From today those property compensation schemes that were consulted on earlier this year are now available for owner-occupiers along the HS2 Phase 2a route between the West Midlands and Crewe.
Those affected will be receiving letters shortly to confirm the position. Recent changes also mean eligible owner-occupiers can nominate local surveyors to value their property.
The package of schemes on offer for HS2 Phase 2a are based on those announced for the HS2 Phase One route between London and the West Midlands.
The schemes that are now available are as follows:
- Rent Back – Those owner-occupiers that have sold their property to the Government under the HS2 property scheme can remain in their home and rent back the property.
- Rural Support Zone – Owner-occupiers up to 120 metres from the line of the route (but outside the safeguarding area) could request the Government buy the property for the open market value or request a cash offer of 10% of the open market value to reflect their perceived devaluation of the property.
- Need to Sell – Those owners who can demonstrate that they have a compelling reason to sell their property, but cannot due to the route of HS2. Applicants could have their property purchased at full market value.
It is estimated that the following scheme will not be open until 2019:
- Home Owner Payment – Those owner-occupiers up to 300 metres from the line of the route could be entitled to claim a one off payment depending on the proximity to the route.
Those owner-occupiers that wish to enter into the scheme will be able to appoint a local RICS Registered Valuer to have their property valued, HS2 will appoint an independent Valuer to also undertake a valuation of the property. HS2 will be liable for the surveyor’s fees in both instances.
Tony Rimmer of Rostons stated “The schemes that are open reflect those on phase 1, however it is positive that those effected can appoint a local RICS registered Valuer to provide a valuation. Owner occupiers should seek professional advice to ensure they are compensated accordingly. Those who do not engage with HS2 sooner rather than later may lose out in the long run”.
If you believe you may be effected or if you are not sure where your property located with regard to the schemes boundaries, contact us on 01829 773000
For further details please contact the Rostons office