As a landlord, dealing with void periods can be one of the most challenging aspects of managing rental properties. Not only does a void period mean a loss of rental income, but it also comes with the added burden of paying business rates on an empty property. However, there is a glimmer of hope for landlords facing void periods in the form of void rates relief.
void rates relief is a scheme that allows landlords to receive a temporary reduction in their business rates bill for empty properties. This relief is designed to help landlords mitigate the financial impact of void periods and encourage property owners to bring empty properties back into use. Understanding how void rates relief works and how to apply for it can help landlords better manage their properties during periods of vacancy.
One of the key things to keep in mind about void rates relief is that it varies depending on the type of property and local authority. Different councils may have different eligibility criteria and rates relief policies, so it’s important to check with your local council to see what options are available to you. Some councils offer a full exemption from business rates for a certain period of time, while others may provide a temporary discount.
In general, most local authorities offer some form of rates relief for empty properties, but the specifics can vary widely. Some councils may offer relief for a set period of time, such as three or six months, while others may provide relief for longer periods depending on the circumstances. Some councils may also provide additional relief for properties that are undergoing renovations or repairs, as long as these works are being carried out with the intention of bringing the property back into use.
To apply for void rates relief, landlords will typically need to provide proof that the property is genuinely empty and not being used for any business purposes. This may include providing evidence of vacant possession, such as a tenancy agreement that has ended or a property that is actively being marketed for rent. Landlords may also need to provide details of any ongoing works or renovations being carried out on the property to show that efforts are being made to bring the property back into use.
It’s important to note that void rates relief is subject to review, and landlords may be required to provide regular updates on the status of the property to continue receiving relief. Failure to comply with the conditions of the relief may result in the relief being revoked, and landlords may be required to pay the full business rates bill for the empty property.
In addition to void rates relief, landlords may also be eligible for other forms of financial support during void periods. Some councils offer discretionary relief for properties that are standing empty due to exceptional circumstances, such as a fire or flood. Landlords may also be able to claim relief if the property is undergoing major structural repairs or if it is being held off the market for specific reasons, such as waiting for planning permission or due to health and safety concerns.
Overall, void rates relief can be a valuable resource for landlords facing void periods, providing much-needed financial assistance during times of vacancy. By understanding how void rates relief works and how to apply for it, landlords can better manage their properties during periods of vacancy and avoid the financial strain of paying full business rates on empty properties. It’s important for landlords to stay informed about the options available to them and to work closely with their local council to ensure they are taking full advantage of any relief schemes that may be available to them.