Property owners urged to think carefully before accepting HS2 compensation
WEST Midland residents living along the route of the proposed HS2 high speed rail line have been advised not to immediately accept compensation claims without taking professional advice.
Chartered surveyors and property consultants Fisher German issued the warning following the start of a consultation process into the £50bn scheme.
HS2’s current property compensation consultation for Phase One of the proposed railway from London to the West Midlands is open until Tuesday, September 30 and sets out two new options for compensation for affected home owners.
The first option is for an ‘alternative cash offer’ for owner-occupiers living within 120 metres of the railway, who do not wish to sell their property, to accept a lump sum payment between £30,000 and £100,000.
The alternative is for a ‘home-owner payment’ for owner-occupiers of properties situated between 120 to 330 metres from the centre of the railway to agree lump sum payments between £7,500 and £22,500.
Fisher German said it was advising householders who will be affected by HS2 to take professional advice before deciding on a course of action.
Jonathan Perks, associate land agent based at Fisher German’s Banbury office, said the consultation was open to everyone but the compensation would only be available to affected owner-occupiers.
“People are now in a position that they know the likely compensation packages available to them and can hopefully make a decision regarding how they deal with the threat of HS2,” he said.
“Residents have to decide whether to make a claim for the loss of the value of their house once these schemes are confirmed; later under existing statutory rules; whether they want to look at selling their property on the open market or through the existing Blight or Hardship schemes.
“Houses are generally the largest assets that people own and in every transaction involving property, homeowners always gain professional advice – this is no different.”
He said while there had been a great deal of talk about the compensation available, the two new schemes were still in the consultation.
“This consultation is seeking views on the two new policies and property owners and occupiers will have to consider carefully whether the proposals provide them with any benefit over existing statutory compensation,” he added.
To take part in the consultation process, visit http://www.hs2.org.uk/developing-hs2/consultations/phase-one/property-consultation-2014
