A Comprehensive Guide to Navigating the Current Financial Climate for Landlords and Tenants
Navigating the Current Financial Climate for Landlords & Tenants
A Win-Win Solution
In the rapidly shifting economic landscape, landlords, letting agents, and tenants alike are grappling with the challenges of the current financial climate. The UK is experiencing one of the worst periods of inflation in over a century, and mortgage rates are on an unrelenting upward trajectory. As a landlord or letting agent, you may be considering increasing rents to keep pace with these rising costs. However, this approach can lead to pitfalls, such as arrears and eviction proceedings, due to tenants' inability to meet increased costs.
The Impact of the Tenant Fees Act of 2019
The Tenant Fees Act of 2019 has significantly impacted many landlords and letting agents' bottom line. While this legislation was designed to protect tenants, it has also placed additional financial constraints on landlords and letting agents, further complicating the current situation.
The Solution: Aurora Assist
At Aurora Assist, we understand these challenges and offer a solution. We believe in proactive measures to prevent eviction situations. Given the current financial climate, we are reaching out to landlords and letting agents to act as an intermediary between their tenants and local councils to help their tenants access the Discretionary Housing Fund (DHF).
What is the Discretionary Housing Fund (DHF)?
The DHF is a fund maintained by local councils in England to provide additional financial assistance to individuals who are already receiving Housing Benefit or the housing costs element of Universal Credit but need extra help with housing costs. This is not a benefit payment, but a discretionary payment made by the council. It acts as a top-up to rent when tenants find themselves in financial hardship.
How Can Aurora Assist Help?
We understand that councils can sometimes be reluctant to engage about the DHF. This is where Aurora Assist, can step in. With our experience and expertise, we can effectively liaise with local councils on your behalf, ensuring that your tenants have the best possible chance of accessing the support they need.
By helping your tenants access the DHF, you can ensure a steady rental income whilst also supporting your tenants during these challenging times. It's a win-win situation: your tenants can continue to afford their homes, and you can maintain your rental income without the stress and cost of eviction proceedings.
At Aurora Assist we are committed to creating solutions that benefit everyone involved. If you're interested in learning more about how we can help you and your tenants navigate this difficult financial climate, please don't hesitate to get in touch!