Issue - meetings
Provision of an Empty Property Lending Scheme
Meeting: 19/03/2025 - Council (Item 8.)
8. Provision of an Empty Property Lending Scheme 
PDF 76 KB
Purpose
To consider a loan provider for owners of long-term empty properties who need financial support to bring their properties back into use.
Recommendation
Subject to the resolutions of the Executive on 12 March 2025, Council is recommended to:
1. Approve a capital investment of £300,000 to create a lending pot.
2. Approve an initial set up fee of £30,125.
Additional documents:
Meeting: 12/03/2025 - Executive (Item 311)
311 Provision of an Empty Property Lending Scheme PDF 75 KB
Purpose
To consider a loan provider for owners of long-term empty properties who need financial support to bring their properties back into use.
Recommendations
That the Executive resolves to:
1. Agree to partner with Lendology for the administration of loans subject to legal agreements being implemented for an initial period of one year.
2. Agree that loans are for the sole purpose of bringing empty properties back into use.
3. Delegate authority to the Director of Finance to approve the level at which interest is to be set on a loan repayment.
That the Executive resolves to recommend to Full Council to:
4. Approve a capital investment of £300,000 to create a lending pot.
5. Approve an initial set up fee of £30,125.
Additional documents:
Minutes:
Councillor Alaric Smith, Executive Member for Finance, introduced the item. The purpose of the item was to consider a loan provider for owners of long-term empty properties who needed financial support to bring their properties back into use. Councillor Smith noted that at the end of March 2024, 1,128 properties were registered as long-term empty. Councillor Smith stated that empty properties were a wasted resource and a source of complaints. The Scheme encouraged owners of such properties to carry out essential works to bring these properties back into use. Lendology would provide loans to owners to enable such works to be carried out. Lendology would manage the scheme on behalf of the Council. The Council would set the interest rates for the duration.
Councillor Hugo Ashton, Executive Member for Planning, noted that in the context of the Council’s planning targets it was important that existing stock was brought back into use.
Councillor Alaric Smith, Executive Member for Finance, proposed accepting the recommendations of the report.
Councillor Geoff Saul, Executive Member for Housing and Social Care, seconded the recommendations.
RESOLVED:
That the Executive:
1. Agree to partner with Lendology for the administration of loans subject to legal agreements being implemented for an initial period of one year.
2. Agree that loans are for the sole purpose of bringing empty properties back into use.
3. Delegate authority to the Director of Finance to approve the level at which interest is to be set on a loan repayment.
That the Executive recommend to Full Council to:
4. Approve a capital investment of £300,000 to create a lending pot.
5. Approve an initial set up fee of £30,125.