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Latest blog posts

Most surveyors and solicitors practicing in the leasehold property sector will be familiar with the rights of lessees to obtain their freehold either by way of a collective enfranchisement under the Leasehold Reform, Housing and Urban Development Act 1993, or (in the event of a disposal by the landlord) by electing to the collective Right of First ... Read more >>

Assessing a Fair Lease Extension Premium: The Impartial Approach

Monday, 15th September 2014 | by: Steve Hobbs

The statutory lease extension process, as with so many Landlord and Tenant matters, is traditionally adversarial. However, it need not necessarily be so. In most instances the leaseholder simply wants to extend their lease with the minimum fuss and expense and without being extorted in the process. Likewise, many non-institutional freeholders are ... Read more >>

The most common way for a leaseholder to extend their lease involves a solicitor serving a Section 42 notice (S42) on their freeholder under the Leasehold Reform, Housing and Urban Development Act 1993. This notice not only compels the Freeholder to grant the lessee a new lease equal to the existing term plus 90 years at a peppercorn ground rent, ... Read more >>

What Constitutes a Land Registry Compliant Lease Plan?

Sunday, 23rd March 2014 | by: Justin Burns

All new leases with terms of 7 or more years or assigned leases with at least 7 years remaining must be registered with Land Registry and to do that a lease plan is required. A Lease Plan is an appropriately scaled metric drawing depicting the land or part of a building over which the lessee has exclusive or shared access. For a Lease Plan ... Read more >>

The Benefits of Extending Your Lease in Good Time

Friday, 9th November 2012 | by: Peter Barry

If you own a flat or maisonette it is almost certainly held on a lease. The original term of the lease is likely to have been 99 or 125 years and there will be provisions for the Landlord to collect ground rent every year at an amount that will normally increase throughout the term of the lease. As the remaining term of the lease reduces so ... Read more >>

Lease Extension – The Process after your Valuation

Wednesday, 13th June 2012 | by: Peter Barry

In past blogs I have covered the many issues in regards to extending or acquiring a new lease; however most of these have only taken us as far as the point of valuation. This blog will focus on the statutory process once your surveyor has produced his report and also look to highlight some potential pitfalls. The first step to initiate the ... Read more >>

Glossary of Leasehold Valuation Terms

Friday, 20th April 2012 | by: Peter Barry

Some of the terminology used when decribing a lease extension or freehold purchase can be a touch technical so we thought it would be a good idea to include them all together in this glossary. If there are any other definitions that you think will be of use to include drop us a line and we’ll update our list. The ‘Act’ The ... Read more >>

Categories: Leasehold Valuations

Marketing a Property With a Short Lease

Friday, 13th April 2012 | by: Peter Barry

We often receive enquiries from leaseholders who either have their property on the market or are planning to do so, and have just discovered the implications of having a short lease. Quite often in my experience, estate agents when first acquiring a flat on their books will underplay the impact of a shorter lease. Click through any number of ... Read more >>

Case Study – How Using a Professional can save you Money

Wednesday, 26th October 2011 | by: Peter Barry

We’ve written quite a few posts over the last few months on how the Leasehold Reform, Housing and Urban Development Act 1993 works in principle, so we thought it was probably about time to look at a ‘Real World’ example and show how you can benefit from taking professional advice at an early stage. As they always say in these cases, ... Read more >>

The Leasehold Reform Act – The Concept of New for Old

Thursday, 31st March 2011 | by: Peter Barry

Many insurance companies offer ‘New for Old’ policies.  The Leasehold Reform Act is similar; you can get a new lease in exchange for your old one, but, as usual, there is a price to be paid. Over the course of the last few months we have tried to explain some of the detail of The Leasehold Reform, Housing and Urban Development Act 1993.  ... Read more >>