[UPDATED 13/05] FAQs: What impact does the Coronavirus have on Commercial investments?

UPDATE 13/05/20:

Thank you all – our doors are open again!

Through the efforts of you – our courageous keyworkers and community – we can safely welcome you back!

The government has announced today (Wednesday 13th May) that Estate Agents can open; viewings are permitted; show homes can open; removal companies and the other essential parts of the sales and letting process are re-started with immediate effect.

Full details can be found here.
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Our plan is to enable people and businesses to move home safely, in line with the social distancing advice – health and safety is paramount!

Following government guidelines, we are once again able to organise expert valuations and personal viewings, as well as offering these services virtually.

If you wish to discuss any property questions with us or find out more about moving safely, please call us.


 

We understand these are exceptional times and circumstances, so we want to provide you with reassurance and guidance on how the Coronavirus (COVID-19) is affecting our Commercial service and those with commercial investments.

This handy guide has been put together by our Commercial team and is based on the most popular questions we are currently asked.

Q: Are viewings still going ahead?

A: Viewings in person can now be organised where safety can be guaranteed in accordance with social distancing guidance. We are still offering virtual viewings and appraisals via WhatsApp, Facebook, and Skype, so please contact us to discuss your options.

We are encouraging people to view our properties online or to contact us and request further details. Our team are working at a limited, safe capacity in our offices, and remotely, so are still available to answer any questions and offer advice. We are constantly monitoring Government guidelines and will update you accordingly.

Q: I need to move / close my business – what process do I follow?

A: We can assure you that any commercial tenants who cannot pay their rent due to Coronavirus will be protected from eviction; these measures will mean no business will be forced out of their premises if they miss a payment within the next 3 months.

We are advising businesses and landlords to have conversations between themselves with the aim to reach voluntary arrangements. If you own property and need to sell your building, then we ask you contact us to discuss the current process.

Q: What protection is there if I cannot pay my rent for my commercial property?

A: Within the government’s Coronavirus Act 2020, tenants will be protected from eviction as Section 28 bans the forfeiture of commercial leases from 25th March to 30th June 2020 (or longer if the government deems necessary) for non-payment of rent.

We are advising businesses and landlords to have conversations between themselves with the aim to reach voluntary arrangements. If you own property and need to sell your building, then please do contact us to discuss the current process and options.

Q: Is now a good time to invest in property?

A: Once this period has passed, we are expecting to see many eager and hungry buyers. The evidence from Asia suggests that their outbreak has been followed by a positive, “rapid rebound in confidence and activity post-crisis”[1].

Now that Estate Agents are able to open their doors again, it is entirely possible to resume your commercial property move under safe conditions. With our precautions in place and the industry able to operate across all sectors, we believe it is a very good time to buy.


We are still open for business

We’re still here to help you with any property needs and/or questions you have; and now, we can organise safe meetings in person alongside our virtual viewings, and talk over the phone. If you’d like to speak with one of our friendly Commercial team, please call us on 01903 201 212.

Stay alert and stay safe.

 

[1] Source: Irish Times


Content accurate at time of publishing.

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