Renovating an inherited property

Loan Scheme:Empty Property Loan

Location:Tavistock

Partner:West Devon Borough Council

Having inherited a property in the South West which was uninhabitable, Chris and his sister Julie were not having any luck trying to sell up.

They were facing the burden of a long-term empty property and were nearing the time limit for paying extra council tax which was worrying them.

They approached Lendology CIC and organised an initial, no-obligation appointment to discuss the loan scheme and complete a financial assessment. Following the assessment, they sourced quotes from their chosen contractors to renovate the property which totalled £15,000.

We were able to provide a deferred capital repayment loan to enable Chris and Julie to realise the value of their asset and bring an empty property back into use. By deferring repayments, Chris and Julie won’t make any repayments during the first two years which gives them plenty of time to complete the renovation and sell the property.

Before the works were carried out, cash offers for the property were in the region of £105,000. Once the works are complete, the value will increase to £150,000 gaining them an extra £45,000.

When the property sells, they will repay the £15,000 plus any accumulated interest. As interest is calculated daily and there are no early repayment fees, they will only pay interest accumulated up to the day they settle the loan. For instance, if the property sells 12 months after the loan is paid, the total amount Chris and Julie will repay is £15,620. If the property sells 24 months after the loan is paid, the total amount they will repay is £16,244.

For more information about our Empty Property Loans, click here. For an informal chat with one of our expert loans advisers about your empty property and how we may be able to help, contact us today on 01823 461099, email loans@lendology.org.uk or complete our online contact form.

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