Valuation and Negotiation services provided for extending leases of residential property.
Any enquiry made by a lessee into extending the term of their existing lease requires at the outset a valuation as to the amount of premium payable. We provide two options for the valuation.
Option 1: Desktop Valuation
Whether you are the lessee or freeholder this is a cost effective way of obtaining a valuation. We produce a full calculation based on either the statutory provisions or alternatively based on any number of years extension required and any level of ground rent. The value of the property is assessed using supplied information on the size of the property and researching professional property databases.
Option 2: Full Valuation
This service includes a full inspection and measured survey of the property and is recommended for higher value properties and in cases where the lease has less than 50 years unexpired. A full valuation is also recommended in cases where a Section 42 notice has been served (see Statutory Process Tab) on the landlord or is expected to be served by the tenant.
Having obtained the necessary valuation you will be in a position to commence negotiations with the other party. You may choose to handle this yourself equipped with our advice and valuation. Alternately we can submit a proposal on your behalf and handle the negotiations, based on either the statutory terms or on any other lease terms that may be acceptable and beneficial to the parties.