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Business Rate relief for Landlords affected by the floods?

Tuesday, March 4, 2014 Posted in: Landlords

The flooding in the UK has had a devastating impact on many properties throughout the country.

For many landlords, this has significantly affected their livelihood. Due to this, the NLA is keen to encourage the Government to widen its offer of 100 per cent Business Rate relief for those affected by the recent devastation caused by UK floods to private residential landlords.

NLA Chief Executive Officer Richard Lambert said: "A huge number of homeowners and business have been affected by floods and it will take a substantial amount of time and expense for anyone to return their properties to use, let alone get their business back on track.

"Landlords’ properties are their business. If flooding makes them uninhabitable, they will face loss of income on top of the costs of repair and renovation. 

"In many areas, they may also face having to pay Council Tax as well, as councils have dropped the discounts and exemptions which used to apply to unoccupied property. The NLA is asking the Government to extend its assistance to all those hit by these devastating floods by providing a period of exemption from Council Tax.

"Many landlords are also quite rightly anxious at present after it emerged that their properties could be excluded from flood relief insurance measures included in the Water Bill. If this oversight is not corrected before the Bill becomes law landlords in areas already suffering the effects of flood damage are likely to find their businesses destroyed and mortgages invalidated by the lack of insurance cover, leading to repossessions, empty homes and blighted communities." 

As you may know, Oxford has been seriously affected by flooding over the past couple of months. Over 40 roads in and around Oxford have been recently closed.

Managing over 350 properties in Oxford inevitably College and County were apprehensive as the rains kept falling through February. Our proactive approach to property management meant that landlords with properties in flood prone areas were given regular updates as the water levels rose and the correct precautions were taken where necessary to minimise/ avoid damage.

Has the flooding affected your business? Have your tenants had to vacate a property due to the floods, and how have you dealt with the situation?

Do let us know how you have been affected. Comment below.

For more information: www.lettingagenttoday.co.uk/index.php/384-flood-misery-landlords-need-council-tax-help

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