How to deal with a Compulsory Purchase Order
We’re being instructed on an increasing number of Compulsory Purchase valuations at present, writes Zah Azeem, Partner at Wimbledon based Chartered Surveyors Scrivener Tibbatts.
As more and more local councils are redeveloping their estates many hundreds of Wimbledon residents are finding themselves the subject of these compulsory purchases of their homes.
At the present time we’re instructed by residents in The High Path Estate (Wimbledon), Cambridge Estate (Kingston) and Alton Estate (Roehampton).
The fact that a government or local authority has the legal right to compulsorily purchase your home when they have received the appropriate planning permission consents may sound Frightening and Big Brother like.
However whilst the process sounds daunting and complicated at Scrivener Tibbatts we have the experience and specialist expertise to ensure you receive the best possible valuation for your home.
We’re seeing Council’s preferring to settle on an informal valuation before the formal process of serving a CPO.
The CPO is to compensate a home owner for the market value of their flat, plus 10% compensation for homeowners and 7.5% for buy to let landlords.
Some of the other issues are that Councils/ or housing associations offer an initially low value to start with. Also, depending on the speed of the redevelopment programme CPOs have been known to take years to complete.
With an expert’s help this should be avoidable. Whilst a council is not obliged to tell you to see professional help having your own chartered surveyor will ensure your property is not undervalued when the CPO is served.
Of course, if you were already planning on moving receiving an additional 10% may prove very helpful. Just ensure that you use a RICS authorised valuer who is also a chartered surveyor.
Some of the best things in life may be free but with tens and thousands of pounds at stake a DIY or internet based solution could end up costing you dearly.
If you would like to discuss something related to a property valuation please contact Zah direct via email at email@example.com or call 020 8947 7040.