Residents’ frequently asked questions
Regeneration proposals
We have captured your questions on the regeneration proposals and the housing offer for residents living in and those with the right to return to the Phase One area.
please click on the relevant headings on the status bar below to see questions relating to each theme.
Phases
Resident homeowners
Will I have to sell my home?
If a majority of voters vote “Yes” to the regeneration proposals going ahead, then existing homes will be extensively retrofitted or demolished. Therefore the Council will seek to reach a voluntary agreement to buy your home and assist you in buying a new home.
We may apply for a compulsory purchase order as a last resort if agreement cannot be reached with resident and non-resident homeowners to sell their homes back to the Council.
How long must I live in my home to be considered a resident homeowner?
You will need to have been living in your current home as your main and principal residence since at least (12 months before) the date the landlord offer was published.
What are the financial options for continuing to own a home? Resident homeowners will be offered a range of options for them to continue owning a new home in the Phase One area. This will depend on their financial circumstances.
New homes in the area are likely to cost more and so there are options that allow you to exchange the value of your existing home (and your 10% Home Loss Payment) towards the cost of a new home. The options available include support for covering any remaining shortfall.
For more information please see the Custom House homeowner information page
If a resident homeowner has their block retrofitted do they retain ownership of the same home?
Due to the extent of work needed to retrofit a property, the Council will seek to reach a voluntary agreement to buy your home or assist you to buy a new home.
Will I be compensated for having to move?
Yes, resident homeowners are entitled to a statutory Home Loss Payment of 10% of the open market value of their property (up to £71,000*). We will pay reasonable disturbance costs resulting from your move, including but not limited to, a valuation of your existing home carried out by an RICS accredited surveyor, and reasonable legal and professional fees.
Will there be freehold houses for sale?
Whilst the Council is retaining some four bed houses in order to maximise the number of homes it can build, there are no freehold houses proposed for sale. However, you may be able to find freehold homes for sale in the nearby area. Alternatively, there will be options to buy a new home in the regenerated area on a leasehold basis.
How many bedrooms will my new home have?
You will be eligible to purchase a new home with the same number of bedrooms as your existing home. If you would like to purchase a larger or smaller home, you will be able to do so – subject to availability and your financial situation.
If I take a shared ownership option, will I have to pay rent on the share of the property I do not own?
If you are able to transfer the full value of your current home, plus your 10% Home Loss Payment into the new home, you will not have to pay rent on the share of the property you do not own. If you are unable to transfer this amount (for example, because you can only obtain a smaller mortgage) you will pay rent on the ‘shortfall.’
What happens if the homeowner has passed away – do they have the right to leave the property to their children or in a Will (as with a normal owned home)?
If the existing homeowner were to pass away the executor would have the option to keep the property and pay off (or take out a mortgage to cover) the share owned by the Council and any remaining mortgage amount or sell the home and receive any equity contained within the share owned by the previous homeowner.
*This is subject to legislative changes