We have made some changes to our buyback procedures which have been approved as an exception for Walthamstow Stadium.

If you are a leaseholder or a shared owner living in a flat or maisonette, we want to give you an option of an easier route to selling your home back to us if you wish. This means that you do not need to meet the normal criteria of our voluntary buyback policy, or have other exceptional circumstances, to be eligible for this offer.

If you are interested in exploring this option, we would like to invite you to express your interest by filling out an intent form over the next eight weeks (end of April). This will allow us to better understand the level of interest from residents and assign a special team to deal with the applications.

Applications will then go through our buyback procedure, where an independent valuation will be obtained. Following this, you will be presented with the valuation results, at which point you can decide whether or not you want to proceed with the selling of your home back to L&Q.

Please note that we are operating this as a voluntary scheme and as another option we would like to provide you with, in recognition of the exceptional circumstances at Walthamstow Stadium.

Why is L&Q offering this?
At L&Q the safety and comfort of our residents is paramount in everything we do. We also understand the concerns and stress that come with owning a home in a building that is undergoing significant improvement works. Furthermore, we know that for many people, including some of our leaseholders and shared owners, getting on the property ladder has entailed considerable investment and sacrifice, and we wouldn’t want them to feel that they are without options going forward. 

We are offering residents the option of selling and moving elsewhere before the programme of works commences, thus avoiding the disruption and inconvenience of having to temporarily leave their homes.

The extent of the works required and the need for residents to temporarily leave their homes are part of the reason why we believe that Walthamstow Stadium should be seen as an exceptional case and why, on this occasion, L&Q will be offering residents an easier route to selling back their home to us, should they wish to take that option. It is with their wellbeing in mind that our board has approved this initiative and we hope our residents welcome it.

Who is this offer open to?
This offer is available to any Walthamstow Stadium shared owner and leaseholder living in a flat or maisonette.

If you are unclear about whether or not this applies to you, please get in touch with a member of our team and we will go through the details with you.

Is this offer available to townhouses?
Not on this occasion. As mentioned above, one of the main drivers behind this decision is avoiding residents having to relocate temporarily during the programme of works and, unlike those living in a flat or maisonette, townhouse residents will not be required to move out for a significant period of time. 

If townhouse residents wish to apply for a buyback, they will still be considered on their own merit, under the existing policy.
 
What happens next?
If you are interested in selling back your home to us, please fill out our Expression of Interest form. The form should only take a few minutes to complete.

Please note that completing a form does not represent a formal offer on your behalf, but merely a way of starting the conversation with our team. You can always change your mind, at any point during this entire process.

Filling out these forms will also allow us to have a better idea about how many of our residents are interested in starting an application to sell back their homes, so that our team can bring in the right level of resource to this programme.

Once I have completed the form, how long before I hear back?
We are giving residents up to eight weeks (end of April) to express their interest. After this period has ended, depending on levels of interest, L&Q will ensure a team is put in place to process any applications. You should expect to hear from us no earlier than July 2023 in relation to next steps.

What if I already started a buyback application with L&Q?
If you have already been in communication with a member of our team regarding selling back your home to us, you will automatically be included in this offer.

What if after completing the Expression of Interest form, I change my mind?
If you change your mind after completing the form, that’s fine. You can either get in touch to let us know or tell us when we contact you.  

This change to our buyback procedures is meant to provide additional support for residents, in recognition of the exceptional circumstances at Walthamstow Stadium, but it does not obligate you to respond in any way.

What happens after the eight weeks?
We will begin to process all applications that we receive from July 2023. At that point we will be in touch to confirm, if you are still interested in selling back your property, that we will start by requesting property valuations. 

Will the money that L&Q offers to buy back my home be more or less than the current market value? How is this calculated?
The value of your home will be assessed by an independent RICS Surveyor who will provide the current open market value of your property. The valuation will be based on comparable evidence of similar properties and will not be impacted by the remedial works required to your home. 

As this is a voluntary scheme, we are not able to negotiate on the price or instruct multiple valuations.

If L&Q makes me an offer on my home, how long will I have to decide whether or not to accept?
You will have up to three months from the date that the offer is made to decide whether or not to take up the offer of a buyback. 

Please note valuations are normally valid for six months so we do recommend that you decide whether or not to take up the offer within the first three months, to allow time for completion. Otherwise, the valuation may need to be updated by the independent RICS surveyor (and the values may change as a result).

We have timed this in a way that would hopefully allow interested residents to proceed with their application and move out of their homes before they need to temporarily relocate during the works, however this cannot be guaranteed, as it depends on the number of applications received.

Will I still receive compensation if L&Q buys my home?
This offer is also completely ring-fenced and separate from the compensation we have promised to all our residents on the estate. The monetary compensation of £2,000 per household has been issued by L&Q to all our residents at Walthamstow Stadium in recognition of the stress and impact on their day-to-day lives by the programme of works and it is completely separate from this programme.

I have another question about the remediation works.
If there is anything else you would like to ask, please contact the resident liaison team.