Metropolitan

Clapham Park leaseholder buy-backs

Here are details of the options available for leaseholders of homes that are due to be demolished as part of our plans to regenerate Clapham Park.

Under all of these options we will:

  • buy your home at full open market value;
  • pay a homeloss payment of 10% of the value of your flat if you live in the property (up to the current maximum of £61,000)
  • pay you a disturbance payment for reasonable moving costs of up to £4,000.

Shared Equity

We would grant you a lease on a shared equity basis on one of the new homes to be built at Clapham Park or another property outside the area, depending on availability.

The minimum share you can buy is 60% of the value of the new property. Unlike shared ownership (see below) where you own part and pay rent on part, with shared equity you own 100% of the legal interest and do not pay rent. It is the equity that is shared.

Shared Ownership

With this option you own part of the property and pay rent on the share you don’t own. You can buy on this basis in Clapham Park or another area, depending on availability through Metropolitan or another housing association. Depending on what type of property you buy, you may also have to pay service charges for any communal services or Buildings Insurance.

Become a Metropolitan tenant

We would re-house you in one of the newly built or refurbished homes either in Clapham Park or another area, subject to availability. You would become a tenant and pay rent and any relevant service charges.

 

Moving away from Clapham Park

We buy your home and you move away from Clapham Park. You would organise your own onward purchase/property.

Legal costs

You will need to appoint a solicitor to act on your behalf as you go through the process of selling your home and we will cover reasonable costs related to conveyancing. Before you instruct your solicitor you will need to provide us with a quote so that we can agree costs. As we are the freeholder, please let your solicitor know that we don’t need a leaseholder pack. Any disbursement costs (fees that your solicitor has to pay to a third party) should be quoted separately to conveyancing costs.

Please email your quote to claphambuybacks@metropolitan.org.ukso that we can approve it before you instruct your solicitor. Fees are paid in your disturbance payment on completion.

Other useful websites

You can check out properties on the market at:

www.rightmove.co.uk

www.primelocation.com

www.sharetobuy.com

www.metropolitansales.org.uk

You will need a surveyor to value your property. Please bear in mind that the surveyor must be a member of the Royal Institution of Chartered Surveyors (RICS)

For a list of local surveyors please call the RICS on: 0247 686 8555 or visit: ricsfirms.com
If you’d like to talk through the options to see which is best for you, please call our team on 020 3535 5000 or email us claphambuybacks@metropolitan.org.uk for more information

https://www.ricsfirms.com/
If you’d like to talk through the options to see which is best for you, please call us on 020 3535 5000 or email us claphambuybacks@metropolitan.org.uk.