If you’re a resident homeowner who is thinking about moving away from the estate, a valuation agreed by an independent RICS registered valuer at the time you are looking to sell is valid for 6 months. If you decide to sell, you will receive the value of your home plus an additional 10% home loss payment (capped at £58,000).
If you’re a resident homeowner who wants to stay on the estate, you can swap to a newly built home. The council is planning to carry out valuations either shortly after the planning process or shortly before people would need to move. Valuations of existing and new homes will be done at the same time to ensure that resident homeowners don’t lose out financially if house prices move up or down.
All valuations of existing homes will be done as if no regeneration is taking place, so that the value is not changed by the regeneration proposals. The valuation will be based on historic and current sales and purchases on the estate and with reference to the surrounding area. The valuation would also take account of whether the home is leasehold or freehold.
Resident homeowners will be able to get their own independent valuation advice and the council will repay reasonable valuation costs. As with any other home transaction, homeowners will also be able to employ their own solicitor for the transaction. The council will also repay reasonable solicitors costs.
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