It 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. A chartered surveyor should be able to calculate the value of the freehold for you. 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 whether 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
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