Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
A chartered surveyor should be able to calculate the value of the freehold for you.
The calculation depends on a number of factors including the rateable values of the house at different dates, the ground rent, the number of years left on the lease and the value of the house today.
You may be required to obtain the rateable value of the house in 1965 (or the first day of the lease, if later) and in 1990. These rateable values will tell your chartered surveyor which one of the methods for valuation to use; the Original Valuation Basis or the Special Valuation Basis.
Buying the freehold can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- Houses – Qualification and Valuation
- More Frequently Asked Questions on Houses – Enfranchisement and Lease Extension
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers