Compulsory Purchase

[springbulb81]

If my flat is compulsory purchases I will not be able to get another mortgage due credit problems since the mortgage was taken out.

They say I'm not supposed to be left in a worse financial position but how
can that be when I'm force to sell and cannot buy another flat?

[Peter Pedant]

Hold it ! havent we dont this
double post....

spring b - the first thing to do is CAB
you need proper advice - and also collect the letters from your neighbour....

[springbulb81]

I shall do but upon googling compulsory purchase there's so much info I can't find anything on taking out a new mortgage which I know I won't be able to do.

So how would this work?

[Peter Pedant]

In the sixties - they told you they were gonna do it
then cam along and surveyed and then the district valuer said here is the moolah. That was in the days of 'the man from the ministry really FOES know best'
There is a period for appeals which is what you have to find out about
and then get on with appealing before you are timed out

[emmie]

you should check with the local authority, if you are in UK that is, because they are the ones doing the compulsory purchase, if say the land, area is needed for another purpose.

[emmie]

many people in our borough are going to have their properties compulsory purchased i believe over the new rail link proposal, best to check with local authority and see what they say.

[boxtops]

If you already have an existing mortgage, talk to that company now - you might be able to transfer the mortgage to another property (providing of course that your credit problems don't relate to the mortgage!)

If they do - you'll get some money from the CP, but it looks as if you may have to resort to renting until your credit rating improves.

[Peter Pedant]

BX I didnt want to say you take the money and run !
until I was sure that was the case

He has been guaranteed that there will be no financial disadvantage - and not javing a mortgage certainly sounds like one ! and so I think it is time for advice from the experts (I am taking a rest from estoppel and estoppel returns)

[DrFilth]

first of all i wish you luck in getting help you will need it, i have had relatives who were forced out of their home by compulsory purchase and had to get a bridging loan to get another house and they were put in a very worse financial position

have a read about two brothers that made all the papers up near me a couple of years back

http://www.salfordstar.com/article.asp?id=241

http://www.salfordstar.com/article.asp?id=1305

[Peter Pedant]

before you frreak out Spinrg
there are other cases where protesters have been rehoused in an equal house.....

[themas]

The first thing you need to do is not panic, & get hold of the relevant papers. It seems that at present you are just going on what someone else told you without finding out what is actually proposed

[Peter Pedant]

and what did your advisers say ?