Under the compensation code there are a number of loss payments which can be paid, subject to claimants meeting the requisite qualifications.
If you are a qualifying occupant of a residential property you may be entitled to a Home Loss Payment which equates to 10% of the Market Value of your interest, subject to a minimum payment of £6,100 and a maximum payment of £61,000. Residential tenants may qualify for the minimum payment of £6,100.
Under the Planning and Compulsory Purchase Act 2004, property investors and business owner occupiers who meet the qualifications can claim a Basic Loss Payment. This payment is calculated at 7.5% of the value of an interest up to a maximum sum of £75,000. In addition, an “occupier”, whether they be an owner occupier or a business tenant (subject to qualification criteria) may also be entitled to an Occupier Loss Payment. This payment equates to an additional 2.5% of the value of the interest, or £25 per sq m of building taken (or £2.50 per sq m of land) subject to a minimum sum of £2,500 and a maximum payment of £25,000.
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