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I have just received a letter saying a flat I rent out may be demolished by a housing association.
They are seeking to buy the leaseholders and I presume eventually they will need a CPO for those who do not sell
I have googled various articles and I am aware that I can get roll over relief if I buy a property with the proceeds I receive form the sale.
I have also been told that the association would pay my reasonable cost in purchasing a new property such as stamp duty.
However I have read that rollover relief is not given if I have in the last three years attempted to sell the property or entered into negotiations to sell the property.
So when I reply I assume I need to stress I do not wish to sell, is that correct?
I will also be able to claim the costs of a lawyer to transfer the property and buy the new one and a Chartered surveyor to negotiate for me.
Anyone with experience of this ?
Any recommendations for a solicitor and a Chartered Surveyor
im going through same with lb newham. wheres your property?
I am in SW London and would rather not give the exact authority
Part of the reason is the nature of the negotiation process that at the moment I know very little about.
I am aware that i need a commercially aware Chartered Surveyer to make sure I get the best deal I think we both do
I bought the flat 18 years ago and it has tripled in value so wish to make sure I get roll over relief I also want to make sure that I get paid the stamp duty I will pay is reinbursed
If I go to CPO I get both of those
At the moment the authority will not pay the stamp duty on any new property I buy however they say thy may "negotiate" I do not what there is to negotiate as at CPO that is a given
I want to know the pros and cons of coming to an agreement before the CPO.
To make that clearer they have said if I negotiate now they will not pay my stamp duty on any flat that I buy, however they admited when asked a direct question if we go to a CPO they will have to
if there is no cpo you are of course under no compulsion to sell. so they should be making you a generous offer. there is no certainty that an application for a cpo will be granted.
usually there is some sort of agreed 'charter' setting out the package of compensation.
They have laid out the exact terms of their offer which are different for an owner occupier who will get market value plus 10% plus moving expenses
I get the same but not the 10% uplift, they currently do not include the stamp duty for either an owner occupier as expenses.
As I already googled it I said as there is a statutory right to claim stamp duty if there were a cpo why would people accept less they said that it is a business decision under review and people were selling to the under the current less generous arranegment
I have googled and one guide said it was a myth that waiting gets you a better offer as below
I really need a decent Chartered surveyor to negotiate for me