Frazers Chartered Surveyors has been jointly appointed by Woking Borough Council and Thameswey to independently value properties within the regeneration area.
Frazers will make an open market valuation of each property and the entitlement to compensation in accordance with the Sheerwater Community Charter. This valuation is made upon the assumption that there is no regeneration scheme taking place. The value is intended to reflect what a seller could have reasonably agreed from a willing buyer if the Council was not progressing the regeneration scheme.
Under the voluntary purchase arrangement, a Council Shared Owner will receive the property market value of their equity share plus a Home Loss payment of 10% of the equity share (minimum £6,400 up to a maximum £64,000), a Disturbance Payment and cover reasonable legal and surveying fees.
Whilst it is important that voluntary agreements are reached and contracts exchanged, the completion date is flexible provided we take ownership of your property before it is required for the redevelopment. This arrangement gives you flexibility and time to find a new property knowing what funds you have available.
The process is being wholly administered and managed independently by Frazers. Please note, Frazers does not have the authority to negotiate with residents. Anyone dissatisfied with their valuation can request that the Council arrange for the District Valuer to carry out a valuation. The Council will abide by this valuation.
If you want to sell your property in advance of the redevelopment, please call Naomi Gould, Matthew Lewis, or Anthony Manser at Frazers on 01483 730909 or email firstname.lastname@example.org
Additional assistance for resident home owners
Equity stake purchase
In return for committing the value of your equity share plus your Home Loss Payment, we will assist you to secure your new home by taking an enquiry share in your new home.
You would be entitled to compensation based on any difference between your old mortgage rate and new rate.
Mortgage of last resort
In exceptional cases, the Council will provide a mortgage of last resort by acting as a lender if you cannot secure a mortgage to acquire a new property within the Borough.
Compulsory Purchase Order (CPO)
In the event that we are unable to successfully reach a property valuation and agree a compensation package we will, as a last resort, seek to use our compulsory purchase powers by making a Compulsory Purchase Order.
This process would be subject to confirmation by the Secretary of State.
From October 2018, it is our intention to pursue Compulsory Purchase Orders against properties that have not engaged with Frazers. At this point the voluntary purchase offer will be withdrawn and a homeowner will only be entitled to statutory compensation.