Leasehold Extension - Valuation
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.
Firstly, you will have to pay the premium for the lease extension.
Secondly, you will have to pay your landlord’s reasonable costs as they are legally entitled to. This is limited to legal and valuation costs e.g. the landlord’s valuation, legal costs of drawing up the new lease and checking your right to make the claim for a lease extension.
Thirdly, you will have to pay the legal and valuation costs for your own solicitor and valuer. If the case proceeds to the First-tier Tribunal (Property Chamber), your solicitor or valuer may charge you extra costs for representing you at the Tribunal.
You do not have to pay the landlord’s costs of going to the First-tier Tribunal (Property Chamber).
Lease extension 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:
- Lease Extension – Getting Started
- Application to the First-tier Tribunal (Property Chamber)
- Application Form – Application for Determination of Reasonable Costs – Flats and Premises
- I am in dispute with my landlord but I do not want to go to Court or Tribunal. Is there an alternative?
- More Frequently Asked Questions on Lease Extension
- Lease Extension Calculator
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers