TRHS0001 Administration of the Shimmer Relocation Appreciation Loan Scheme

The contract will require the Supplier to work with both the DfT and HS2 Ltd. While the DfT will perform the role of Contract Manager, delivery reports will need to be distributed to both organisations. The RAL will provide a capped loan to homeowners who cannot purchase a replacement local property independently. No interest will be charged on the amount of the loan over its duration, although applicants will be able to make repayments within scheme rules. The loan will be repayable as a proportion of the property’s value when the replacement property next changes ownership, enforceable via a legal charge placed on the property. The loan will complement existing Compensation Code payments and cover any shortfall between an applicant’s Compensation Code payment and the cost of a replacement local equivalent property (subject to certain caveats). Caps will apply to the loan amount and to the equity share in the replacement property, which will be confirmed at the contract award stage. RICS valuation of the applicant’s current property, and their chosen alternative property, as well as a RICS assessment of whether the alternative property is considered “local” and “comparable” will be carried out by another third party (estate agent or similar) organisation in line with the scheme’s criteria. The Supplier will be able, and expected, to use valuations commissioned from this third party organisation when assessing RAL applications, and when administering repayments during the loan’s life. The Contract term will be for an initial term of 36 months, with an option to extend at the DfT’s sole discretion for 12+12 months if required.