Here are some of the benefits of property guardianship:
- it can help keep a property ‘lived in’ and secure
- if you have guardians living in your empty home it means you could pay less council tax and insurance
- guardians living in a property can spot things that have gone wrong so they can be dealt with quickly
- guardians are NOT tenants, instead the property guardianship company grants a guardian a licence to occupy a unit
Who are the property guardians
Guardians are strictly vetted and are usually people who need flexible and affordable accommodation such as:
- key workers
- mature and postgraduate students
- people saving a deposit to buy a house
- people ‘trying out’ living in an area before they buy
- people who need accommodation for career purposes like nurses and engineers
- potential income stream
- some property guardian companies offer to invest in making properties habitable to help owners re-sell or let
How does it work
When an owner is interested, the property guardian company usually arranges a visit to see if the property is suitable. In some cases they may pay for and carry out repairs if needed. Usually the owner grants the property guardian company a Property Protection Agreement for the premises.
The owner and property guardian company usually have the right to enter the property at all times. There may be no set period of contract, for example just 31 days’ notice for hand back.
Property guardianship doesn’t appeal to all empty home owners as there are not big financial benefits but it could appeal to those with a ‘social conscience’ and for those whose properties take a long time to sell.
There is no overall regulatory body at the moment for property guardianship, so the decision on which company to choose (as an owner or guardian) will be down to your careful research.
Please use the following links to external companies as a starting point for your own research. We found these companies during online research in February 2016. This could help you decide the best way to bring your empty home back into use. As the council we can't recommend any one company.