Ealing Council have appointed Acton Gardens LLP to re-develop the South Acton Estate. All leaseholders will be affected by the regeneration of the area and the leasehold interest of the properties will in time be transferred to L&Q.
To allow the regeneration to continue the Council will start the buy-back process of homes owned by Leaseholders and Freeholders approximately 18 months ahead of the demolition of each block.
All leaseholders will be compensated as a result of the regeneration and have multiple options available. Please see frequently asked questions below and the leaseholder and freeholder guide for greater detail on the process. The below questions will be regularly updated:
Who will contact me when the buyback process begins?
Ealing Council will contact you to organise for your home to be valued by the independent qualified surveyor. You are also entitled to instruct a surveyor if you would like a second opinion.
What options are available to me as a Leaseholder?
Option 1: Buy Out
The Council will buy back your current property and you will receive the homeloss and disturbance payments. You can then make your own arrangements to find new accommodation.
Option 2: Shared Equity Ownership
You are eligible for this option if you bought your property before 24 March 2011 and have lived at the property for at least 12 months before entering into the buy back agreement with Ealing Council.
With shared ownership you invest the full value of your current home into a new home built by Acton Gardens in South Acton. As the value of the new homes may be greater than your current value, L&Q will retain the equity difference where no additional rent will be paid on the amount invested by L&Q.
What compensation will I receive?
In addition to the buyback value you will be eligible to homeloss and disturbance payments. The homeloss payment is set at 10% (for resident leaseholders and freeholders) of the market value of your home. The disturbance payment will pay for other reasonable costs that have been incurred when moving home such as connection fees, legal fees and removal costs etc.
Who can I contact with further questions?
PEP provides a free and independent advice on the regeneration project at South Acton. The contact for the regeneration is Keith Mann who you can contact as follows:
• Call freephone advice line on 0800 374864.
• Emailing Keith via the PEP website following links on the home page to South Acton.
What will happen when it’s my time to move?
The council will arrange for an independent qualified surveyor to value you property at the current market value. If you would like to choose your own surveyor, you may do so, providing they are registered with the Royal Institute of Chartered Surveyors.
Any costs involved in the survey of your home and moving will be reimbursed by the council. All leaseholders/freeholders will also receive a 10% home loss payment, up to the sum of £47,000.
As resident leaseholders/freeholders, there are a two options available to you: open market purchase and Shared Equity Ownership.
Shared Equity - What size property can I apply to buy?
You can apply to purchase a new property with the same number of bedrooms as you currently own. If you are currently over occupying you may be eligible to apply for a smaller flat.
Shared Equity - Will I be able to choose my new property?
If you decide to stay on the new development, you will have the opportunity to choose the property that best suits your needs within the building allocated to the Shared Equity Ownership leaseholders in your phase. As an existing resident leaseholder or freeholder you will be given priority and will have the first choice
Shared Equity - Can I get my own valuation on the properties that are for sale on the new development?
Acton Gardens will arrange for the new properties to be valued by an RICS valuation surveyor and the valuation figure is not negotiable.
Shared Equity - When does the Shared Equity offer expire?
After the RICs valuations for the new homes will be sent to you, we will ask you to confirm your interest by submitting a reservation form within four weeks. This includes a reservation fee of £1,000 which will be used towards the deposit payable by the tenant upon exchange of contracts.
Shared Equity - I have a mortgage on my current home. Can I transfer the mortgage over to the new property?
You will need to discuss this with your mortgage provider. Please consider all your options as you must invest the full value of your current property to be eligible for the Shared Equity Ownership offer.
Can I pass the Shared Equity property on?
Shared Equity Ownership leaseholders can pass on their property on the same terms to their spouse or children if they have lived at the property for more than 12 months prior to the death of the leaseholder. There will be no further succession rights, i.e. only one succession is allowed. If you want to sell the Shared Equity Ownership property you will be required to acquire any remaining unacquired equity at its then current market value simultaneously with your sale.
Shared Equity - Can I invest less than the full amount received from my home?
No. The Shared Equity Ownership offer is based on the full 100% value of your old home to be invested
Can I sub-let a Shared Equity property?
No, the Shared Equity Ownership property cannot be sublet as the properties receive subsidy and are meant to be used as homes and not investments
Shared Equity - Will I have to pay a service charge?
Yes. A service charge will be payable. It is a contribution towards the costs of the provision of services, maintenance and the managing of the development.
Shared Equity - If I own a 50% Equity Share, do I pay 50% of the service charge?
No. As the resident, you will receive the benefit of the services provided therefore you will pay all the service charge attributable to your home.
Can Ealing Council buy my property back earlier than suggested in the phasing plan?
Currently, early buybacks are not being considered by Ealing Council. Should this situation change, this will be communicated to all resident leaseholders and freeholders
How do I sell the Shared Equity property?
Should you decide to sell your property, you are required to offer Acton Gardens the opportunity to purchase the property from you at the current market value. Acton Gardens will tell you within 14 days if they are in a position to do this. There is a waiting list of people looking to purchase resale properties and Acton Gardens will do their best to find a buyer from this list. If it is not possible to find a buyer within an agreed period of time (usually two months), you will be able to sell your property on the open market, e.g. through an estate agents.