A new rent payment plan tool has been launched for landlords and tenants to agree a rent payment plan for arrears accrued due to the coronavirus pandemic.
The new online portal, Resolve by flatfair, gives landlords a tool to assist them in obtaining proof of hardship, provide a date stamped correspondence, and help them to agree on a clear plan which the tenant has to stick to.
Any landlord, not just those who use flatfair’s deposit alternative product, can sign up for Resolve free of charge, helping to mediate fairly with their tenants before any kind of eviction proceedings can move forward post coronavirus.
Landlords who mediate with their tenants before any serious issues arise, will be in a much stronger position in the coming months.
A landlord who has or expects properties to fall into rent arrears can request their tenant upload proof of financial distress, such as a redundancy letter, onto Resolve. The landlord can then review these documents before proposing a payment plan over the portal which the tenant can accept or reject.
Once the payment plan is agreed, both parties sign the plan electronically on the platform. Tenants can also flag for free to their landlord that they are in financial distress by using the platform; however, only landlords can propose rental payment plans.
By recording and documenting everything online for the landlord and tenant regarding the reaching of an agreement for a payment plan, Resolve will give both landlords and tenants a centralised and independent record of their agreement.
Franz Doerr, founder and CEO of flatfair, commented: “As the disruption caused by Covid-19 started to mount across the rental sector, we knew we had to build something that would help landlords not get left behind. I’m delighted that we are able to launch less than two months after we started, which is a credit to the entire flatfair team’s hard work.
“This is a very uncertain time for landlords, most of whom work extremely hard to provide a good home to their tenants, and now see their livelihood put at risk.
“Resolve will give landlords certainty that they can simply arrange a rental payment plan online with their tenants and electronically sign a legally binding agreement with everything clearly documented.”