Nearly 1,000 people across the borough will today find out the long-awaited details of a housing association's financial offer to them if it gets permission to demolish and rebuild their homes.

Circle Housing Merton Priory (CHMP) is proposing to regenerate three estates in Merton - High Path in south Wimbledon, Ravensbury in Morden and Eastfields in Mitcham - which would involve demolishing and rebuilding about 900 homes, while adding about an extra 1,200 properties.

Oct 23: Plans unveiled for Eastfields estate in Mitcham 

Oct 28: Masterplan revealed for High Path in south Wimbledon 

Nov 6: 'Traditional village feel' design pitched for Ravensbury estate in Morden 

If it gets planning permission from Merton Council, the scheme could mean temporary accommodation for some residents.

CHMP said if anyone is in temporary accommodation for a year or longer they will get an extra £3,000 on top of the £3,000 disturbance payment all tenants and residents homeowners are entitled to.

In most cases we aim to move people straight into their new home without the need for temporary accommodation.

But it could also mean a brand new home of the same size for those who are prepared to sit out the building work.

This is what the organisation is offering people who live on the estates:

Tenants offer:

- a replacement home with as many bedrooms as the council has assessed is appropriate for their needs.

- tenants who are assessed as requiring two less bedrooms will only have to lose one.

- a £3,000 disturbance payment, with an extra £3,000 for every year in temporary accommodation.

- a £4,900 relocation payment. CHMP said all tenants are entitled to this payment and all tenants are guaranteed to be rehoused in the new neighbourhood if regeneration goes ahead.

- No changes to rent agreements or tenancy rights.

Leaseholder and freeholder offer:

- option to sell CHMP their home for market value plus 10 per cent.

- or receive a new replacement home of the same size with full ownership.

- to discourage people from selling their properties after regeneration, homeowners will have to pay back the difference in increased value of their home for five years after it is built, if they choose to sell in that time. The amount they have to repay will then decrease over a further six years before being eliminated after 11 years.

- homeowners with unpaid mortgages who cannot go for full ownership, will be offered shared equity to help them own their homes.

- rent-free accommodation in the borough will be offered to homeowners if they are required to move out during building work.

Landlords:

- Homeowners who do not use their flats as a primary home will be given the option to sell at market value plus 7.5 per cent up to a maximum of £75,000.

- CHMP is setting up a dedicated hotline at the Citizens Advice Bureau to assist private sector tenants find new homes and receive financial advice.

The long-awaited offer was originally due to be published in January and is the first time the offer has been made public. 

Scrutiny: Councillors pledge to scrutinise Circle Housing Merton Priory housing plans

Paul Quinn, director of regeneration at CHMP, said: "As you know we have seen the blog posts and Facebook pages with residents who are concerned about the regeneration and impact and this is us listening to that and trying to come back with a response to that and to our belief in keeping the community together.

"There's been a lot of coverage of other projects where people have ended up in the South East for example and we are trying to come up with a residents' offer which discourages that."

Wimbledon Times:

A protest about consultation by Eastfields residents in Mitcham last summer 

If approved, the regeneration project will see all affordable homes replaced with affordable homes - classified as homes valued at up to 80 per cent of the local market rate.

CHMP said people's tenancy rights will remain the same and the way the rent is calculated will not change because of regeneration.

An estimated 1,200 extra properties will also be built across the estates for private sale or rent, which will not be affordable homes.

But Mr Quinn said all the money from the sale and rent of the properties will be invested back into the estates.

"The project as a whole still does not make any money", he said. "We are losing money with the scheme as a whole but because we are a not-for-profit organisation even if the regeneration did at some point start to make a surplus it would be invested back into our affordable housing stock."

He also said was not just about responding to Merton's desperate need to build more homes, but also aimed to create new jobs, apprenticeships and support for local businesses.

There will be consultations about the residents offers and updated masterplans for all the estates until mid-June.

CHMP will then commission an independent market research survey to get more feedback on the residents' offer.

It will then submit a planning application to the local authority once the council has completed its development plan document - a document taking into consideration its own consultation with residents at the end of last year.

Do you support the regeneration? Are residents getting a fair deal?

Comment below, or email becky.middleton@london.newsquest.co.uk.