The two new compensation schemes are summarised below:
The Cash offer
This is available again to anyone living between 60m and 120m from the line and instead of selling their property it will possible to remain in their house and receive 10% of that value. The minimum payment will be £30,000 and is capped at £100,000. This will be available until one year after Phase One first opens after construction has been completed. To be eligible you will have to be an owner occupier of a residential property, agricultural holding or a commercial property with a rateable value that does not exceed £34,800. Further a leaseholder with an unexpired term of three years will usually qualify as an owner occupier.
Homeowner Payment Scheme
This will apply to owner occupiers outside the voluntary purchase area but within 300 metres of the line and will be a fixed lump sum. The payments will be tapered as follows
· Between 120m and 180m from the route: £22,500
· Between 180m and 240mfrom the route: £15,000
· Between 240m and 300m from the route: £7,500
This will be payable when the HS2 Bill receives Royal Assent.