Heathrow's Third Runway Compensation Will Break Records
Heathrow’s third runway has now been given the go-ahead by the Government. Affected homeowners are on course to receive the highest level of compensation payments received for any other major infrastructure project in the UK.
The proposed 11,400ft long runway will have a significant impact on local residents. It is estimated that up to 4,500 could be eligible for compensation with their homes requiring demolition or blighted by the runway. Some estimates claim that up to 10,000 homes could be affected.
It is believed that Heathrow Airport has set aside a compensation pot of £1 billion and is prepared to compensate homeowners with a package of Market Value plus 25% as well as legal fees and stamp duty costs. The normal package for affected owners is Market Value plus 10%, legal fees and stamp duty. An additional £250 million has been set aside for sound insulation in homes.
Homeowners need proper representation to maximise compensation packages. If the Market Value figure is low then the impact of the 25% uplift is significantly reduced. Compensation is also wider than just Market Value, a top up, legal costs and stamp duty. Owners can be entitled to a number of other claims depending on their circumstances. These include all other professional fees, adverse impact on mortgage arrangements, removal costs and disturbance associated with relocation.
Business owners affected by Heathrow’s third runway have an additional myriad of compensation entitlements. Our latest estimate is that there is the potential of up to 40 different heads of claim that an affected owner can submit.
Roger Hannah & Co has represented homeowners and businesses affected by most major compulsory purchase orders in London including London Olympics, Crossrail and Brent Cross Cricklewood.
Contact Simon Cook, Stephen Lashmar and Angela Juszczyk for further discussions.