Increasingly over the last year more and more people have been looking to benefit from an Empty Homes Grant. This is a Local Authority grant available where buyers who are purchasing properties which have been vacant for 6 months or more can received a £5000 grant provided that the property is occupied within 3 months of completion.
The scheme is designed to tackle two growing problems in the UK; a housing shortage and an increasing number of empty properties (approximately 1 million according to some surveys). The main rationale behind the scheme is to make properties which require works to be carried out accessible to the First Time buyer market who previously would have been reluctant to incur further expenditure and are traditionally are more attracted to the New Build market.
The aim is to increase the supply of affordable housing specifically in more urban areas and try to reduce the necessity of continuous building to meet housing demand.
The scheme also provides funding for investors looking to purchase empty homes as well although this takes the form of an interest free loan up to £15,000.
If you require any further assistance with regards to the conveyancing process, then please contact a member of our property team who will be more than happy to help.