Leaseholders: Buyback, Valuations, Mortgage Lenders

This section is for leaseholders, including shared ownership leaseholders, of Opal, Ruby or Sapphire Court at the Stratford Halo development.

Rent and service charge

How does this impact my lease?

There is no difference to your lease, we will just be temporarily providing you with alternative accommodation while further investigation and any required remediation work is carried out.

Do shared owners need to continue to pay rent?

Your rent needs to be paid, as per your lease agreement, while you are temporarily relocated, but it is impacted by where you have moved.

• If you have moved to another NHG property, a serviced apartment or private tenancy, the rent on this will set to zero as you are still paying rent on your home.
• If you are staying with friends or family, you need to pay the rent on your home but it will be refunded to you for the time we have instructed you to move out.

Do I need to pay service charge for the period I am relocated?

The law gives us no choice but to continue to levy a service charge. However, we understand why residents might feel this is unfair, so are currently working hard to see if we can develop a solution that will not leave residents unfairly disadvantaged.

At the moment there are still residents living in Opal and Amber Courts so services are still being provided, but once those buildings are empty we will be able to start reducing the cost of services.

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Mortages and lenders

Do I need to notify my mortgage provider?

It would be wise to keep them informed of what has happened and find out whether it has any impact on your mortgage.

Will you refund my mortgage payments while I am unable to live at my home?

We will not be able to refund your mortgage payments while you are away from your home. Your payments to your lender will continue to contribute to the purchase of your home even if you are not living there. Should you wish to pause your mortgage payment during this time, that is a discussion to have with your lender directly.

I need to remortgage. Will this impact my ability to borrow?

Until such a time as someone seeks a mortgage renewal, we will not know how lenders will respond, but like with our previous building safety projects at Stratford Halo and elsewhere we can provide a letter confirming that any issues are being resolved and are being done so at no cost to leaseholders. You also have the option of taking up our enhanced buyback offer.

I am in the process of selling my home. What does this mean for me?

We know selling your home is a stressful period at the best of times and we will provide you as much support as we can, but until we know how lenders respond to this decision, we cannot provide certainty. However, like with previous building safety projects at Stratford Halo and elsewhere we can provide a letter to lenders confirming that any issues are being resolved and are being done so at no cost to leaseholders.

We are also putting in place an enhanced buyback offer, which would allow you to sell your home back to us at full value, plus an additional 10% (7.5% is you don't live there), paying any mortgage early redemption charge and stamp duty on your onward purchase (up to the amount that would be payable on the value of your sale).

I was planning on selling my property in coming years and believe l will miss out on possible earnings if I sell now. Will I be compensated for this if I choose to sell the property back to NHG?

Our independent valuations cannot speculate on any future price increases, nor indeed any price reductions over the coming years. The buyback option remains voluntary, and you are of course under no obligation to go ahead if you do not think it’s in your best interests.

Our aim remains to get you back into your home as soon as possible and we will continue to provide alternative accommodation for you until it is safe to move back into your flat. Meanwhile, NHG have now enhanced our buyback offer to include an additional 10% uplift on your home (7.5% if you don’t live there) on top of the valuation, as well as paying for your mortgage’s early redemption charge if applicable, and stamp duty (SDLT) on your related onward purchase if any (up to the amount that would be payable on the value of your sale.

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The voluntary buyback

We recognise the difficulty leaseholders would face if they chose to sell their home while the relocation is ongoing, so we are offering you the option to sell your flat to us should you so wish, rather than wait for further investigations and remediation work to be completed. We have agreed an enhanced buyback offer of full market value, plus a further 10% (7.5% if you don't live there) and additional costs being met. We will act as a chain-free buyer if you wish to make an onward purchase.

Am I eligible?

You are eligible if you are a leaseholder in Opal, Ruby or Sapphire Court who has been asked to vacate your flat due to the ongoing investigations into the structure. If this applies to you, an enhanced buyback scheme is being offered as an option, the process for which is explained in greater detail below. Please note that you must have vacated your flat and be in alternative accommodation in order to be eligible.

What is the process?

The first step is for you to notify us of your interest in taking up the enhanced buyback option. You can do this either by emailing stratfordhalobuybacks@nhg.org.uk with your address and contact details, or by calling our team using the contact details at the end of these FAQs. After an initial chat, NHG will then copy you in on our instruction to the independent valuation firm, who will contact you to make an appointment to visit your property. Following this visit they will prepare a valuation report, and this will form the basis of our buyback offer to you. The valuation will be on the basis that the building is problem-free and your flat is in good condition, so the valuation of your property will not be impacted by the current situation.

If you have any queries about the valuation, please raise them with the valuer via email within seven days of receipt (copying in Notting Hill Genesis). If no queries are raised within this period, we will prepare and issue you with a formal offer letter, based on that independent valuation. This will set out all the necessary details and next steps. If you wish to accept the offer, you must complete and return the ‘Acceptance of Voluntary Buyback Offer’ form at the back of the offer letter, after which NHG’s conveyancers will contact your conveyancers to commence the legal process. NHG will focus only on the two essential documents (Contract and Transfer), which will allow us to move quickly to completion. You are in control of the length of time the process takes (subject to the time limits – see below).

What if I don't agree with the market valuation?

