The lease extension process requires the valuer to adopt a hypothetical ‘lease maintained’ basis which does allow for the option of undertaking work remotely, without an inspection. Certain information does need to be provided such as a floorplan.
The client contacted Peter Barry and after speaking to one of our experts, it was concluded that the sales particulars from the sale 3 years ago would be more than sufficient. The advantage of a desktop instruction is a lower fee and a shorter time to receive the report.
On this occasion the client was purchasing the subject property and having the current owner serve the S42 notice allowing them to carry on completion. The report also allowed the client to negotiate on the under offer price as the determined premium was higher than the estate agent’s initial estimate.