Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I let my property in 2007 for £700 pcm (mates rates).
I didn’t bother to update the rental agreement and only raised rent by £75 in 7 years.
When my tenant left due to a flood three months ago the loss of rent insurance kicked in at £700 pcm, even though I eventually rented for £995 which is the true market rental value.
My question is; what is the insurance company liable to pay, is it the £995 market rental value or what my mate was paying at 2007 mates rates?
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