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Compulsory Purchase Order

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keithbobo | 19:38 Thu 14th Aug 2014 | Business & Finance
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The flats I live in are being knocked down to redevelope the area. This should start happening from end of next year.

Inevitabley I will have to sell, but if I'm not in a financial position to get another mortgage what happens there? What I've read says I won't lose out financially from the whole process but if I can't buy another house surely that is?

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So why would your financial position change, as a direct result of CPO?

If you can afford a mortgage now, and you are given compensation at least equal to the value of your current property, and possibly more, what makes you think you won't get an equivalent mortgage and return you back into an equivalent property.

Your logic does not make sense to me.
Keith might not have the same clean record that he had when he got the original mortgage.

There are numerous reasons why he might not be able to get another mortgage.
for example, i have a mortgage, but now do temporary work. My mortgage would not remortgage unless i had permie work. Also, mortgages are much harder to get nowadays
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Ummmm hit is exactly right, my financial situation is a lot different now to when
I first took out the mortgage so it would make a huge difference now and I would lose out
If your existing lender is happy with the way you have been paying your current mortgage they may be happy to transfer it over to an alternative property provided the loan amount doesn't increase
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But I couldn't get another property for the same price now as house prices have gone up in the 7 years I've had the property. I would have to downsize and that is losing out no?
You need to talk to your mortgage company now, keithbobo. Hopefully you are not in arrears with your mortgage nor in negative equity.

Make a proper list of all your incomings and outgoings so that you can show that you can afford your current mortgage and hopefully you'll be able to buy another property with a similar mortgage.
When you said "I won't lose out financially from the whole process" I was interpreting that to mean they will give you the current market value. Are you now saying they will just give you what you paid for it?
As property prices have gone up, so has the value of your flat.
Are they not purchasing your property for more than the valuation to compensate?
Apply to your local council for social housing, if you are at risk of being made homeless you qualify as an priority case. How old are you ? if you have reached retirement age and are at risk of homelessness you qualify as an emergency case and your local council has a duty to offer you accommodation.

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Compulsory Purchase Order

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