Proceeding along the informal route reduces the need for lawyers and surveyors. Proceeding down the formal route essentially forces the Freeholder to give you a lease extension
So, you'd like to know about the formal route versus the informal route? Well, you can proceed informally which does reduce the involvement of the lawyers and surveyors, or you can proceed along the formal route, which essentially forces the freeholder to give you a lease extension. If you do not qualify for a lease extension, you would need to proceed along the informal route.
The formal route however fixes the date the premium is calculated from. The date the notice is served is the data value, so increased house prices or the lease getting shorter from the date onwards does not impact on the premium that you pay. We try to negotiate all cases informally from the start, but if you have a particularly awkward freeholder we may advise you to just serve notice and try and catch them off guard. If you're working to tight deadlines or your lease is particularly short or perhaps you're in an area experiencing increasing property values, we would always recommend serving the formal notice to protect your position. You will need a valuation before your solicitor can serve the formal notice, once served the freeholder must serve a counter notice with a premium they are prepared to accept within two months. If they do not meet the deadline then they have accepted your offer, if they dispute your offer, they have two months to negotiate with your surveyor, before you can make a formal application to the first-tier tribunal (FFT) to have your case heard.
The FTT as it's called will require your surveyor and freeholder surveyor to meet to narrow the issues before any hearing. To take the case into the FTT, it will cost you a lot in fees as there are expert statements surveyors barristers and lawyers often require to attend on your behalf and on the freeholders behalf. Don't worry though, we've only needed to go to the tribunal twice, as we're good negotiators, and we keep an eye on the total cost not just the premium you're being offered. The solicitors role is to serve the legal documents, create the data variations, register the new agreement at Land Registry, and transfer the funds, we as valuers do not get involved in this area, and your solicitor should not negotiate your lease extension. You need both professionals working together to protect your investment
Professional, efficient surveyors. Get the job done
in a timely manner, had our survey back within 5 days
of inspection. All team members I spoke with (Tiffany
and Billy) were really lovely. Highly recommend. :)
I have only just started working with Stephen and he
has already demonstrated the high levels of customer
attention and dedication that this company has. The
first impression he has caused is such that made me
write this review. I have no doubt that the continuous
service will be of same level. Looking forward to
working further with Stephen. Well done!
Lease extension - I found Daniel Grove very
professional and had an excellent understanding
of all aspects relating to this transaction.
Advice was invaluable, and it was nice to come
across someone who did exactly what they said
they were going to do.
Would not hesitate in recommending the firm
and Daniel to anyone who has a lease to extend.
Amazing job and fully professional treatment.
The surveyor went above and beyond to check for
everything, when he could have easily claim lack
of access. In addition he was more than happy to
answer questions over the phone and be there to
explain the steps.
Within 48 hours I received my detailed report
from Joe Arnold which enabled me to see the
property as it was and not through rose-tinted
glasses! The report highlighted areas where
money might need to be spent and provided
guidance on questions for my solicitor -
just what I needed. Overall, the survey
enabled me to re-assess my offer and in this
respect was invaluable. Thank you for a
friendly and professional service.
100% choose this company. As first time buyers
we had a mortgage valuation which said the house
was fine. The Arnold & Baldwin survey found over
£30,000 of problems. Holes in the roof with daylight
visible, damp, woodworm, broken sash windows and poor
electrics. This company helped us renegotiate and
save a fortune.
Arnold & Baldwin came recommended and I’ve got to say they were brilliant - not just in identifying issues with the property I was looking at but in the way they kept me informed and up to date (ie picking up the phone instead of just posting / emailing communications with you). After dealing with estate agents for so long, it’s nice to have someone who is genuinely on your side.
From my initial interaction with the firm I found them to be prompt, courteous and helpful. I received a detailed Homebuyers report within a week of instructing and was given the opportunity to talk it through with the attending surveyour. Overall excellent service all round, would certainly recommend this firm.