Flat-owners often question why Fridaysmove recommends having a professional valuation before applying for a lease extension. Here are six reasons why we think this is essential:
- Knowledge – To make a successful claim it is necessary to follow the complex provisions of the Leasehold Reform Act 1993. In particular Schedule 13 of the Act contains detailed provisions for the calculation of the amount which the leaseholder will have to pay. Your RICS chartered surveyor will have expert knowledge of these.
- Experience – Your surveyor will have long experience of carrying out valuations for lease extensions and will be familiar with local property values.
- Expertise – He or she will be expert in applying the valuation rules of the Royal Institute of Chartered Surveyors and will also be familiar with previous decisions by the courts and the leasehold valuation tribunal relating to such valuations.
- Negotiating skills – Freeholders invariably appoint their own surveyor, and may well dispute the figure your surveyor has arrived at. Your surveyor will then be able to conduct further negotiations based on his own calculations and expertise.
- Professional valuation – The lease extension claim notice must state the amount which the leaseholder is prepared to pay for the extension. The validity of the notice can be challenged if the amount stated is absurdly low, but this cannot happen when the figure is backed by a professional valuation.
- Availability as a witness – In the unlikely event that a figure cannot be agreed, and an application has to be made to the leasehold valuation tribunal, the surveyor will be able to give evidence as to the basis of his valuation.
In view of all these advantages we consider that obtaining a valuation is well worth the cost. If you are considering applying for a lease extension it will give you accurate information of the likely cost before proceeding further. And money spent on a proper valuation can save money in the long run, as you shouldn’t end up paying more than you need.
Don’t forget that Fridaysmove has the best deals with RICS qualified surveyors, so contact us today.