Coronavirus (COVID-19): Relief for Commercial Rent Payments – government help to be announced shortly
In what will come as welcome news to many commercial tenants, the Government has announced that the Coronavirus Bill, which is expected to be passed today, will protect commercial tenants from eviction if they are unable to pay their rent over the next 3 months.
Following the Prime Minister’s announcement this week of further measures to keep people at home, the Government has publicised on the gov.uk website that measures “included in the emergency Coronavirus Bill currently going through Parliament, will mean no business will be forced out of their premises if they miss a payment in the next 3 months.”
These measures are part of a package of unprecedented protections being afforded to businesses by the Government, and as many commercial leases require quarterly payments with payments being due on 25th March, this announcement is particularly timely.
Many of our clients have already been engaging in proactive discussions with their tenants and landlords to reach voluntary arrangements and the Government has voiced its approval of these efforts. As the liability to pay rent will remain, it is important for tenants and landlords to reach agreements in advance for payment deferrals and suspensions to avoid costly disputes and forfeitures in the future. At Thursfields we are ready to assist tenants and landlords with these conversations. If you would like to discuss your commercial property matter with a member of our team, please initially contact me at firstname.lastname@example.org or on 01905 677042