Paying the rent

Why do landlords own property?  It doesn’t take much thought – they expect to be paid rent, and if they don’t get paid on time then they’re going to do something about it.  We all have financial pressures and cashflow difficulties from time to time, and you might put off paying a supplier for a while.  If you put off paying the landlord, though, you’re picking the wrong fight.

There’s lots of things landlords can do when the tenant doesn’t pay the rent, but the top of the list is just changing the locks.  That can be done without any warning, when the rent’s overdue – you simply turn up in the morning to open up, and find that you’re locked out.  That’s an end of your lease.

You can get the right to be put back in possession, and get the lease reinstated, but you’ll have to go to court, and pay all the rent, plus interest, plus the landlord’s legal fees, and it will take a while.  Meanwhile, you’re out of your premises, and your business is suffering badly.

So if you can see that you’re going to struggle to pay the rent, the worst thing you can do is put your head in the sand and hope the problem will go away.  Many landlords will be prepared to grant concessions to help tenants get through a bad patch, and the fact you’ve been upfront about the problem will be appreciated.

Author: Mark Shelton