The importance of appointing the right surveyor when extending your lease
The majority of surveyors rarely deal with lease extension valuations and few high street surveyors completely understand how extending a lease really works. Most of them, however well qualified, simply don’t have the right specialist experience to undertake this sort of valuation work. They may spend most of their time doing routine valuations, and may be very competent in that field. But due to the complexity in valuing the right premium to extend your lease, they are unlikely to be able to provide you with a proper valuation.
In contrast, virtually every freeholder we come across understands the need specialist and has a highly experienced lease extension surveyor on their side from day one.
Therefore it is vitally important that you find the right specialist lease extension surveyor to provide you with an expert valuation of the premium you will need to pay to your freeholder.
Want to know more about lease extension or enfranchisement?
Our five strong team are genuine specialists. This area of law is all they do, conducting around 450 lease extensions and freehold purchase transactions each and every year.
Want to know more? Call our team for FREE initial phone advice on FREEPHONE 0800 1404544. Or click here to read more about lease extension or lease enfranchisement
The 4 key roles of lease extension surveyors
They will:
• Provide a specialist valuation report on a reasonable price for your lease extension – with an idea of the ‘best and worst’ valuation
• Negotiate on your behalf with the freeholder and the freeholder’s surveyors, and help you settle a fair premium
• Communicate with your solicitors regarding that lease extension valuation
• Provide you with expert advice both in writing and in person if your case ends up as a dispute at a First Tier Property Tribunal ( originally known as the Leasehold Valuation Tribunal). Click here to read more about the First Tier Property Tribunal.
Will there be a physical inspection of the property?
If your surveyor carries out a physical valuation, which we recommend (as distinct from a cheaper “paper exercise” which is done online and does not involve a visit to, and a physical inspection of, the property) then they should also be able to advise on any relevant issues about the structure or condition of the property – which could have implications for future maintenance costs and the service charge
NB the majority of specialist lease extension surveyors are, like us, members of ALEP – the Association of Leasehold Enfranchisement Practitioners – the only organisation for lease extension and enfranchisement experts.
Got a lease extension question? Call our specialist solicitors on FREEPHONE 0800 1404544 for FREE initial phone advice – with no strings attached.
Almost every lease extension premium is different
Regardless of whether you go down the formal or informal lease extension route, one thing to remember about an extended lease is few are the same. So someone may have extended their lease in the block of flats where you live and where you want to get a leasehold extension. But the cost of the leasehold extension may well vary. It depends, for example, on how long their lease has to run and then how long yours has to run. It will also depend on the value and condition of your flat.
Your surveyor will help to guide you through all of this and ensure that you get a fair deal in the process.
Valuation Factors
Coming up with an accurate valuation for the lease extension isn’t an easy job. Every property and every lease is different, and the value will depend on where the property is located, the estimated sale price and how much the freeholder expects to be paid. Other important factors include:
- The difference between how much your freeholder’s interest in the property is valued at now, and how much that will be valued at once the lease is extended.
- The “marriage value” (which applies if you are considering a statutory lease extension ). If your lease has less than 80 years to run this can make a huge difference to the cost of extending it. It can cost thousands of pounds more to extend a lease of less than 80 years, so if your lease is approaching that stage, make sure you start the process of extending it as soon as possible – if possible, always before it dips a single day below 80 years
- Ground rent. The amount of rent payable, both now and in the future, will also affect the cost of extending your lease.
Extending Your Lease – appointing a surveyor as part of our One-Stop Shop service
Here at Bonallack and Bishop, our specialist leasehold extension team have helped thousands of leaseholders and freeholders in extending their leases over the last quarter of a century. We handle around 450 lease extensions every year.
As a result we regularly come across surveyors who specialise in this area nationwide.
That means we know exactly who the genuine specialists are – and as part of our service in helping you with the lease extension, we are happy, if you wish, to appoint a lease extension surveyor in your area from our specialist panel – wherever in England or Wales your property is located.
So if you need a really good lease extension surveyor who knows his stuff – just call us today on FREEPHONE 0800 1404544.
Want to know more about the process? Click here to read more about How To Extend Your Lease
Your lease extension solicitor should be a specialist too
When you’re considering extending the lease on your short lease flat or house, you need a specialist team. Alongside your specialist surveyor, you will also need expert lease extension advice from a solicitor. In choosing your legal adviser, make sure that you pick lease extension solicitors who really know what they’re doing – specialists with plenty of relevant experience. Bear in mind that most solicitors have very little experience of lease extensions.
Our specialist leasehold team has all the experience and expertise you need. But don’t just take our word for it.
1. We are the only solicitors recommended for lease extensions by The HomeOwners Alliance – the U.K.’s largest organisation supporting 17 million homeowners.
2. We are Progressive Approved Solicitors – 1 of just 3 law firms nationwide formally approved by Progressive Property – the nation’s biggest property investment education business
Your lease extension – the importance of teamwork. Testimonials recommending us from three leading lease extension surveyors
Here are testimonials from three of the highly specialist lease extension surveyors we regularly recommend
“As one of the leading and longest established firm of chartered surveyors specialising in leasehold reform, we have worked with Bonallack and Bishop on many occasions. The process is complex and a procedural minefield. Bonallack and Bishop certainly know the ropes and we have always found them knowledgeable and efficient and a joy to deal with”.
Andrew Pridell, Andrew Pridell Associates Ltd – Lease Extension Chartered Surveyor and Valuer, Hove
“I have worked alongside [Bonallack and Bishop] on numerous lease extensions and have been impressed by their efficiency, regular communication and knowledge of the subject.”
Stephen Higley, Smith Robinson Higley Ltd, Chartered Surveyors, Poole
“We have worked closely with Bonallack and Bishop on a number of occasions on lease extensions and collective enfranchisements across Southern England and have found them to be highly professional with an excellent knowledge of Leasehold Reform work. They are also a great team of people to work with and we would have no hesitation in recommending them to leaseholders and freeholders alike.”
Keith Chapman-Burnett BSc. MRICS– Chroma Chartered Surveyors
Looking for a Recommended Specialist Lease Extension Surveyor? Contact us today
Thinking of exercising your lease extension rights? Call our experienced leasehold team for the expert legal advice and representation you need to successfully extend your lease.
Our expert Solicitors can advise you wherever you live in England and Wales and we don’t even need to see you – taking your instructions by e-mail and phone – or Zoom video:
- Just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote, OR
- Complete the email contact form below