The valuation will be carried out by McDowalls, an independent third-party firm registered with the Royal Institute of Chartered Surveyors (RICS) as qualified valuers (NHG only uses RICS valuers). The valuation is called a Red Book valuation, which is the industry standard for professional valuations, based on evidence of the prices of similar properties sold within the area. A RICS Red Book valuation gives a true indication of the property’s current market value, unlike the type of valuation generally provided by estate agents to determine a marketing price. The process is open and transparent, with leaseholders copied into all emails, and welcome to be there when the valuer visits and raise any issues they wish. If you have any queries about the valuation, you should raise them directly with McDowalls via email, copying in Notting Hill Genesis, within seven days of receiving the valuation. We will await the outcome of any review before issuing the offer letter.

You are welcome to obtain your own valuation if you wish but this would be at your own cost.

What is the enhanced offer?

Our priority is on ensuring the original structural engineers finish their investigations and fix the issues so residents can safely move back into their homes as soon as possible, but we recognise that for many of you, the option to make a fresh start elsewhere is the best option for you and your household, and we want to make that process as simple as we can.

To support those of you who would want to take up the buyback option, which is completely voluntary, our executive board have agreed an enhanced package that would compare to a situation where buybacks were non-voluntary.

This means as well as offering the full market value of your home (or share of it), we will pay you an additional 10% above that valuation (7.5% if you don’t live there). Beyond that uplift, we will also pay the early redemption charge on your mortgage, if applicable, as well as the stamp duty (SDLT) on any onward purchase you are making, up to the amount that would apply to your sale.

Our enhanced offer is made on the expectation that your sale – and any onward purchase you make – will be completed quickly. This means you need to have made a meaningful start on your sale, and any onward purchase, by 1 June 2026, but we want to hear your feedback if that timeline doesn’t work for leaseholders. We will soon be holding an online meeting to discuss the buyback offer specifically, and we want to hear your views. Details will be sent out soon.

As we find out more about the programme to fix the issues at Stratford Halo, there will come a point where we need to end the buyback offer, but any sale that has made material progress will still be fulfilled.

I've spent money on improvements to my home, will I be compensated?

The valuation of your home will assess its market value, which will take into account any improvements you have made. This may not always reflect the cost of improvements on a pound-for-pound basis.

Are other expenses included in the buyback offer?

Yes. The enhanced buyback offer also includes reimbursement of your reasonable and proper costs in relation to your sale and onward purchase, if applicable. These are capped so as to comfortably exceed the costs that most buyers might incur, at £2,000 excluding VAT for your sale, and a further £4,000 excluding VAT if you have an onward purchase. Leaseholders would be responsible for any costs in excess of this. We will also pay the early redemption charge on your mortgage, if applicable, as well as the stamp duty (SDLT) on any onward purchase you are making, up to the amount that would apply to your sale.

Is the offer the same for shared ownership leaseholders?

Yes, it is. We will let shared ownership leaseholders know the full market valuation figure for your home, as well as the value of your equity share (e.g. if you have a 50% share in your home, under the buyback offer you would receive 50% of the RICS valuation). This will be set out in your offer letter. All leaseholders are eligible for reimbursement of the same buyback expenses as above. All the usual associated fees over which Notting Hill Genesis has control, including the resale fee, are waived for the buyback.

What happens on completion of the sale?

If you decide to go ahead and sell your home back to NHG we will require vacant possession of the property on completion. This means all your belongings will need to be removed from the property and keys handed over, as with any property sale. If you are making a related onward purchase, the completion of your sale must be on the same day as the completion on your purchase, and you would move from your flat (or alternative accommodation if still applicable) into your new home.

Is the buyback offer time limited?

There are deadlines in place for the buyback offer, but we are providing plenty of time for leaseholders who would like to make a fresh start away from Stratford Halo to begin that process.

The buyback scheme is open until 1 June 2026, but we will keep this date under review and are happy to discuss it at the forthcoming online meeting, details of which will be sent out soon.

Once the deadline has passed, the scheme will close to any leaseholder who has not already made a meaningful start or material process in their transactions. This does not mean that your sale must be completed by 1 June, but some formal progress must have been made by then.

When we know more about the programme to fix the issues at Stratford Halo, we will close the buyback offer, but if you have taken material action towards your sale, and any ongoing purchase, and the process continues to progress reasonably, then we will see that sale through to completion.You can find the detail around the buyback offer on our dedicated buyback scheme FAQs page.

What if I'm buying a replacement property and in a chain?

We understand you may wish to sell your current property and purchase an onward property, in which case NHG will become your chain-free buyer. Onward purchases must be exchanged and completed at the same time as the exchange and completion of your sale to NHG.

Will I receive help with buying a new home?

You are responsible for looking for your next home. However, if you wished to ‘swap’ your flat with another NHG property for sale within our portfolio, please let us know and we will put you in touch with a dedicated sales team member who can discuss options with you.

What if I have financial difficulties with selling?

We understand some leaseholders could still incur costs and losses from selling. The buyback option is intended to provide liquidity to leaseholders who would otherwise be unlikely to be able to sell during the ongoing investigations and potential remediation. We recognise individual circumstances vary and the buyback scheme may not work for everyone. You may wish to speak to an independent financial advisor about your situation.

What if I don't want to sell my home?

No problem! There is absolutely no obligation or pressure to sell. The buyback scheme is intended as an option for leaseholders should they wish to use it, offered by NHG in recognition of the challenges leaseholders may face if trying to sell on the open market while the investigations and remediation work take place.

Will a Compulsory Purchase Order be issued?

At present, our buyback offer for leaseholders is voluntary. We do not foresee a compulsory purchase order being issued and our expectation remains that residents will move back once remediation is complete. 

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