BAA Announces Offer to Purchase Properties Under Threat of 3rd Runway

This morning (Tuesday 20th October) BAA has written to residents under threat of the 3rd runway offering to buy properties within the area designated under its Property Market Support Bond scheme. (a copy of the letter is printed below).This offer is open to residents for the next 12 months. I have been pressing BAA for months to implement the Bond Scheme to assist residents who are trapped in unsuitable accommodation and unable to sell their properties on the open market. Two weeks ago I met representatives from BAA with Rob Fodder, an example of a local resident unable to sell his property and trapped with his growing family in overcrowded conditions. Last week I also tabled an Early Day Motion in Parliament calling for action to resolve this issue.I welcome BAA’s announcement because it will help local families who are suffering from being trapped in unsuitable accommodation because they cannot sell. Over the next week I am convening a public meeting for local residents to discuss the implications of this decision. In addition over the coming weeks we will be convening via the local law centre a series of smaller seminars with lawyers to provide advice to local residents on the details of the scheme and the process from hereon. I believe that the 3rd runway will never be built but before we can kill off this runway threat once and for all we need to ensure that families affected by blight are properly protected. I will write to local residents in the villages and put all the details of these events on this website, inform Hayes FM and the local press.
Read BAA’s Letter to Residents in Heathrow Villages in full by clicking on news item.

20 th October 2009

Dear neighbour

Property Market Support Bond Scheme – BAA to offer to buy properties

with Bonds from 20th October 2009

I am writing to tell you some important news about the Property Market Support Bond (PMSB) scheme as your property falls within the boundary for the scheme. We are unable to trigger the PMSB scheme at this time, but as an act of goodwill BAA is today offering to buy properties with Bonds obtained under the PMSB scheme subject to the eligibility criteria being met. We are taking this step to reduce the uncertainty faced by residents wishing to sell their property. Others will not want to sell their homes at this time and I would like to emphasise that no-one is required to sell to BAA at this stage.

BAA continues to believe that a third runway is both necessary and justified, though we recognise that the controversy around the issue continues. Since the Government’s announcement in January of its support for a third runway, we have been carrying out the preparatory work needed before we can announce our intention to apply for planning permission.

Working through the Government’s new planning structure has added to an already complicated process.  The result is that we do not yet know exactly when we will submit our planning application. In formal terms, this means we are still unable to say when we might announce our intention to apply for planning permission, which is the trigger for the PMSB scheme.

The offer to purchase properties will be open to residents for an initial period of 12 months from today, 20 October 2009 (i.e. up to 20 October 2010). Home-owners with a Property Market Support Bond can ask BAA to purchase their home under the same terms and conditions as the PMSB scheme, at a price which is index-linked to June 2002 property prices. BAA will also reimburse property owners for their removal costs, legal

costs and stamp duty equivalent to the value of their property when they sell to BAA.  The additional 10 per cent home-loss payment would only be made if planning permission were granted for a third runway.

For those residents who do not yet have a Property Market Support Bond, you can still apply for one and request BAA to purchase your property during this period (i.e. up until 20 October 2010). If you are a Bond holder and interested in taking up this offer, please

fill in the attached form and return it us at the address given.  If you do not have a Bond and would like one or have any questions and would like to talk to someone, please contact the team on 0208 745 4929.

Yours faithfully

Colin Matthews

Chief Executive, BAA

submitted by John on 20 Oct 2009 at 10:18