Barnet Council has made revised offers to leaseholders on the West Hendon Estate.
The offers are for the purchase back of properties bought under right to buy and will enable the rebuilding of the estate.
The revised total offer, including goodwill and home loss payments means that almost all qualifying leaseholders will be able to buy shared equity properties on the rebuilt estate with the compensation they receive.
Shared equity properties allow residents to buy 50 per cent or more of a new home on the estate with the remainder owned by Metropolitan, the housing association. The resident will then get the same percentage of the sale price should they choose to sell their home in the future. Unlike shared ownership, residents do not have to pay rent of the remaining proportion of the property. People choosing shared equity homes move into properties that would have been for private sale in the current phase of the new development.
Cllr Richard Cornelius, Leader of Barnet Council, said: “I can understand that leaseholders have been concerned about what the future holds for them. But the publication of details of the shared equity offer and the revised offers to buy their homes should reassure them that they will have the opportunity to move into a great new home in a transformed West Hendon.
“Leaseholders will benefit in the long run from the new homes being built to a much higher standard than the current estate, along with all of the new facilities that regeneration will bring.”
Leaseholders will also receive statutory disturbance payments to compensate them for the actual costs of moving.
The developers have also offered to meet the cost of the essential Health & Safety electrical riser works that the leaseholders in the current compulsory purchase would otherwise be liable to pay up to the date that their property interest is transferred.
