6) Generating income from empty property

Empty Homes –utilising wasting resources

1) Introduction

Cara community services offers considerable experience in bringing vacant property back into community usage , reducing `blight` and improving the general environment. It can be a cost quick effective way of creating a sustainable income stream and providing `move-on ` accommodation for any need group.

There are 710,000 empty homes in England and sufficient commercial property to create 420,000 new homes (Empty Homes Statistics 2012). Opportunities abound particularly above shops and with vacant office or factory units suitable for conversion.

2) Finding Vacant property
You may already know of some vacant buildings or derelict site but do not know how your group can benefit from the wasting asset. We can help you achieve your ambition of transforming this redundant resource into a viable income generating socially useful asset. Alternatively you may wish to explore this option further and to find vacant property in any urban or rural area there are several simple steps to take including:-

-Local walkabout identifying abandoned or derelict buildings etc and making enquiries of neighbours or shopkeepers etc
-Contacting local Estate Agents ,looking at Auction Catalogues or specialist websites eg. www.propertytorenovate.com
-Identifying owners via the www.landregisteronline.gov.uk
-Contact the local authority Empty Homes Officer; encourage him to use CPO or debt recovery powers to force sales
-If property is in public ownership a Public Request to Order Disposal (PRTOD) can require Public  Authorities to sell buildings they own.

We also offer considerable experience of direct purchase negotiations or buying at Auction on your behalf.

2) Derelict buildings

Small or large buildings in very poor condition, semi or totally derelict can still be brought back into economic usage and there are several sources including:-

-Look at self build plot sites such as The National Building Plot Register, Property Spy and Plot-browser.
-English Heritage `Buildings at Risk` Register includes Grade 1 & 2 buildings
-Save Britain`s Heritage publish annual catalogue www.savebritainsheritage.org

3) Land Registry

Most property is registered on www.landregistryonline.gov.uk simply complete Form 313 at cost of £4 or contact on 02079178888. If unregistered search the Land Charges Registry Form K15 or phone 01752635600

4) How much does it cost

We can provide a full project management service including surveys up to `turn-key building hand over to your-self as our client. We have an average renovation cost of £15K for empty homes but obviously depends on site, condition, specification or works and timeframe. To establish viability a full assessment is required and consideration made of:
-Economic viability
-The local housing market
-Security of Income
-Legal & building restrictions
-The hassle factor

5) Grants

We can persue all available grants on your behalf. Any proposal should maximise these including:-
-Local Authority Grants or Loans to bring Property back into use
– If listed, in conservation area or of historical importance the Heritage Lottery Fund  or The Countryside Stewardship Scheme
-Energy efficiency grants limited to types and specific usage

6) Mortgages

We can arrange these for you subject to your organisations status. We can advise on your options such as covering the capital (purchase& works ) costs covered by `brown` or `eco` mortgages.

If you require any further information or wish to have a confidential conversation at no cost please contact: Telephone: John Brennan on 01803852270
Email : john@caracommunity.co.uk

Disclaimer
Please note we accept no responsibility for anyone relying upon the above (which is subject to changing circumstances & markets).To do so is entirely at your own risk .The above is simply given as a guide to the process and some of the detail involved. We recommend that readers obtain further professional advice & assistence.