Just seeking alternative views / opinions / discussion on a situation I am in.
I just received notice that tenants do not want to renew a lease that expires in February and will be leaving the country. (While technically the notice is short, they have been there 4 years hassle free and I have no issue with this).
For perspective in round figures; BTL :Located in D8, Value c450k, loan c200k, repayments 2k rent c2kpm. PDH is very lowly geared, and am in stable employment.
The property has been let continuously for past 10 years – and luckily has been hassle free to date. The property is well located, and was fully renovated 10 years ago and always attracted very high interest when advertised. However given Covid, Brexit, etc am a little worried about rent stability, tenants being unable to pay due to covid (illness or impacts), and tax environment going forward.
I would appreciate any observations people have on changing tenants / tenancies during covid, and selecting tenants from non impacted sectors. Long term rental voids with repayment of 2kpm would hurt !
Equally would welcome opinions on selling and exiting rental market – I am not sure that there will be long term property gains with remote working a norm etc.
Up to now hadn't considered selling and hoped same tenants remained in situ - the change in status quo means I am just a bit unsure on correct options going forward now
I just received notice that tenants do not want to renew a lease that expires in February and will be leaving the country. (While technically the notice is short, they have been there 4 years hassle free and I have no issue with this).
For perspective in round figures; BTL :Located in D8, Value c450k, loan c200k, repayments 2k rent c2kpm. PDH is very lowly geared, and am in stable employment.
The property has been let continuously for past 10 years – and luckily has been hassle free to date. The property is well located, and was fully renovated 10 years ago and always attracted very high interest when advertised. However given Covid, Brexit, etc am a little worried about rent stability, tenants being unable to pay due to covid (illness or impacts), and tax environment going forward.
I would appreciate any observations people have on changing tenants / tenancies during covid, and selecting tenants from non impacted sectors. Long term rental voids with repayment of 2kpm would hurt !
Equally would welcome opinions on selling and exiting rental market – I am not sure that there will be long term property gains with remote working a norm etc.
Up to now hadn't considered selling and hoped same tenants remained in situ - the change in status quo means I am just a bit unsure on correct options going forward now