Lease Extension Valuation

A specialist valuation from a Lease Extension Surveyor

If you are considering a lease extension then get in touch with our experienced team who can give you the professional help you need to successfully extend your lease. As a lease extension valuation is complex, one of the first things we will do is put you in contact with the right surveyor specialising in lease extension valuations from our list of nationwide contacts – a surveyor who can provide you with the expert valuation you need.

Why you need the right surveyor

Most surveyors rarely come across a lease extension valuation. Few high street surveyors really understand how lease extensions really work, let alone are they able to give you a proper valuation. This is why it’s crucial to find the right surveyor to provide your valuation – you want to offer just enough, but not too much, for the lease extension process to go ahead.

The surveyor you need will:

  • Provide a specialist leasehold extension valuation report on a reasonable price for your lease extension;
  • Negotiate on your behalf with the freeholder and the freeholder’s surveyors;
  • Communicate with your solicitors regarding that lease extension valuation; and
  • Provide you with expert advice both in writing and in person if your case ends up at the First Tier Property Tribunal (peviously known as the Leasehold Valuation Tribunal or LVT).

Getting your lease extension valuation wrong – the consequences

The main reason for needing a surveyor who specialises in leasehold extensions is that even at the stage of the initial letter to the freeholder to start off the process, the leaseholder needs to state a premium for the freeholder which is realistic.

If the leaseholder gets it wrong and suggest a premium which is unrealistic, the notice will be invalid, which means that you have to start the process all over again – that will involve delay and extra costs for you.

It’s therefore very important to make sure that the premium is calculated accurately, and this requires your valuation surveyor to have both in-depth experience and the specialised knowledge needed to work with leasehold extensions.

Keep control of leasehold extension costs –  by working with specialists

When your freeholder receives the your original application for alease extension, they then respond to it with a counter notice.

When it comes to the premium, if the landlord doesn’t accept your offer, then your surveyor gets involved in yourresponse, assisting in detailed discussions and negotiations of the premium valuation.

The key role of the surveyor during this part of the process is to make sure that their client is not paying more than they should to extend their lease.

The job of the solicitor is to make sure that the correct legal process is followed, and that any proposed changes to the terms of the lease are done properly.

Lease Extension Valuations – don’t cut corners!

It’s a commonly made mistake to try to save a bit of cash by not bothering with a proper valuation which is competed by a specialist lease extension surveyor. If you allow your freeholder to decide on the value of extending the lease, or allow them to instruct the surveyor, it’s unlikely to be to your advantage.

Don’t rely either on what is known in the trade as a “desktop valuation” – one where the valuation is completed based on documents and paperwork rather than the surveyor going out and viewing the property in person. Yes, desktop valuations are quicker and cheaper, but they don’t take into account the individual circumstances affecting your flat and could end up making a huge difference to the final price you pay for extending your lease.

Finding the right specialist surveyor

Our specialist leasehold extension team have helped thousands of leaseholder and freeholders to extend their leases over the last quarter of a century. Over that time we have established a great network of specialist leasehold extension surveyors across England and Wales.

Wherever in England or Wales your property is located, we can help you with the legalities of extending your lease, and help you find a surveyor who really knows their stuff for leasehold extensions as part of our one-stop shop.

Qualifications?

In the UK, the vast majority of lease extension valuation work is done by Chartered Surveyor. In order to call yourself a Chartered Surveyor, you have to go through many years of professional training and exams, and be approved for membership of the professional organisation called the Royal Institute of Chartered Surveyors (RICS).

Experience and reputation is just as important as paper qualifications though. Your surveyor must be able to produce a lease extension valuation of a high quality, and robust enough to stand up to scrutiny from your freeholder’s legal team and their surveyor. The valuation document is the foundation stone for a fair and trustworthy basis to start off the lease extension valuation.

Need a Lease Extension Valuation? Contact us first

For FREE initial advice about picking the right surveyor for your Lease Extension Valuation, contact our specialists  today:

  • call us free on FREEPHONE 0800 1404544 or
  • email us using the contact form below

Comments or questions are welcome.

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