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You are here: Homepage \ Community \ Homeowners
Homeowners
The council has started the process to purchase home owners properties in ‘Little Bradenham’ (numbers 1-41), and Red Lion Close (numbers 1-12). We have also contacted leaseholders in the retail units in Westmoreland Road to discuss buyingback their leasehold interests and how we can assist them.
We will be purchasing the rest of homeowners properties in the sequence that they will be demolished. We will however make exceptions for ‘hardship’ cases and we are currently working with the Aylesbury Leaseholder Group to define and identify these cases.
The main aspects of the home owners policy for Aylesbury residents:
— Home owners will be entitled to the open market value of the property and either a home loss payment of 10% or a basic loss payment of 7.5%.
— Home loss is paid where the owner has lived at the property for at least one year prior to the date of acquisition. Basic loss is paid where the owner does not live at the property, and has owned it for more than one year.
— Home owners will also be reimbursed by the council for costs associated with the move. These are known as disturbance costs.
Options for home owners
Please note – the options listed below will be means tested (ie: home owners’ savings will be taken into account). If they are not able to afford to move to another property on their own, (option one) they will be eligible for option two, if they are not eligible for option two option three will be considered, and so on.
NB: These payments do not apply to option five outlined below:
1. Buying a property on the open market – the ‘do it yourself’ option
2 Buying a shared ownership unit – the part buy/part rent option: where the compensation and other savings is used to purchase the equity of the home and the owner pays rent on the rest
3 Buying a retained equity unit – the part buy option: when the compensation and other savings is used to purchase a percentage of the equity of the
home. This percentage will be determined by the council and housing associations at a later date. A charge is placed on the property
4 Comparative value transaction – the ‘property swap’ option: moving to a council property of similar value
5 Sitting tenant option – the ‘below market value’ option: The property will be purchased at a reduced value and the owner will become a tenant of the council with rights to rehousing.
6 Becoming an RSL or council tenant – the ‘safety net’ option
For full details download a copy of the home owners kit
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