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Commercial Property Services

Following the aftermath of the 2007 flooding, the government called for the insurance industry to step up with regard to future flooding cover. Since then the UK has witnessed many more major incidents, most recently in December 2015 and into 2016, which the tabloids estimate will cost the UK around £5-6billion.

Flood Re is a not-for-profit fund that was established in 2011 as a collaboration between the government and the Insurance industry, to provide affordable cover for the worst 1-2% of those living in areas at high flood risk. It has been confirmed that the scheme will go live in April 2016.

Brendan McCafferty, CEO of Flood Re said: "The impact of Storms Desmond, Eva and Frank have been devastating and I express my sympathy for those who've had their homes flooded.

I want to reassure homeowners that Flood Re is on track to start accepting policies from insurers in April. This will give people access to more affordable flood insurance ensuring that the insurance safety net continues to be in place for the future, even if your property is at a high risk of flooding."

This new scheme is a replacement for the Flood Insurance Statement of Principles, introduced in 2000, which was only ever intended to be a temporary measure and has now become unsustainable.

Flood Re will be in place for 25 years and is designed to promote the availability and affordability of flood insurance. It will be funded by a levy on all home insurers (an average of £10.50 a year), regardless of whether they live in flood-prone areas. To those who query having to pay the levy, the ABI (Association of British Insurers) has pointed out that there has always been

some subsidy between low and high flood-risk policyholders, adding that many people are still at risk from flooding even if they do not live near a river or the sea. It is estimated that over that time around 350,000 homes may benefit as a result of the scheme.

To be eligible for the scheme, the property must be covered under private household insurance. Also, the property must have been built before 1st January 2009, which is hoped will be a disincentive to the building of more houses in areas of high flood risk. Flood Re will not include businesses so will not resolve any issues involving commercial property. This means that the whole commercial sector, including residential letting properties, falls outside the Flood Re remit.

It has been said that Flood Re should cover every flooding situation up to what is described as 'a one in 200-year event'. This would be the equivalent of a flood six times greater than the ones that hit the UK in 2007, which has been described by the Association of British Insurers (ABI ) as "very unlikely".

It remains to be seen whether the release of capital that would normally be reserved for catastrophic flood events, will translate into a more flexible underwriting approach in the commercial property sector.

For further information on our Property Insurance services contact Morag Keohane on 01474 537733 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

morag keohane 8004 SQU 1

Morag Keohane

Chartered surveyors Caxtons is delighted that they have again beaten the clock and let a flat within 24-hours of it going onto the market.

Amelia Singer Caxtons' Residential Lettings Manager took on a two-bedroom apartment in Rotherhithe with excellent transport links and good views over the River Thames to Canary Wharf.

Amelia viewed the property then went back to her office and prepared the property details, ensuring they were uploaded to the Caxtons' website and property portal Rightmove. As soon as the details went 'live' she received an enquiry about the property and responded immediately. She arranged a viewing, convenient to the current tenant, for later that day.

She met the professional couple who had sent the email enquiry and showed them around the property. They loved the flat and agreed on the spot that, subject to successful referencing, they wanted to rent the property. With the paperwork done, a date has now been set for them to move in in the New Year.

The rent achieved on this ideally positioned property was £1675 per calendar month. However, the speed of let was

due in no small measure to Amelia's willingness to go that extra mile and to make herself available at a time that was convenient to both the landlord and applicants.


While this Lawrence Wharf, Rotherhithe apartment had everything going for it - including ideal location, excellent transport links, stunning views, modern and clean with a high specification throughout - it was never going to be on the market for a protracted period. However, it was still a delight for the landlord to discover how quickly it had been let and that there would be no expensive void period to worry about.

Amelia  Singer Singer Amelia

Amelia Singer

Caxtons has introduced a 'delayed payment' scheme for their student tenants in relation to accommodation deposits on tenancies commencing on 1st July 2016.

Duncan Reeves, Associate Director and Head of Residential & Student Lettings, Canterbury said "As demands on students' finances grow, we realise that when making advance payments for their coming year's accommodation with administration fees and deposits is a real stretch for many.

"With that in mind we decided to introduce a delayed deposit payment scheme for students whose tenancies commence on 1st July 2016.

Students will have until 1st June 2016 to find and pay for the deposit for their accommodation, which we hope will really ease their financial burden – if only a little bit."

Terms and conditions do apply and are shown on the pdf below.

pdf Student Lettings T&Cs

For further information contact Caxtons Student Lettings on 01227 788088 and speak to one of the team.

Duncan Reeves