To begin the valuation process for leaseholders or freeholders Ealing Council will instruct an independent qualified surveyor, registered with the Royal Institute of Chartered Surveyors (RICS) to value your home. The surveyor will contact you to arrange a suitable date and time to carry out the valuation.
To reach a valuation figure the surveyor will carry out detailed research of the local property market and analyse sales information from comparable properties.
The figure offered to you is known as the market value and is based on the price it is believed your property would achieve if it were to change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. The valuation reflects the value of your property at the time of valuation and assumes that you will not be better off or worse off than before the regeneration proposals. Most valuations are valid for three months.
If you do not agree with the valuation the council can pay for your own surveyor to carry out a further valuation. Please keep in mind that the surveyor must be a member of the RICS. For a list of local surveyors please call the RICS on: 0247 686 8555 or visit: ricsfirms.com.
If there is any difference between the valuation figures the two surveyors will negotiate and normally reach an agreement to produce a final valuation. In most similar cases to-date an agreement has been reached at this stage.
The council hopes to buy back your property on a voluntary basis. If an agreement cannot be reached, the council will seek a Compulsory Purchase Order (CPO) which, if confirmed by the Secretary of State, will entitle the council to enter and take possession of your property leaving the question of compensation to be settled later. If necessary, a reference may be made to the Lands Tribunal, an independent body with the power to determine the amount of compensation payable for property compulsorily purchased.
Further information about the Lands Tribunal is available at: landstribunal.gov.uk