FROM ONLY £325+VAT
Simple, fixed fees from only £325+VAT.
JFCS are a market leading firm of Chartered Surveyors
Contact us, to obtain a fee quote or proceed with a lease extension valuation. We will consider your circumstances, provide a fee quote and let you know whether the valuation will be prepared on a desktop basis, or whether an inspection is required. In most instances we are able to provide fixed fee quotes for the initial report and negotiations.
Once we receive your request, we will get in touch to discuss your requirements.
An informal lease extension is where the leaseholder and freeholder will agree terms between them, the leaseholder will pay the freeholder a premium and in return the freeholder will agree to extend the lease on the terms that have been agreed.
A formal lease extension is one carried out in accordance with the Leasehold Reform, Housing and Urban Development Act 1993 (as amended). The ‘statutory’ route provides:
• The lease will be extended for a further term of 90 years (this is in addition to the existing term remaining);
• The ground rent will be reduced to a peppercorn (i.e. nil)
The leaseholder will also be responsible for the reasonably incurred professional costs incurred by the freeholder; legal and valuation fees, as well as paying for their own professional fees.
The lease, the leaseholder and the property will need to meet certain criteria, in summary, the property needs to be a flat, the lease must be a long lease and the leaseholder must have owned the property for a minimum of two years.
A leaseholder will usually incur the following fees in instructing valuation and legal advice:
Surveyor’s fee – to prepare the initial valuation advice and then to negotiate the premium
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Legal fees – for serving notices, responding to counter notices, negotiating the terms and finalising the lease extension
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If an application is made to the First-tier Tribunal, legal and valuation fees will increase to reflect the time spent preparing for and appear at the hearing, it may also be necessary to instruct a barrister.
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Further, a leaseholder is also responsible for the reasonable fees incurred by the freeholder for their surveyor and solicitor. However, the leaseholder will not be responsible for the fees for negotiation or (if required) preparation for and appearance at Tribunal. A s.60 costs application can be made to challenge the freeholder’s proposed fees.
SURVEYS COLLECTIVELY CARRIED OUT BY OUR TEAM TO DATE