Leaseholders and their tenants
For the redevelopment of 158-228 Teviot Avenue to go ahead, we need to buy back all leasehold properties within the current blocks.
The new development will be comprised of 100% affordable housing. This means existing leaseholders will not have the option to buy back into the new development.
Our Home Ownership team will contact each leaseholder to arrange for their properties to be valued. Once the properties have been valued, we will make an offer to buy them back.
An additional 'home loss payment' of either 7.5% or 10% of the property value will be made to each leaseholder. The amount depends on whether the leaseholder is resident or non-resident.
We may also pay reasonable 'disturbance payments', such as:
- legal costs
- stamp duty on the purchase of alternative property
- mortgage redemption fees
- removal expenses for resident leaseholders
Tenants of leaseholders
Leaseholders who are not residents should make sure the appropriate notice is served on the tenants of their property. The notice must allow time for tenants to move out before the sale is completed.
The property must be vacant when we take possession upon completion of the sale.
Tenants of non-resident leaseholders are referred to our Housing Options team for advice and support.