I started up a business in a commercial property that I own. Could not get a tenant. So I started up myself and try to keep the loan paid. I had truthfully told the Local authority every year that the property was vacant. Each year they send me a rates demand for 36K in rates.
Now that I have started a business they have been on looking for their 36K. Problem is the RV bears no relation to the actual economy in a remote rural place. A rates specialist told me they cannot revise the RV downwards.
My problem is that I will make about 15K this year. All that goes to bank loan.
Does anyone out there know how to play this one ? My fear is that rates arrears will mount faster than any loan goes down. Do rates arrears attach to a property on a sale ?
Now that I have started a business they have been on looking for their 36K. Problem is the RV bears no relation to the actual economy in a remote rural place. A rates specialist told me they cannot revise the RV downwards.
My problem is that I will make about 15K this year. All that goes to bank loan.
Does anyone out there know how to play this one ? My fear is that rates arrears will mount faster than any loan goes down. Do rates arrears attach to a property on a sale ?