Lease Extension Valuations

property-valuations

With AK Property Consultants being regulated by the RICS and Karl Charalambous being a Registered Valuer we are able to carry out a range of valuations for different circumstances and in accordance with the latest version of the Red Book.

Whether you require a market valuation for retail, commercial or residential premises we would be pleased to hear from you. We regularly carry out current market valuations and retrospective valuations for pre-litigation purposes and probate.

In addition to this an increasing area of our work is in relation to lease extensions described in more depth below.

Lease extension valuations

If you own a residential leasehold property and are concerned by the length of lease remaining (this usually becomes a concern when considering selling the property) then you should be aware of the provisions under the Leasehold Reform Housing & Urban Act 1993 (as amended).

In particular if you have a lease approaching 80 years we would urge you to get in touch as there are financial impacts of letting a residential lease go below 80 years.

This Leasehold Reform Housing & Urban Act 1993 provides qualifying leaseholders (you must have owned the property for a minimum 2 years, must not be a business or commercial tenant) with an opportunity to extend your lease by an additional 90 years with only a peppercorn ground rent to pay.

It is also possible to assign the notice to extend the lease with the flat to enable a subsequent purchaser to continue with the statutory procedure without the need to wait 2 years to qualify.

To facilitate the statutory route you will need a valuation, which is where AK Property Consultants Ltd can help. We can provide lease extension valuations and can also deal with any related negotiations. If you would like to know more feel free to phone us for an informal chat about your lease and requirements.