Housing grants and loans

Purpose

To improve and bring back into use vacant properties/dwellings within the borough.

Eligiblility

You will be eligible to apply if you have an owner's interest in a property/dwelling which has been vacant for one year.  An owner's interest for these purposes is one which:

• is held by the applicant alone or jointly with others and
• is either an estate in fee simple absolute in possession or a term of years absolute of which not less than five years remain unexpired at the date of application

The works needed to bring the property up to the decent homes standard or to provide new dwellings by the conversion of an existing building.  The vacant property loan will cover the cost of eligible works, administration costs and related professional fees.  The maximum vacant property loan is £20,000 per dwelling unit.

Conditions

The following conditions will apply:

• On completion of the works the property must reach the decent home standard
• A vacant property loan will only be given once to an owner/applicant in respect of the property subject to the loan
• The loan will become a legal charge on the property
• A vacant property loan will only be given, subject to the council's discretion, if there is sufficient equity to secure the loan
• The loan will become repayable on the sale of the property, subject to the loan
• The loan will become repayable on death of the applicant, or in the case of a company, when the company ceases to exist for whatever reason
• The loan will become repayable if the property, subject to the loan, ceases to be occupied for a period of six months or more by the owner/applicant, a member of the applicant's family as defined by Section 113 Housing Act 1985, or tenant under an assured shorthold tenancy agreement

Note: The discretionary nature of the loan will be considered in light of any Housing Act or other enforcement action that has been instigated or is planned in relation to the property.