Local Authorities, Statutory Undertakers or other public bodies can compulsorily acquire your property using powers of compulsory acquisition.
Compulsory purchase may be instigated to blocks of flats that have been earmarked for demolition and re-development by a Local Authority. Other reasons may by road widening schemes, extension of railway lines, extension of airports etc.
If you are ever in a situation where your property is being acquired under the compulsory purchase powers you are entitled to receive:
- The full market value of your property.
- Compensation for the loss of your property or business.
- Compensation for other expenses incurred, such as solicitors fees, surveyors fees, removal cost, stamp duty payments etc..