In addition to the market value you receive for your property, you will also be entitled to a home loss payment which is currently set at 10%* of the market value of your property. This payment represents compensation for having to move from your home in order to allow the regeneration to take place.
The council will also pay for other reasonable costs you incur when moving home. These are known as disturbance payments and can include:
Legal fees incurred in connection with the purchase of your property by the council
Legal fees incurred in connection with the acquisition of your new home
Stamp Duty Land Tax (SDLT) payable on the purchase of your new home up to the amount of SDLT the council has to pay on its purchase of your existing home
Mortgage broker/lender and redemption fees
Disconnection/reconnection fees for appliances and services such as cookers, washing machines, telephones and internet
Redirecting mail (for six months)
Refitting special locks and alarm
The above list is not exhaustive and the council will consider all costs which you reasonably incur when moving home. These can be discussed and agreed in detail nearer the time of your move.
*The 10% home loss payment only applies to resident leaseholders and freeholders. For non-resident leaseholder or freeholders/absentee landlords the home loss payment is 7.5%.
You will have 12 months from the sale of your property to claim your disturbance costs. Please contact your Regeneration Officer, should you wish to discuss this matter further.