervous but we'll cover him if we have to. I'm in the lucky position of having a safe decent-paying job, so we can carry the risk much much better than he can. And I can't see us being able to replace him right now, even if I was prepared to kick him out onto the streets, which I'm not.


 

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