The draft Leaseholder and Freeholder Offer

This offer is designed for leaseholders and freeholders who own a property within the Regina Road consultation area, which is affected by the need to refurbish or demolish and rebuild.

This special status has been given to the area defined on the plan because it has specifically been identified as needing refurbishment or rebuilding due to current poor conditions which fall below the Government’s Decent Homes Standard.

If the decision is made to demolish and rebuild at Regina Road, the council will share timescales with you as soon as possible to help you plan.

Rebuilding is often organised on a phased basis. This means that properties are rebuilt in accordance with a programme, which is agreed, wherever possible, at the beginning of the scheme. This will be fully explained to leaseholders and freeholders during the consultation process. This offer will be subject to an eligibility criteria.

Guiding principles if demolish and rebuilding takes place:

  • The council will purchase your home at market value.
  • You may be eligible for compensation and home loss payment.
  • Disturbance Payments will be paid to eligible leaseholders and freeholders.
  • Legal and surveying costs will be reimbursed to eligible leaseholders and freeholders.
  • Compensation will be available for non-resident leaseholders.
  • No party (either the council or any leaseholder/freeholder) is financially better or worse off as a result and leaseholders/freeholders should not be financially disadvantaged by the rebuilding.

Read more on the potential process and detail behind the guiding principles.

Housing options available

Option 1

Open Market Purchase

This option is the straightforward purchase of your property for the agreed market value.

When leaseholders reach agreement with the council, regarding their valuation and compensation payments, they will then make their own arrangements to find a suitable new home.

Option 2

Shared Equity

If the market value of your current property is less than the market value of a new similar sized (by bedrooms) or smaller property and you are unable to afford the difference, then the option of shared equity will be offered to you. To be eligible for this option you will be required to invest the full market value of your existing property into the purchase of your new home. This will buy a proportion of the equity of the new property.

Option 3

Shared Ownership

Shared ownership is a part-buy, part-rent scheme under which you own a proportion of the property and pay a rent on the unpurchased proportion, which is retained by the council.

Option 4

Options for Non-Resident Leaseholders

If you do not live in the property you own, the council will purchase your property for the agreed market value. On completion of the sale of your property to the council you will need to give the council vacant possession. If your property is tenanted it is your responsibility to ensure that any tenants have left the premises by the date of completion.

Return to the Regina Road Consultation.