As a leaseholder of a residential property you are able to benefit from current legislation that enables you to either extend your lease, or with other tenants, to acquire the freehold of your building regardless of the wishes of the Landlord.
In order to do this you have to qualify by complying with certain requirements as to ownership, occupation and tenure. We are able to advise you on those qualifications and can put you in touch with Solicitors who can serve the correct notices on your Landlord and help you to set up a company to act as the nominee purchaser under the Acts.
As a Landlord, you must ensure that you are being offered the right amount of money if you are being forced to sell your freehold interest. Under current legislation you can recover the cost of having your own surveyor value the freehold for you.
The calculation of the price of the premium for the freehold is set out in the relevant legislation and is, inevitably, not at all straight forward or simple. To ensure that you are paying the right amount for your property you should have the amount of the premium calculated by reference to the relevant legislation and current precedents.
If the parties are unable to agree on the value the matter can be decided by reference to the Leasehold Valuation Tribunal and it is important to be properly represented with a feasible valuation that can be defended.
Harding Chartered Surveyors are able to value the property whether you are a Landlord or a Tenant and provide an accurate assessment under the terms of current legislation and if necessary can represent you at the Leasehold Valuation Tribunal.
If you are not able, or are unwilling, to buy the freehold interest in the building, as a residential tenant with a long lease, subject to certain qualifications, you can require your Landlord to grant you an extension on your existing lease of 90 years.
If the unexpired term of your lease is approaching 60 years or less it may prove difficult to sell or mortgage and an extension will be very advantageous. You will need to serve a formal notice on your Landlord to start the relevant proceedings and that notice must include an offer price.
You will require a valuation to tell you how much to offer your Landlord. The calculation of the price of the premium for the lease extension is set out in the relevant legislation and is, inevitably, not at all straight forward or simple. To ensure that you are paying the right amount for your extension you should have the amount of the premium calculated by reference to the relevant legislation and current precedents.
Harding Chartered Surveyors have experience in calculating the value of such premiums and would be pleased assist.