Key aspects of the new code include making it ineligible for the landlord to terminate a tenancy or draw on a tenant’s security should that tenant’s revenue take a hit during the pandemic, as well as reasonable rental waivers and deferrals that are proportionate to the loss in revenue seen by the tenant.
Further, landlords will be expected to pass on any benefits or reductions they are offered, including mortgage freezes, while reduced statutory charges, including land tax or insurance premiums, should also be passed on in appropriate proportion to the tenant.
Rental reductions and waivers should exceed 50 per cent of the total rental amount and be proportionate to the revenue loss of the tenant, and no fees, interest or other charges should be imposed on tenants requiring rental waivers or deferrals, it has been revealed.
Source: Hannah Dowling Momentum Media