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External link to STOP STANSTED EXPANSION campaign

Stop Stansted Expansion

Letter to homeowners from BAA dated 27 January 2004 announcing their Home Value Guarantee Scheme

Letter from BAA 27 Jan 2004 - page 1
Letter from BAA 27 Jan 2004 - page 2
Guidelines from BAA 27 Jan 2004 - page 1
Guidelines from BAA 27 Jan 2004 - page 2
Guidelines from BAA 27 Jan 2004 - page 3

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BAA Stansted reveals details of Homeowner compensation scheme

(press release issued 27 January 2004 by BAA)

Terry Morgan, BAA Stansted's Managing Director, has today written to all homeowners whose properties would fall within the proposed boundary of a two-runway Stansted to set out the scale of compensation they will be offered for the loss of their homes.

In December, when the Government identified Stansted as the location for a new runway, Mr Morgan said his first priority was to finalise the package of compensation for people whose homes would be lost and to announce details of a Home Value Guarantee Scheme for these homeowners by 27 January.

Mr Morgan confirmed today that the proposed boundary of the expanded airport is the same as that published in December by the Government in the White Paper. 74 properties fall within this boundary . BAA Stansted intends to do further work over coming months to see if it is possible to reduce the size of the area required. However, even if the area can be reduced, BAA Stansted will still honour its offer to all homeowners within the area announced today.

Mr Morgan also announced that under the voluntary Home Value Guarantee Scheme, which he hopes to implement on 5 April, BAA Stansted is making an offer to all owner-occupiers whose homes would be lost under the proposed expanded airport boundary to buy their homes if they wish to sell, at any time they choose. BAA Stansted will pay the full market value for these properties, based on their starting value in June 2002, (i.e. before the Government identified Stansted as a potential location for a new runway) which will then be adjusted upwards, for subsequent changes in house prices in the region since June 2002.

In addition BAA Stansted will pay owner-occupiers reasonable disturbance costs associated with their home move, reasonable legal costs associated with the sale of their existing home and the purchase of a new home, and an amount equivalent to the Stamp Duty payable on their existing home.

But Mr Morgan also announced that BAA Stansted will make an ex-gratia payment to owner occupiers who take up the scheme of 10% of the value of their home, payable when planning permission for a new runway is granted.

The Home Value Guarantee Scheme is entirely voluntary. The legal requirement is to offer compensation only for Compulsory Purchase Orders when planning permission is granted, which is likely to be some years away. Owner-occupiers will now have the choice of taking up the scheme or waiting to see if planning permission for a second runway is granted.

BAA Stansted has also extended the scheme on a discretionary basis to include 33 homeowners primarily in Bambers Green and Molehill Green where the proposed expanded airport boundary would cause the loss of part of their community.

Mr Morgan said today: "In publishing details of this scheme today, I want to offer certainty and reassurance to local homeowners whose homes could be lost as a result of the second runway development that they will be properly and fairly compensated.

"I genuinely understand how distressing the loss of a home may be, but I hope that that package of compensation I have announced today will at least offer financial comfort to these homeowners which will help cushion the blow.

"I also want to stress to homeowners that there is absolutely no compulsion on them to move early; this voluntary scheme is intended to offer any who do wish to move early to do so, at a time of their choice and without financial disadvantage."

BAA Stansted also plans to introduce a second scheme – the Home Owners Support Scheme – to provide financial support to homeowners in properties close to the new runway boundary, who want to move but whose property values may be severely affected by the prospect of noise. A consultation among affected homeowners and local community representatives on the options for this scheme will be launched in February.

Press release taken from the BAA Newsdesk.


Related Links:

"Stansted opens consultation on home owner support" - consultation documents & press release issued 26 February 2004 by BAA.

"PUBLISH YOUR MAIN COMPENSATION PLAN" - BAA TOLD - press release issued 17 March 2004 by Stop Stansted Expansion.

 
   

External link to STOP STANSTED EXPANSION campaign

Stop Stansted Expansion

External link to the FIVE PARISHES

Five Parishes

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