Chancellor warms Landlords hearts!
You might have been forgiven for thinking it was April the 1st last Wednesday when the Chancellor took to the House of Commons to announce his summer statement. Full of generous incentives to aid businesses and employers, as well as grants for this, that and the other.
Despite the ever expanding lockdown waistline, my ears pricked up at the announcement that dining out could cost 50% less in August, in addition to the saving in VAT! Result.
Whilst salivating on this piece of information, I was also rather interested to hear that the Government intend to bring in a Green Home Grant which will be available to both those that own their own home, and Landlords. There have been similar schemes over the years to encourage Landlords in particular to improve the energy efficency of their properties. (See our previous blogs about Mimimum Energy Efficiency Standards).
At the time of writing the nitty gritty has yet to be published. Essentially though the grants will cover two thirds of the cost of improvements, up to £5000. A full list of the allowable works will form part of the detail yet to be published, but is expected to include loft, wall and floor insulation, double glazing, low energy lighting and energy efficient doors. Potentially new boilers could be included if they are eco-friendly which probably therefore exludes gas or oil fired boilers.
So, if you install insulation at a cost of £3000, you would pay £1000 with the Government funding the remaining £2000.
The scheme is due to launch in September and you will be able to apply online. Given that the Minimum Energy Efficiency Standards are likely to be raised to D by 2025 and C by 2030 this is likely to be welcomed by Landlords who can use the scheme to meet those targets.
We’ll keep an eye out for more information once it is announced and if you are currently a Fully Managed Landlord client of ours we will keep you updated.
Please note the date this article was published as the law may have changed since it was posted. You should always seek independent legal advice if you are intending to rely on any of the contents.All resources & news