Valuation for Leasehold Extension
An outline of the valuation principles to determine the price for extending a lease of a flat under the Leasehold Reform Housing and Urban Development Act 1993.
Helen C owns a flat in a block in Chester. Ms C and the other leaseholders wanted to extend their leases. The freeholder, a Housing Association, was insisting that the only way to extend was to go through them, and were suggesting that there would be expensive fees for the extensions. Ms C requested that a LEASE adviser attend a meeting with the residents, to go through their options.
The adviser explained that there was a head lease in the building, which was about 20 years longer than the other leases. Because of this the other leases would be able to extend by 20 years minus one day, without needing to go through the formal process.
Ms C said, “The information given to us for the on-site visit was very useful and helped us make the decision to go ahead and contact a solicitor to legally confirm our lease extension process. Would highly recommend. Fantastic service. Quick meeting date and on an evening times slot.”
If you would like LEASE advisers to meet with your group, get in touch either by completing the booking form or calling us on 020 7832 2500.
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