The Leasehold Reform, Housing and Urban Development Act 1993 (as amended) gives the long leaseholders of flats the right to extend their lease by an additional 90 years at effectively zero ground rent. We specialise in undertaking these lease extension valuations and we can also act as Expert Witness at the Leasehold Valuation Tribunal, should this be required.
INFORMATION
At Arnold & Baldwin we have experienced surveyors who specialise in undertaking lease extensions and freehold enfranchisements valuations.
Are you a leaseholder with a short lease?
Are you in the process of buying a flat with a short lease?
Are you a freeholder who has received contact from your leaseholder who wishes to extend their lease?
Regardless of whether you are interested in extending your lease, buying a freehold property, or even selling your freehold, Arnold & Baldwin are here to help.
Our experts understand the legislation on this so you don’t have to. If you have owned your property for at least 2 years, you are entitled to 90 additional years, on top of your current lease length, as well as a Peppercorn ground rent (nil value).
Following an inspection of the property, our specialist report will provide you with a clear and detailed valuation for the lease extension or freehold enfranchisement, as well as a starting offer with which to begin negotiations.
There is a statutory calculation to arrive at the appropriate premium, however there are a number of variables which need to be agreed between both parties. This can result in a period of negotiation.
Whilst this can be a daunting process, our experts are highly experienced in this process and will offer guidance and support throughout.
At Arnold & Baldwin we have extensive experience in conducting negotiations on our client's behalf. These negotiations can be by email, phone or sometimes a good old fashion face to face conversation. We work closely with our client and their legal representative to ensure everyone is kept up to date. We understand no news doesn't always feel like good news!
Whether you are negotiating informally or under the terms of the Leasehold Reform housing and Urban Development Act 1993, you are likely to be working to a timescale. Negotiations can be resolved quickly if both parties are proactive and address their differences immediately, however certain cases are more complex and ‘worst case scenario’ can result in a Tribunal Hearing to determine the cost of the extension.
The process can sometimes appear a minefield, however Arnold & Baldwin can guide you through the process step by step. We can provide hourly rates or fixed fees which will enable you to keep a handle on costs and feel in control.
We are here from start to finish, whether your case is straightforward or one of those slightly more tricky ones. Regardless of the situation we at Arnold & Baldwin have years of experience of agreeing lease extensions and freehold enfranchisements, whilst also representing clients at Tribunal if that is required.
Call us today to speak with one of our experts about your lease extension or freehold enfranchisement.
