High Speed Railway (HS2) Is It A Positive Or Negative Connection For Property?
6th February 2013
In the last few weeks there has been a great deal of media debate around the plans for a High Speed Rail system. Some people are very excited. Others are looking at this with a great deal of trepidation.
On the face of it, it is quite exciting, improving links between us, other cities and the capital. It brings the rail network into the 21st century, creates jobs and economically would be hugely beneficial in bringing investment into the country and the regions.
As with any major infrastructure project there will be people who are going to be less enthusiastic, and with good reason as they may have their property affected wholly or in part.
What To Do if Your Property Is Affected
1. Check whether your property might be affected by the proposed High Speed Link.
2. If the answer to question 1 is yes, then you could be suffering Blight. This basically means you may be unable to sell your property as there would be very few buyers.
3 Blight means you are possibly entitled to serve a Blight Notice asking for the property to be immediately purchased as it is likely to be purchased under a Compulsory Purchase Order.
4. Indications are Blight Notices could be served as early as Spring 2013.
5. Alternatively you may be included in a Compulsory Purchase Order
6. Compulsory Purchase means you will get market value for your property. Also home loss, disturbance payments to cover your relocation costs and all your professional fees for your Solicitor and Chartered Surveyor.
A business will be entitled to claim loss of profits, relocation expenses, and in the worst case scenario, total extinguishment of the business.
7. Employ professional advisers who have experience in Compulsory Purchase. We at Mark Jenkinson & son would be pleased to help.
Another question that we have been asked is, is it going to improve property values in and around the area of the new rail system? This is very subjective but any major new infrastructure project anywhere in the world arguably does have a long term benefit. Clearly when you are initially affected it is not immediately apparent but a few years in the future the benefits become more evident.
If your land and property is in such a location please take advice as you may be pleasantly surprised by your property's future potential.
We at Mark Jenkinson & son have a very experienced team that will be able to help you. Please feel free to contact us.
Please note this article is a mere overview, so please ensure you take professional advice.