In answering this question, it is useful first to appreciate the timespan of a project such as the redevelopment of Cressingham Gardens. The estimated timeline for initial activities would be:
Now to Summer 2016 Procure development management team
Autumn 2016 to Summer 2017 Masterplanning planning
Autumn 2017 Secure planning permission
Autumn 2017 Make a Compulsory Purchase Order (if required)
Summer 2018 First construction work
Autumn 2019 Earliest that first homes are completed
Throughout this time period, the Council will negotiate with homeowners in terms of either acquisition of their properties or entering into agreement for an equity swap. Looking at the above indicative programme, there are at least three years before the first equity swaps can be progressed. There is therefore considerable time for discussion with homeowners concerning their situation and to assist them to understand their circumstances and assist them with regard to mortgages.
An Independent Resident Advisor is already in place to assist homeowners with questions regarding their circumstances. He can provide limited advice on legal questions.
The Council is acutely aware of homeowners concerns regarding mortgages and intends to work with homeowners to allay these concerns, to help them prepare for a future move and where necessary to help them work with their lenders to enable them to transfer their mortgages. In the first instance, the Council has recently released information to homeowners on current and future indicative property values. With this information, the Council also provided access for residents to a selection of independent mortgage advisers, who can help residents understand their personal circumstances.
 Development management team: This is a team of architects and other specialists who will work in consultation with local residents to design the the new estates via the masterplanning process.
 Masterplanning: This is the process by which the design of a new estate will be development in consultation with local residents.
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