Private sector leasing schemes – available
through Cornwall Housing Ltd and
Chapter 1 to property owners who want
to make their property available for rent
(providing a guaranteed rental income
and repair of any damage and removing
the task of managing the property and
tenants);
Repair and Lease scheme – funding
available through Chapter 1 for empty
properties which require works before
being available for rent. This is subject
to a lease agreement with Chapter 1 in
return for funding towards the cost of
refurbishment works, the funding to be
recovered through the rental income;
Stepping Stones to Homes scheme –
available through Cornwall Housing
Ltd, this scheme involves working with
private sector landlords by placing
tenants in properties and providing
support from a housing officer (the
scheme includes a guaranteed deposit
bond, and other rent benefits);
VAT reduction - if your property has
been empty for two years or more, you
may be entitled to a reduction from
20% to 5% on the cost of renovation or
refurbishment works (or a refund if over
ten years); and
Other loans – available through the
National Empty Homes Loan Fund.
Further information
and how to apply
For further information and a loan application
pack, or for details about other help available,
please contact us. We will be happy to
arrange an appointment to meet with you
to discuss your particular circumstances and
specific requirements.
Empty
property loan
Competitive finance to help
bring empty properties back
into habitable use
Empty Homes
Cornwall Council
Room 8
39 Penwinnick Road
St Austell
Cornwall
PL25 5DR
Telephone: 01726 223564
Email: [email protected]
You are advised to seek independent legal
and financial advice before committing
to a loan. Your property is at risk if you
default on repayment.
If you would like this information in
another format or language please
contact:
Cornwall Council, County Hall
Treyew Road, Truro TR1 3AY
Telephone: 0300 1234 100
Email: [email protected]
www.cornwall.gov.uk
www.cornwall.gov.uk
Printed on recycled paper. JN 31794 Oct 2012
Bringing empty properties
back into habitable
use is one of our major
objectives.
The issue of empty properties and the wasted
resource they represent is the subject of
increased national and local awareness and
action.
Our empty property strategy includes a range
of initiatives aimed at addressing the issue,
including encouraging advice, access to leasing
schemes and financial assistance, and in some
cases formal enforcement action (usually as a
last resort, for example through the enforced
sale or compulsory purchase of properties,
where other options have failed).
Many empty properties are likely to be difficult
to mortgage through conventional lenders,
and it is our aim to provide assistance in those
circumstances.
This leaflet provides information about our
empty property loan, along with a summary of
other help available.
Key features
Up to £20,000 available per eligible unit
of accommodation (up to a maximum of
£140,000 per application):
Loan available for necessary repairs and
renovation to bring the property up to
habitable standard and make it saleable;
Loan available for single properties or
to convert a large under-used property
into a number of separate units of
accommodation;
Eligible works include not just repair and
renovation, but also any other works
necessary to make the accommodation
habitable and attractive to potential buyers
(for example house/garden clearance,
painting and decorating, and carpeting);
Competitive interest rate (interest is only
paid for the time the loan is in place, so the
sooner you repay the loan, the less interest
you pay); and
Loan potentially available to applicants who
are unable to obtain finance elsewhere.
Conditions
To be eligible for a loan, the property must
have been empty for at least 12 months;
Loan subject to a fee, to cover administration
and legal costs (and if the property is not
registered, its valuation and registration);
Loan paid in instalments, linked to staged
completion of agreed works;
Loan offered subject to a legal charge
being secured against the property;
Property required to be placed on the
market within 12 weeks of the prearranged date for completion of works;
Loan to be repaid when the property is sold
or, if it fails to sell, within two years from the
pre-arranged date for completion of the
works; and
Option for early repayment of loan, in full
(including associated fees), as an alternative
to the sale of the property.
Other help available
We have access to and can advise about a
range of other available assistance to help
bring empty properties back into habitable
use, including:
Free pre-application planning advice available at our discretion to empty property
owners who are working with the Council
to bring their property back into habitable
use (to help find out whether planning
permission is required for any proposed
works, and also if the property has greater
potential, for example conversion into flats);