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 find you a longer-term temporary home while further investigations 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. You do not pay rent on your temporary alternative home.

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.

The voluntary buyback

We recognise the difficulty leaseholders would face if they chose to sell their home while the relocation is ongoing, so we have offered leaseholders the option to sell their flat to us should they wish, rather than wait for further investigations and remediation work to be completed. We 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 act as a chain-free buyer if a leaseholder wishes to make an onward purchase. The deadline for starting the buyback process has ended, but please contact us if you want to discuss your options in light of the extended remediation period.

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 15 June 2026, but we want to hear your feedback if that timeline doesn’t work for leaseholders.

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.

Could the 31 December deadline for NHG’s enhanced buyback offer be extended?

We are confident that the 31 December deadline for the enhanced offer provides a reasonable amount of time for residents to complete their sale. This is not a cut-off point for being able to sell your home to us at all, but is the deadline to benefit from the enhanced offer. We know there are sometimes personal circumstances that make deadlines like this difficult, and you should speak to the buyback team if there is any specific reason beyond your control that would prevent you meeting a deadline.

Please note that the enhanced offer ends either on the 31 December or at the point that residents are able to move back into their homes, so the dates around plans to fix the issues remain key to the offer. If the enhanced offer is withdrawn, this does not prevent you from continuing with your sale, you would just lose the additional benefits of the enhanced offer.

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.

Can you guarantee access to our Stratford Halo home if we are moving to a new permanent home?

We cannot guarantee access as we will always prioritise resident safety over access to possessions, but of course we know how important it is for you to be able to move your belongings should you purchase a new home. We discuss this issue in detail with any leaseholder interested in the buyback offer, to agree the best solution for them to secure their belongings.

I will be affected by Capital Gains Tax (CGT) on my buyback offer. How is the enhanced offer uplift paid to us, as this may further affected the CGT payable?

How the buyback offer is paid can vary from case to case. The purchase price of the flat and the additional payments are listed separately, but may be paid in a single transaction. In some cases there may be lawyer-to-lawyer transfers instead as part of the sales process, while if you are buying an alternative home, the money may be sent directly on for the next transaction in the chain. Please seek independent advice if your sale may have tax implications for you.

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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