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Homeowners on red alert as HS2 deadline looms.

Byline: Jon Griffin Business Editor jon.griffin@trinitymirror.com

WEST Midlanders living along the proposed HS2 route have been put on red alert over compensation in a warning from a leading regional land agent.

Jonathan Perks, of chartered surveyors and specialist property consultants Fisher German, says affected householders should not immediately accept offers without taking professional advice. 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.

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 PS30,000 and PS100,000.

The alternative is for a 'homeowner payment' for owner-occupiers of properties situated between 120 to 330 metres from the centre of the railway to agree lump sum payments between PS7,500 and PS22,500.

Fisher German, which has offices across England, is 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 schemes being consulted on would only be available to owner-occupiers of properties near the HS2 route from London to the West Midlands.

"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. 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. There has been a great deal of talk about the compensation available but the two new schemes which have been proposed are at the consultation stage at the moment rather than it being the final decision."

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Title Annotation:Business
Publication:Birmingham Mail (England)
Date:Jul 31, 2014
Words:375
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