high speed train????

new_home_owner_3

We currently rent our house out, and we have been told today by one of the old neighbours that the route for the new 250 mph train track will go through the back garden so if it was to be built, they would need to remove our houses.

Does anyone know what happens ive read about compulsory purchase orders, do they give you the market value of what the house is worth, at the time of when they remove it, i dont have a clue and just thought i would ask and see if anyone knew about this?

I was hoping to hang on to it for 10 years at least, but i think it may be sooner now.

jonewer

Do you know how long they have been planning cross rail?

I'd say you'd probably be quite safe for 10 years.

puddy

its a good question though, ive always wondered what happens when they buy your house

adg1

I was under the impression that they ask you to get a series of valuations so you can't accuse them of undervaluing and offer the average.

Considering the 250mph line to the North is not going to be completed (forecast) for about 20 years I'd say you should be quite safe for a while yet.

DVardysShadow

jonewer wrote: »

Do you know how long they have been planning cross rail?

I'd say you'd probably be quite safe for 10 years.

Safe from compulsory purchase, yes. But even though the route is being set fairly precisely, the uncertainty as to exact position will blight many properties for years to come, until it is built. You might not want to buy into that.

new_home_owner_3

i know it might not be for a few years, they are saying it will start in 2017, what i would like to know is do we have to sell? I dont mind if we do has long has we get a fair price i was hoping to sell in about 10 to 15 years and pay my mortgage off.

If this happens i think i will have to invest elswhere. cheers people

axomoxia

There are some maps here. You could ask them - they've got a route in mind.

http://www.dft.gov.uk/pgr/rail/pi/highspeedrail/hs2ltd/route/

G_M

When the time comes, yes, you'll have to sell if you're on the route.

The trouble is if you try to sell before, no one will be willing to pay full wack cos they'll know the train is coming. Prices all around will gradually fall.

and by the time you're getting valuations done for the compulsory purchase, prices all round will be lower.....

new_home_owner_3

G_M wrote: »

When the time comes, yes, you'll have to sell if you're on the route.

The trouble is if you try to sell before, no one will be willing to pay full wack cos they'll know the train is coming. Prices all around will gradually fall.

and by the time you're getting valuations done for the compulsory purchase, prices all round will be lower.....

Im in no rush to sell has long has they give me enough money to buy a similar property in the same village i will be happy, we have always had a railway line at the back of us and this has been a bit of a sticky point when we tried to sell, thats probably why houses down our old road sell for about 40,000 pound less than similar properties that dont back onto the railway line.

We will have to wait and see, but if i say i want to be rehoused into a similar house in the same village it shouldnt really cost me anything, but ill cross that bridge when it comes, i was speaking to someone earlier who this has happened to and they was offered there current house value, plus a half on top of this has compensation, that would be okay, but i dont think we will be that lucky.

Sammy85_2

new_home_owner wrote: »

Im in no rush to sell has long has they give me enough money to buy a similar property in the same village i will be happy, we have always had a railway line at the back of us and this has been a bit of a sticky point when we tried to sell, thats probably why houses down our old road sell for about 40,000 pound less than similar properties that dont back onto the railway line.

We will have to wait and see, but if i say i want to be rehoused into a similar house in the same village it shouldnt really cost me anything, but ill cross that bridge when it comes, i was speaking to someone earlier who this has happened to and they was offered there current house value, plus a half on top of this has compensation, that would be okay, but i dont think we will be that lucky.

A load of houses on two streets in our town were compulsory purchased, those who held out for a better pay out ended up getting less as by the time they finished arguing and got the valuations done over half the houses in the street were boarded up and/or vandalised and prices had dropped by over £30k.

There was no way they could buy anything else comparable for that kind of money in the town. Alot got rehomed into council accomodation on some really nasty estates or ended up only being able to afford to rent.

new_home_owner_3

Ive looked at the plans now and it doesnt look like its going to affect us directly, it may affect us with more people using the local station which is just up the road, but if that means people being able to get into London within 40 minutes from our house, it may just have the right desired impact on the price of our house.

It will still affect some people and ive looked into it a bit and on top of the compulsory purchase order you can also claim compulsory purchase compensation, i would find it hard to believe them giving low amounts and then asking people to find the difference to re house in similar else houses.

I could understand it in council accomodation, has the people do not actually own the property, but these people own theirs.