Inspiring Business by Sharing Success
Added by Love Business East Midlands | 16 May 2020
Lincoln-based chartered surveyor Banks Long & Co today told how it has supported landlords and tenants challenged by the Coronavirus “lockdown” and the firm promised there will be no let-up in its efforts in the uncertain weeks ahead.
Since March 23, the firm’s Management Team has been working tirelessly to ensure that the concerns of both parties are acknowledged, solutions sought and that the challenges presented by the lockdown have been dealt with head-on, proactively and positively.
Associate Director Sarah Pettefar said:
“The biggest concern for both sides has been, and remains, the payment of rent. The Government’s assistance in the form of business interruption loans, business rates grants, the furlough scheme and business rates holiday – as well as the provision for the self-employed and the payment of VAT – has been welcomed by occupiers.
“However, it has been apparent that although the assistance offered provides breathing space, it does not replace a business’ ability to earn revenue through sales and it is far from a long-term solution.
“In working closely with landlords and tenants to find solutions for the payment of rent and other monies, we have found that, although there is no single solution to suit all, there is a pervading spirit of negotiation – with both parties willing and prepared to discuss solutions which take into account the difficulties each is facing.”
Sarah said terms have been agreed based on the deferment of rent payments, rent reductions, adjusted payment terms and the re-gearing of leases.
Matters that need considering when agreeing revised payment terms:
“The lockdown period has not only affected rent payments, it has also changed how businesses occupy premises. Many companies have switched to homeworking – leaving buildings empty or with just a skeleton staff,”
said Sarah.
“As Managing Agent, Banks Long & Co has been reviewing service charge budgets and contracts to identify if savings can be made or service levels reduced. We have put in place measures to deal with compliance issues – such as fire risk management and legionella monitoring.
“We have contractors on stand-by, ready to carry out deep cleans, in the event of a rare case of Covid-9 in a property, and have been working closely with our approved contractors to deal with reactive repair works – ensuring these can be completed in line with social distancing restrictions.”
Property Management department staff have worked with building insurance providers to ensure insurers’ requirements are met, should a property be temporarily unoccupied.
“We are proud to have taken a proactive approach – irrespective of whether an issue is financial or practical – although it is clear our work in relation to Covid-19 is far from over.
“We look forward to continuing to work closely with our clients and helping them to facilitate the transition of the portfolios under our management as we move through the next six months.”
added Sarah.
If anyone would like further assistance with agreeing and documenting concession terms, or advice in relation to the management of their property, they should contact Sarah Pettefar.