Lease Extension 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 current market valuation for retail, commercial or residential premises or retrospective valuations we would be pleased to hear from you.
We also specialise in providing probate valuations and expert witness reports, prepared in accordance with Civil Procedure Rules, whether in relation to matrimonial matters or other proceedings.
In addition to the above a major proportion of our work relates to lease extensions described in more depth below.
Lease extension valuations
AK Property Consultants Limited is a member of ALEP (Association of Leasehold Enfranchisement Practitioners) due to having extensive experience in dealing with lease extensions and enfranchisement work. We work for both freeholders and leasehodlers and can deal with negotiations through to settlement.
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.