Our qualified, RICS chartered surveyors have decades of experience and expert knowledge of the local areas of London, South East, and Sheffield. We’ll provide you with accurate and impartial lease extension valuation reports that enable you to understand the costs, negotiate fair terms, and protect your investment throughout the lease extension process.
You own the leasehold to your flat or house and want a lease extension or enfranchisement. So, how do you go about getting a lease extension? It’s simple, just contact us!
Lease Extension Valuations take into account the value and location of the property, the ground rent, the lease terms, and the years remaining on the lease, to determine an accurate premium to be paid for the extension.
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Lease Extension Valuations With AJA Surveyors
Our surveyors will provide a full valuation report that will:
- Equip you with the necessary information to decide whether or not you would like to continue with the legal proceedings
- Support your lease extension negotiation and help you reach fair and favourable terms and premium
Get in touch today by calling us on 0208 771 5035 or emailing info@ajasurveyors.co.uk to obtain a quote for your lease extension valuation.
When Should You Extend Your Property Lease?
Ideally, if your lease is approaching 85 years, you should start making enquiries for leasehold extension.
As a diminishing asset, your lease's value decreases as the lease term shortens. As the term of your lease decreases, the costs of extending your lease increase, and your property becomes harder to sell. Under 80 years, the overall costs of renewing increase drastically, and your freeholder becomes entitled to 50% of the additional value that the lease extension adds to the property.
On the other hand, if your lease has 90 or more years to run, a lease extension will make little to no difference to its market value.
Primary Statutes Governing Leasehold Reform
- The Leasehold Reform, Housing and Urban Development Act 1993 – gives the lessees of flats the collective right to acquire the freehold and gives individual leaseholders the right to extend their lease by 90 years beyond the existing term date once they have owned it for two years.
- The Leasehold Reform Act 1967 – gives the lessees of houses the right to acquire the freehold interest.
At Aston James Associates, we are equipped with the right knowledge about the legislation governing lease extensions, as well as working with highly competent leasehold solicitors and legal experts to help you navigate the legal technicalities of lease extension conveyancing.
Please note: simplified procedural steps regarding serving and registering initial notices can be found in our FAQ section. For more in-depth information about lease extensions and what they entail, read our Lease Extensions Explained article.
Roof Space Valuation
The loft or roof space above your property can be of great use if you are looking to expand your floor or terrace space and increase the value of your property.
Your rights are determined by the specific terms of your leasehold extension. However, in most cases, freeholders are the ones who own these areas, even if leaseholders may be entitled to access them. In these cases, leaseholders need to purchase the space or the right terms of consent from the freeholder in order to be able to carry out extensions and modifications.
Why Do You Need a Roof Space Valuation?
The valuation of roof space and potential extensions falls outside RICS' standard definition of market value. As such, a separate valuation is needed to determine added value - the difference between the property's market value before and after development, deducting the costs of the conversion. This calculation will help determine the premium or 'Marriage Value' payable to the freeholder.
Instructing a chartered surveyor to carry out loft/roof space valuation can help both leaseholders and freeholders to obtain fair terms and navigate the process with ease. Get in touch to find out how our qualified, chartered surveyors can help you.
Collective Enfranchisement Valuations
Collective enfranchisement allows qualifying leaseholders to join together to purchase the freehold of their building. This can give leaseholders greater control over the management, maintenance and long-term value of their property.
At Aston James Associates, we provide RICS collective enfranchisement valuations for leaseholders, freeholders and solicitors across London and the South East. Our role is to provide clear, independent valuation advice so that you understand the likely premium before entering negotiations.
The valuation process can be complex and may depend on factors such as the lease lengths, ground rents, property values, freeholder’s interest, development value and the legislation in force at the time. Recent leasehold reform means it is especially important to obtain up-to-date professional advice before making decisions or serving notices.
Our chartered surveyors can assist with:
- Collective enfranchisement valuations
- Freehold purchase valuations
- Leaseholder and freeholder negotiations
- Valuation advice for solicitors
- RICS Red Book compliant reports where required
Whether you are a group of leaseholders considering buying your freehold, or a freeholder responding to a claim, we can provide practical, professional valuation advice from the outset.
Contact Aston James Associates today to arrange a collective enfranchisement valuation in London or the South East.
Frequently Asked Questions
- Securing your investment
- Preserving value
- The opportunity to renegotiate terms
