Nationwide
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Hi All,
I have a question if you avail of the vacant property refurbishment grant, a charge is placed on the property by the local authority. My question is does anyone have experience of switching mortgages with this charge or know if it can be done? There was a similar charge placed on a property for people who availed of the affordable housing scheme who were subsequently not able to switch mortgages as banks would not accept the local authority also having a charge.
Re the vacant grant, 'If the local authority is happy with the work, they will ask you to sign a charge document. The charge document gives the local authority rights over the property as security for the grant. This is to ensure that you meet the requirements of living in the property or renting it out for at least 5 years.
The charge placed on your property lasts for 10 years and is the same as the grant amount you received. The local authority will register this charge against the property with the Land Registry or Registry of Deeds.'
I have a question if you avail of the vacant property refurbishment grant, a charge is placed on the property by the local authority. My question is does anyone have experience of switching mortgages with this charge or know if it can be done? There was a similar charge placed on a property for people who availed of the affordable housing scheme who were subsequently not able to switch mortgages as banks would not accept the local authority also having a charge.
Re the vacant grant, 'If the local authority is happy with the work, they will ask you to sign a charge document. The charge document gives the local authority rights over the property as security for the grant. This is to ensure that you meet the requirements of living in the property or renting it out for at least 5 years.
The charge placed on your property lasts for 10 years and is the same as the grant amount you received. The local authority will register this charge against the property with the Land Registry or Registry of Deeds.'