The British Property Federation

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The British Property Federation have commented on the governments announcement on no relief for vacant properties being refurbished (www.costar.co.uk/en/assets/news/2013/September/Government-denies-rates-relief/). It is a missed opportunity to assist landlords and tenants alike in bringing space back in to use. However, the BPF piece misses the point that if landlords did not frustrate tenants in their efforts to get subtenants into a property that would help. Landlords continue to stick to the need to have double covenant on sub-lettings. Not only do they want to keep the existing covenant but they then want to have a good second covenant, even though their risk of default will improve rather than decline. Government legislation to allow subletting outside the Landlord & Tenant Act would greatly help getting new small businesses trading.