Guarantee 3
The valuation of your property will be independent and based on market values and you will be compensated for having to move home.
If a homeowner is asked by the council/ Homes for Lambeth to move more than once, then they will only be offered one home loss payment (linked to the value of their original home); they would, however, not have to pay rent for the duration of their temporary move; but they would have to pay service charges. If at any time a homeowner is offered a suitable home, but does not want this to be their final home, then they would have to pay rent and service charges in any temporary home until they moved to their final home; Homes for Lambeth would, however, pay reasonable disturbance payments for the subsequent move.
Valuations:
- The valuation will be carried out by a RICS Registered Valuer with experience of the local housing market
- The valuation will be undertaken based on including two special assumptions:
(1) all valuations on behalf of the council will be done as if no regeneration is taking place, so that the value is not made lower or higher by the regeneration proposals; and
(2) the valuations will be done on the assumption that the structure and fabric of the property is in good condition
- The valuation will take account of historic and current sales and purchases in the surrounding area and similar council estates in London
- The valuation will take account of whether the property is leasehold or freehold
- You will be able to engage your own independent RICS Registered Valuer with experience of the local housing market to advise you on the value of your home. The reasonable cost of engaging this valuer will be reimbursed by the Council
- You will be required to employ your own solicitor for the transaction and their reasonable costs will also be paid by the council
- The council does not expect homeowners to have to pay back any Right to Buy discount
- Where you have made permitted improvements to your home, then this will be reflected in the value of your home and you will therefore be compensated for such works. Details on how you can claim disturbance costs and what disturbance costs you are eligible for are provided in separate leaflets
Compensation and Disturbance:
- There are two types of compensation: home/basic loss and disturbance. Home loss is available to resident homeowners and is 10% of the value of your property, whereas basic loss is available to non-resident homeowners and is set at 7.5% of the value of your property
- Disturbance payments are also made to cover any costs that you might incur because of having to move home.
- If you, as a resident homeowner, choose to stay on your current estate, but are required to move twice because of the rebuilding (or choose to move twice), then you will receive disturbance payments for both moves. However, you will only receive one home loss payment, paid on the first move