As part of the conditions associated with the Vacant Property Refurbishment Grant, there is a requirement that the applicant(s) will live in the qualifying property for a period of at least five years from the date of payment of the Grant. If at any time they sell the property or it ceases to be their principal private residence within ten years, they must reimburse the local authority an element of the full value of the Grant, as follows:
- Up to 5 Years – 100% of the monetary amount of the Grant
- Over 5 Years and less than or equal to 10 years – 75% of the monetary amount of the Grant
- Over 10 Years – No Clawback
In the event of a fall in the value of the property, the full monetary amount, subject to the percentage clawback above will be repayable to the local authority. An agreement must be concluded between the local authority and the applicant which contains the clawback agreement, including a charge on the property, which shall be binding on the applicant upon drawdown of the grant.
This is not considered a Government equity stake in the property. The charge secures the local authority’s interest in the property.
There has been a very positive uptake of the Grant since its launch in July 2022 and my Department is unaware of any issues with banks which are delaying the drawdown of grants that have been approved.
