Interview: Student landlord raises fears as July move-in deadline looms

admin    Uncategorized     agents

Andrew Green, founder of Birmingham specialist landlord Unipads, tells LandlordZONE about the problems he and other landlords in the sector are facing as Coronavirus disrupts student life.

One of
Birmingham’s largest student landlords fears hundreds of students might decide
not to sign tenancy agreements next term, leaving it thousands of pounds out of
pocket.

Unipads, which owns a mixture of HMOs in converted properties and apartments in a purpose-built block in the city, says that if the Coronavirus crisis doesn’t improve dramatically, many of the 350 students who are set to pick up keys in July might not turn up – despite paying a £450-£650 deposit.

Co-founder Andrew Green tells LandlordZONE that he’s particularly worried about the 40 international students, mainly from China, due to start a university course next term.

“I wouldn’t be surprised if they are willing to forfeit their £500
deposit, but if lots of them don’t come we’re stuffed as we’ll be losing the
£10,000 a year rent,” he says.

Although no students have actually contacted him about the issue
yet, Green believes it’s only because they’re waiting to see what happens.

“It’s easier for companies and universities who run halls of residence as they can cope with refunds, but we’re a private landlord with one block and terraced houses,” says Green. “If things haven’t improved dramatically, it’s unlikely that people will want to collect their keys and move in.”

Green, who’s run the company for 18 years, says he knows of many
other landlords in the same position.

“We could start the tenancies from August or even September if
things start to improve, but we’ve still got mortgage maintenance,” he adds. “There’s
really nothing we can do as their contracts aren’t enforceable until they pick
up the keys.”

The National
Union of Students is urging landlords to offer students a no-penalty early
release from tenancy contracts for the current and next academic year. It says if
a delay prevents them from moving into accommodation that they’ve already
signed a tenancy agreement for, landlords should offer a release from contract.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Interview: Student landlord raises fears as July move-in deadline looms | LandlordZONE.

View Full Article: Interview: Student landlord raises fears as July move-in deadline looms

If you enjoyed this article please consider sharing it!