We are experts at helping to extent your lease in the smoothest possible way.
The sooner you do it, the less expensive the extension will be. Your lease will be increased in value enabling you to sell on at the best possible price.
We will negotiate the lease extension for you. The first step will be to value the property by one of our qualified surveyors and then to discuss with you whether it’s best for us to us to handle the negotiations or if you decide to undertake this yourself, merely advise you.
If you are leaseholders in a block, you can acquire the freehold, provided more than 50% of the occupants agree. This is known as a lease enfranchisement. The process is more complicated than with a lease extension, so a Chartered Surveyor will need to carry out a freehold valuation before notices are served. Any valuation figure has to be deemed reasonable and valid.
When the leaseholders representative has served the notice, the freeholders surveyor will inspect the property to prepare a counter notice. The two surveyors have 6 months to agree on the price. Falling that, the matter will be settled by a tribunal.
There are many factors to be considered when calculating the freeholders compensation, which your Chartered Surveyor will be happy to discuss with you. One of the largest considerations, when establishing a value, will be development potential. Additionally the Surveyors will need to separate what is true development potential and what is known as “Hope Value, for which discounts are made. It is very important for both sides to have the skills of a Chartered Surveyor. In this way, the freeholder and leasehold can have the greatest chance of being able the avoid the need for the Valuation Tribunal.
Morgan Sloane Chartered Surveyors are also RICS Registered Valuers and deal with multiple cases per year. Negotiations form part of most freehold enfranchisement claims and expert witness representation at Tribunal can also form part of this process. We also work closely with the very best solicitors in the profession, as a tight knit team of client, Valuer and legal representation is required to achieve the best of results. Please either email or call us on 020 7183 2578 to speak to our expert team.