Whilst we have been in contact with tenants offering advice and guidance throughout the current crisis, we would like to take this opportunity to outline our current position regarding the final rent instalment for the 2019/20 academic year.
Whilst a number of our tenants have returned home during this time, a significant number remain in the city, relying on the accommodation that we provide to allow them to continue with their degrees via online learning.
Government advice was to remain safely in one location, and if you have returned home to continue your studies from that location, this is your choice. We have continued and continue now to provide our services to ensure that the choice was yours to make and to serve those who remain in our homes during this difficult time, and for this reason, we will not be offering rent reductions for the final instalment of your tenancy.
Student Finance England have confirmed that there will be no disruption to loan payments, but if you believe that you will struggle to pay for any reason, please see below: we have measures in place to help.
We have seen announcements from large Purpose Built Student Accommodation (private hall) providers that they are offering discounted rent or cancelling rent payments altogether, however, these are much larger, publicly listed national and international providers who charge rents at 25-50% above Luxury Student Homes’ rates, and whose businesses are worth several billion pounds. We are a small local business and as such, we cannot offer the same gesture.
Luxury Student Homes understand that the current COVID-19 situation may make it difficult for some tenants to pay the final instalment of their rent for 2019/20, due on 1st April 2020.
The Government have outlined measures and packages to assist those in need during this time. The most recent link to government information relating to student loans and tuition fees is available online and many banks have also announced measures to assist their customers at this time.
Whilst we have a business to run, staff to keep in employment and client landlords who have their own financial pressure to deal with at this difficult time, we are keen to help alleviate unexpected financial pressures caused by COVID-19 where we can. We all have our part to play in helping the country to remain operational through this difficult time with as little disruption to life as possible, so we are offering the option of payment plans to certain tenants to help spread costs.
If you would like to make an application to explore a payment plan due to financial hardship, please email info@luxurystudenthomes.co.uk to ask for details.
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