Changes to the Home Loss Payment
On 1st October 2017 the Home Loss Payment (Prescribed Amounts) (England) Regulations 2017 (No.769) came into force.
Under Section 29 of the Land Compensation Act 1973, the Home Loss Payment was introduced. The payment is available to those faced with a Compulsory Purchase Order and who occupy a dwelling as an owner occupier.
The payment equates to 10% of the Market Value (in accordance with Section 30 (i) of the Act), subject to a revised minimum payment of £6,100 and maximum payment of £63,000 up from £5,800 and £58,000 respectively.
Where properties are occupied by a tenant, the occupier is entitled to this component under Section 30(2). Accordingly, the payment to a tenant has not been increased from £5,800 to £6,300.
If you are affected by a Compulsory Purchase Order please do not hesitate to contact our team.