Renewing a lease during Coronavirus
Hi everyone, I have a property in England (moved to Canada just over a year ago) and the lease on my property is due to renewal next month. Overall I had no issues with my tenant, and when my brother did an inspection on the property he was happy to see it in good condition.
The management company contacted me a month ago with some updates on the situation and how they gonna work with tenants and also with landlords. Unfortunately, when I tried to contact them earlier this week, no one response on my email. The UK is now in a lockdown state, and I do understand it will be hard to reach out to them.
Just trying to think ahead about what I can offer to my tenant in a new lease.
Should I accept lower rent? I so, should the rent be lower for an entire lease period, or just for the first few months, with the option to repay it on later? How long a new lease should be? What if his financial situation will change in the coming months?
I have some cash for reserves ( 3 months ) and the property is cash flowing so can go down on rent.
Let me know what you all think I should do in this situation.
Thanks
Stay Safe!!!