This is a blight scheme and provides a transferable bond which gives people the confidence to buy and sell property in the area at unblighted prices.

The bond also acts as a promise that if Heathrow announces a decision to apply for planning permission for a third runway, the bondholder can require BAA to buy the property at unblighted prices.

BAA announced on 20 October 2009 that it would offer to buy properties with bonds obtained under the Property Market Support Scheme (PMSB) to reduce the uncertainty faced by residents wishing to sell their property (subject to eligibility).

The offer to purchase properties will be open to residents holding a bond within the PMSB boundary for an initial period of 12 months from 20 October 2009.

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 – the stated trigger for the PMSB scheme.

As we do not yet know exactly when this will be, we are making this offer as a gesture of goodwill to help those people wishing to move.

Homeowners can ask BAA to purchase their property under the same terms and conditions as the PMSB scheme at a price which is index-linked to June 2002 Greater London 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.

There would be an additional 10% home-loss payment which would only be made if planning permission were granted for a third runway.

For more information please contact the Heathrow property team on 020 8745 4929 or email heathrowthirdrunway@baa.com