Virtual Meeting Questions
Resident Leaseholder Questions
Will I be reimbursed for the value of my current home if there is a Yes vote?
Yes, the Council will ask a Royal Institute of Chartered Surveyors (RICS) Registered Valuer to visit your home and provide us with their independent opinion of its open market value. You will be offered the open market value of your home plus an additional 10%.
The 10% homeloss payment is subject to you being able to provide evidence that you have lived in the property for the 12 months prior to the time of the offer. If you are unable to provide sufficient evidence, then you will receive an additional 7.5% instead.
How will this affect my mortgage?
When you sell back to the Council then your current mortgage will come to end and will need to be repaid. When you purchase a new property, whether that be through shared equity on the estate or off the estate through the open market, you will need to apply for new mortgage finance based on your current circumstances.
Very few (if any) mortgage lenders will allow you to port your current mortgage balance to a new property.
Can resident leaseholders become council tenants?
In cases of extreme hardship, the Council will consider allowing a resident leaseholder to become a Council Tenant. However, this has implication for the amount you will be paid for your current home as you would not be paid the full market value for your property if the Council is then required to provide you with a new home to rent.
The Council is happy discuss individual circumstances in more details so we can better understand your circumstances and what the best options might be for you. This may also include, arranging independent financial advice for you to consider.
Will there be an options to buy a property on the new estate?
Yes, the Council is looking to provide leaseholders with the opportunity to purchase a similar property on the new estate through a product called ‘shared equity’ this is where you purchase a % share in the new property but do not pay any rent on the balance, which would be owned by the Council.
You would still pay ground rent and services in the same way you do now.
The criteria for accessing the shared equity option, will be included in the Landlord Offer.
There may also be an opportunity to buy a new build home out right if this is something you wish to explore.
Will the Council support leasholders if they choose to move off-site?
Yes, the Council will support leaseholders regardless of whether they want to remain on the estate or move away. You will still be entitled to the same level of home loss payment and assistance with moving costs.
Council Tenant Questions
If there is a Yes vote will I remain as secure tenant?
Yes, you will remain a secure tenant of the Council with your rights protected.
Will I receive a like-for-like replacement on the new estate?
Subject to a Yes vote, a housing needs assessment will be carried out after the ballot to determine the property you will receive. This process ensures that your new home will reflect your requirements for the long term. The assessment will cover areas like number of occupants and medical needs amongst others.
Can council tenants decide where they want to move to on the new estate?
Council tenants will move to new homes in-line with the phasing and build programme. A Local Lettings Plan will determine how the new homes will be allocated for each phase.
Will the Council help me with moving costs etc?
The Council will provide an assisted move service as part of your decant compensation package