The landlord improvement grant
This grant helps you pay for renovation, repairs or improvements to an empty property (or house in multiple occupation) so that you can get it up to standard and rent it out.
You can apply if you:
- own an empty property
- own a house in multiple occupation
- are over 18
- have an owner's interest in the property
- have a duty / power to carry out the works
- want to improve an empty or multiple occupancy property that is over ten years old
- have a property that has ben empty for six months or more
The grant can cover up to 50 per cent of the cost of the work, up to a maximum of £20,000. If you can prove your property has been empty for two years or more then you only need to pay five per cent VAT on any work that you do.
What the grant can be used for
The grant can be used for:
- any necessary repairs and improvements
- providing fire precautions
- modernising facilities, like your bathroom or kitchen
- installing things that improve the energy efficiency of your property
Conditions
You will need to enter into a five year agreement with us. This makes sure that:
- your property will be available at an affordable rent for the five year period
- we can choose the tenants for the five year period
- a local land charge is placed on the property for five years, or until full repayment
There will be an administration fee of 7.5 per cent. This will be included in the grant.
Survey
As part of the grant, we will take a survey of your property. We will then give you a list of the things you can use the grant to pay for. You can only use the grant for the work that we have included on the list.
If you sell your property
If you sell your property within the five-year period, you will have to pay the whole grant back to us.
After five years
After five years, the conditions of the grant will end. You will then have full control of your property again.
Getting the grant
We only have a limited amount of money each year. We deal with all enquiries in date order. If you have already started a project, you cannot apply for a grant.
Make sure you get planning or building regulation approval, if you need it.
For more information, please contact us.
How the landlord improvement loan differs from the grant
It is very similar to the grant – you can use it to pay for the same sort of improvements. We will still carry out a survey to let you know what work the loan will pay for, and you will still have to enter into a five-year agreement with us. But:
- with a landlord improvement loan you can apply for 100 per cent of the cost of any work, up to a maximum loan of £20,000
- you need to repay the loan in full within five years, or sooner if you want to
Remember:
- if you have already started renovation work or improvements, it is unlikely that we will approve your loan application
- you must get planning or building regulation approval, if necessary
For more information, please contact us.