Compulsory Purchase Orders...any help?

dodger1

oursurveysays wrote: »

As a basic rule of thumb:

Property Value: £100,000
Basic Loss Payment: £7,500
Occupiers Loss Payment: £2,500
Home Loss Payment: £10,000

Plus disturbance and fees

Based on the above you would get £120,000 for a property worth £100,000 so unless you have an really unrealistic idea of your properties value or paid a rediculous sum for it you should be OK.

That's pretty good news then assuming the valuation is accurate and then 20% on top for the inconvenience of it all.

oursurveysays

ps having read a few of the latter posts it would appear the CPO has not been served and the AA are entering into negotiations. Still seek its permission to appoint a surveyor to act in negotiation and valuation and they will advise you on how to maximise the situation. The AA would prefer not to CPO so you do have some milage in getting as much as you can out of them. A surveyor however will know the tricks on how to maximise the offer you will get. You could as someone suggested hang fire - but I don't think that is always wise. If you are unrealistic then as a last resort the AA will simply get p***ed off and slap a CPO on you and you may get less than originally offered. My opinion (and it is just that) - get advice, get as much as you can and get on with your life. See this as an opportunity to get more than the value of your home in the current market. Don't forget that whilst you might not get what the property was worth 3/4 years ago you will also be buying in a market where values on not what they were 3/4 years ago so you will either be trading up or banking cash and buying a comperable property.

oursurveysays

dodger1 wrote: »

That's pretty good news then assuming the valuation is accurate and then 20% on top for the inconvenience of it all.

As I said I am a commercial surveyor and certainly as a result of the 2004 Planning and Compulsory Purchase Act brought in these loss payments. Certainly for commercial property the basic and loss payments are a given and I assume the home loss payments is an additional extra and the lot can be claimed. As I said to the OP seek the advice of a resi chartered surveyor with experience of Compulsory Purchase, get what you can and trade up in a falling market. You should not lose out by this.

Edit: looks like basic loss payments are not for resi properties - still though the home loss and occupiers loss is not to be sniffed at - 8 years ago you would not have got anything.

mrswack

Big thanks to oursurveysays...a big sigh of relief in that we can negotiate and will have some level of compensation, we aren't unrealistic in our expections and given your information will use it wisely.

£12 million worth of bridge repairs had been scheduled to start in March closing a main road for a year which has now been put on hold so I'm assuming it's being seriously thought about rather than a previous idea in the pipeline that has been discussed for years. Almost a 'while we're there' thought. Though some surveyor thinks it will only cost an extra 8 million to add in a junction...think I'll find out who they are and avoid as that woul just about cover the purchase of the streets houses!