The Waking Watch Replacement Fund has only just recently been launched and this has led to lots of questions. Building owners and leaseholders alike what to know more about the funding and how it can help them. One question we have been commonly asked is how much money is available from the waking watch replacement fund. So, in this blog post, that’s the question that we will be answering.
How much money is available?
So, as of 27th January the UK Government opened the Waking Watch Replacement Fund for funding applications. A funding pot of £27 million was opened.
This can be used to cover all reasonable costs for the installation of a common fire alarm system in eligible buildings. Leaseholders and building owners must complete an application for the funding, for a building that meets the waking watch replacement fund eligibility criteria. This needs to be provided with all the required evidence to prove that the installation is ready to proceed as soon as the funding is approved. If you need help with your application for this funding, call our team. We are extremely experienced in this area. We will be only too happy to help you complete your Waking Watch Replacement Fund application.
The funding pot holds £27 million. However, the intention of the Waking Watch Replacement Fund is to allocate funds on a first come, first serve basis. This will continue until the £27 million fund is exhausted or the application period closes. It is essential that you act quickly if this is something of interest. When the funding pot is empty, the funding will no longer be available for your building.
According to the Secretary of State, it is expected that the funding will deliver value for money in respect of the installation of fire alarms. While it is noted that every building is different, that will impact on the fire alarm requirements. In turn, the fire alarm costs too.
Fire alarm installation costs that are over £1,500 per dwelling will require additional scrutiny. These projects may also require additional evidence from the applicant to confirm that the costs are both reasonable and necessary. Again, this is something that our team can help you with on your funding application if this is the case for your property. This may be down to something such as the complexity of the building for example.
How much money is available with the Waking Watch Replacement Fund? £27 million. But that is only until the money runs out.