We offer help to landlords who sell their property as part of our regeneration programmes.
As a landlord you are offered the following (subject to eligibility) –
- current market value for your property – determined by a surveyor appointed by us, and an independent surveyor appointed by you (if required)
- basic loss payment – currently set by the government at 7.5 per cent of the value of your property, providing you have owned the property for one year or more
- investors’ disturbance payments and reasonable expenses – to cover reasonable reinvestment costs such as surveying and legal fees. You have up to 12 months from the completion of sale to claim these costs
Selling your property to us
If you are in a current phase of acquisition for demolition and wish to sell your property, please contact the local renewals team who will be happy to help you.
What happens next
Step one – Your property is valued by a surveyor, appointed by us.
They determine the current open market value, which takes into account the–
- improvements that you have carried out
By law, we are unable to pay you more than this amount.
Step two – We recommend that you appoint a surveyor who negotiates with our surveyor on your behalf, to agree a sale price. Once this has been agreed, a letter is sent to you confirming the price.
We cannot recommend a specific firm, but there are numerous local companies or you can contact the Royal Institution of Chartered Surveyors who provide details of suitable surveyors operating in your area.
Please make sure that your surveyor is a member of the Registered Institution of Chartered Surveyors (R.I.C.S).
Your surveyor’s costs are only reimbursed when the sale of your property is complete. You have to pay your surveyor’s and solicitor’s costs if a price cannot be agreed or the sale does not complete.
Step three – Your tenant is allocated a housing liaison officer who works with them to find suitable alternative accommodation. They are on hand to advise you on any queries you have including the compensation that is available to you.
Step four – Once you have agreed to sell your property, you need to choose and appoint a solicitor to act on your behalf throughout the sale. Reasonable legal fees are paid to your solicitor by us on the completion of the sale.
Step five – We arrange for your property to be secured on the day your tenants move out, which should be on completion of the sale. Advise your tenants to take final meter readings and inform utility suppliers of their change of address.