Party Wall & Property Surveys in Wood Green N22

Our client was purchasing a flat on a 86 year lease to the east of Wood Green and intended to have the seller start the lease extension process prior to exchange and continue the process after completion (this is called assigning the benefit of the S42 notice). Time was of the essence so our Senior Surveyor Matthew Price promptly inspected the property and calculated the premium for a statutory lease extension i.e. an additional 90 years and peppercorn ground rent. Where the subject property is under offer, it typically is the strongest comparable evidence for what the extended lease value is, subject to adjustments for the condition and lease term.

Whilst the client awaits the freeholder’s counter-offer, extensions where the lease is greater than 80 have very narrow premium ranges so mathematically it is very difficult for the freeholder to argue much higher than what the leaseholder’s valuer deems reasonable. The client thanked Matthew for the ‘Prompt and efficient service’ and promised to recommend us in the future.

One of our specialist lease extension valuation surveyors, Steve Hobbs, recently completed a lease extension valuation and negotiation acting for the leaseholder of flat on Muswell Hill Broadway in Muswell Hill, to the west of Wood Green.

The freeholder’s representatives were particularly difficult to deal with, refusing to engage with the negotiation process for a number of months. Steve was able to guide the client through the statutory process and eventually, threatened with the prospect of a Tribunal hearing, the freeholder’s valuer engaged with the process, and a settlement was agreed which was in line with Steve’s initial valuation.

The client was pleased with the outcome, stating; “Their valuation report was prompt and clear. I signed up to their negotiation service and their strategy was tailored to my needs. Strongly recommended.”