Repaying your grant
For grants over £5,000 and up to £15,000 the sum over the £5,000 will be repayable on sale or transfer of the property within a ten year period from completion. However, there will be a maximum repayment, currently set at £10,000.
The repayable amount will be entered as a Local Land Charge at the Council and will appear on the searches carried out by Solicitors/Conveyancers prior to a sale/transfer.
For example a grant of £7,000 will have a repayment sum of £2,000 or a grant of £18,000 will have a repayment of £10,000 as this has been set as the upper limit.
There will not be a a requirement to repay any amounts until such time as the property is sold (or transferred to someone other than your spouse or partner), when the full amount will need to repaid to the Council.
No annual interest will be charged.