An empty property can cost you over £7,000 a year. Thanks to Government funding, Gateshead Council can help you upgrade your empty property and bring it back into use.
If you have a property that has been empty for more than 6 months, and are uncertain how to manage or upgrade the property yourself, our ‘empty property private leasing scheme’ could be for you.
Through this scheme Gateshead Council would lease your property for a minimum of five years. The property would be managed by The Gateshead Housing Company, and let at an “affordable” rent (80% of Market rent) to people with a housing need.
If your property requires initial improvement, the Council would carry out works, up to an agreed amount, and the costs will be recovered through the rent once the property has been let. Once the refurbishment costs have been recovered, you will then receive rent from the property. The Council will continue to charge reasonable property management and maintenance charges until the end of the lease period.
During the 5 year period you will still be the owner, but you will have minimal management obligations during that time.
At the end of the lease period the improved property returns to your management. You then have the option of letting out the property yourself, selling the property, or you could ask the Council to renew its lease.
- Invest in your property to bring it up to the required lettable standard
- Find suitable tenants
- Deal with the administrative and legal side of the tenancy
- Arrange normal repairs and maintenance.
There are limited funds available for this scheme, and it is managed on a first come first served basis, however, the Council has to ensure that the property is suitable for the scheme in terms of condition, size, and location.