The Leasehold Valuation Tribunal ("LVT") is the formal name given to the body appointed to make decisions on various types of dispute relating to residential leasehold property. The LVT is an independent decision making body which is completely unconnected to the parties or any other public agency. The Tribunal will look at the matter of the Leasehold Dispute for the property following an application to the Tribunal. One of the earliest functions of the LVT was to determine disputes concerning lease extensions.
An Leasehold Valuation Tribunal consists of three members; one with a background in property law such as a conveyancing solicitor; one with a background in property valuation generally a surveyor; and a layman.
The Leasehold Valuation Tribunalis not a court and LVTs’ decisions are not capable of binding each other, although, in practice, the Leasehold Valuation Tribunalis keen to promote consistency. Despite the fact that the Lands Tribunal is not a ‘court of record’, the LVT will generally follow the decisions of the Lands Tribunal. It is entirely proper for the Lands Tribunal to give guidance to LVTs. The Leasehold Valuation Tribunal(and Lands Tribunal) are bound by decisions of the High Court, Court of Appeal and House of Lords. Appeals from a decision of the Leasehold Valuation Tribunal may be made, with permission of either Tribunal, to the Lands Tribunal, and from there to the Court of Appeal.