Alton Area regeneration
Leaseholders and freeholders
If you are a resident, or non-resident, leaseholder or freeholder whose property is in one of the affected blocks, the council is willing to purchase your property.
We will purchase the properties of both resident and non-resident homeowners at the market value at any time up to the start of, and during, the regeneration.
We will arrange for a valuation of your property through our agent GL Hearn, and will offer the market value plus the compensation package as set out in the leaseholder and freeholder offer booklet.
The offer states the following conditions:
- A 10% home loss payment (up to a maximum of £53,000)
- Reasonable costs associated with moving home, selling your existing property to the council and purchasing a new home. The replacement property should be purchased within a year of the sale to the council
- A 7.5% home loss payment (up to a maximum of £75,000)
- Reasonable costs associated with the purchase of a new property in the UK. The replacement property should be purchased within a year of the sale to the council
Leaseholders and freeholders should be aware that surveyors must always base valuations on recently completed sales of similar ex-local authority properties, on council estates, in similar condition, of similar age, and in the local area, in order to avoid falsely raising expectations.
By law, no one can be paid less, or more, than market value for their property because disruptive regeneration is going on, or more expensive new homes being built.
Owner-occupiers will be offered a brand new home in a new development on their estate, which, as newly built, will be worth more than their existing, older property. They can transfer what they own of their existing home into the new one, and pay no rent on the rest - this is called shared equity.
For example, an owner-occupier's home is worth £250,000 and they move into a new one the same size but, because it is newly built, it has a market value of £300,000. Shared equity enables the resident leaseholder or freeholder to move into it, but without paying rent on the equity shortfall. Purchasing a greater share, or all of the property, is known as staircasing.
If you are interested in selling your property at an early stage, contact us and we will arrange for your property to be valued.