This is assistance to help residents within demolition areas to find alternative homes.
This package of assistance consists of:
- Market value compensation for both owner-occupiers and for landlords
- A Home Loss payment based on 10% of the property value for owner-occupiers with a minimum payment of £4,700 (or the current statutory minimum payment) and a maximum of £47,000 (or the current statutory maximum payment).
- A home Loss payment of £4,700 for all Tenants whose homes are purchased by the Council.
- A Disturbance Payment that should cover all reasonable expenses arising from re-location. Payment is based on proof of purchase provided by the resident.
- A Basic Loss payment of 7.5% of the property value for landlords.
- A discretionary Relocation Grant to enable a person affected by relocation to move to a suitable home. The maximum relocation grant available is £25,000.
The assistance is available to:
- All residents and property owners affected by the Council’s plans to demolish homes.
- This discretionary Relocation Grant is available to applicants who own their own home but who are unable to access the Equity Loan to assist them to relocate. A Discretionary Panel will take into account all or a combination of the following factors.
- The availability of suitable housing.
- The current market value of the existing property to be demolished.
- The current market value of the proposed new property, identified by the Client
- The existing mortgage terms and conditions.
- The cost of funding any alterations to the new property.
- The funding of any shortfall between the new and old property.
- The equity in the existing property.
- The mortgage rearrangement costs.
- Any other exceptional circumstances deemed necessary by the Discretionary Panel.
The assistance is available at the time that the Council purchases the property.
Relocation Grant is unavailable should the Client choose to move outside of a set geographical area. This area will be clearly defined by the Council and the information made available to affected residents.