man surveying a property

Leasehold Valuations in Ipswich

 

Our surveyors have extensive experience of valuing for lease extension and freehold purchases from small studios to blocks with tens of flats. The majority of claims fall under the Leasehold Reform, Housing and Urban Development Act 1993 (the 1993 Act) but there are certain circumstances when the Landlord and Tenant Act 1987 (the 1987 Act) applies.

Leaseholders have a choice between the formal route (via the service of a notice) or what is commonly called the ‘informal route’ (approaching the freeholder prior to serving a notice). Choosing between the multitude of options can be daunting but can be easily explained by a member of our team who will set out the best and most appropriate way forward.

Whilst occasionally the leaseholder and freeholder are on good enough terms to agree the premium without any further professional assistance, most cases are rather more adversarial and will require the surveyor acting for one side to negotiate with the surveyor acting for the other. If the premium cannot be agreed both parties do have the resolution of the First Tier Tribunal.

Leasehold Calculator

Estimate the likely costs of a lease extension under the Leasehold Reform, Housing and Urban Development Act 1993.

LEASE EXTENSION

Lease extensions under the 1993 Act gives the leaseholder the right to an additional 90 years on top of their remaining term at a peppercorn ground rent.

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Block of apartments

FREEHOLD ENFRANCHISEMENT

As an alternative to a lease extension, leaseholders in a block can acquire the freehold in what is technically known as enfranchisement.

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Terraced houses

ABSENTEE FREEHOLDERS

A little know solution to a missing Landlord and often cheaper than enfranchisement.

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Two houses with yellow doors

We strive to help clients extend their lease and acquire their freehold saving them tens of thousands of pounds.

From a low value lease extension to freehold enfranchisements worth hundreds of thousands of pounds, Peter Barry have been on the side of leaseholders for over 10 years.

Matthew Price (Hons) BSc MRICS has successfully represented clients at the First Tier Tribunal (FTT) and both he and Steve Hobbs have been selected as expert witnesses by the President of the FTT in absent landlord claims under both the 1993 and 1987 Act. We have gained a reputation for providing straightforward and competent advice. We also work closely with a number of prominent legal practices within the leasehold and enfranchisement arena.

We are also up to date with the latest Leasehold Reform proposals which we recommend clients familiarise themselves with. You can read our analysis on our blog.

Local RICS Surveyors

We only provide services to areas where we have a local expert surveyor.

Competitive fees

Efficient practices mean great rates. Our desktop studies can offer further savings.

Highly Experienced

Our surveyors have negotiated hundreds of lease extensions and enfranchisements from the straight forward through to appearing at Tribunal.

how does it work?

1

contact us

For in depth advice and a quotation.

2

Confirm Instruction

Book one of our Chartered Surveyors to undertake your survey.

3

conduct survey

One of our Valuers will be in charge of your case and analyse the market.

4

Receive Detailed Report

You will receive your report within 4/5 working days followed by a telephone conversation.

5

Onwards with Solicitor

Your report will be forwarded to your solicitor who will serve notice on your Freeholder.

Frequently Asked Questions

What is a leasehold valuation?

Under the Leasehold Reform, Housing and Urban Development Act (1993), owners of a leasehold property can compel their freeholders to extend their lease by 90 years, and eliminate their ground rent in exchange for a sum of money.

To determine this sum, a valuation will need to be carried out by a surveyor working in the interest of the leaseholder, and a separate surveyor working in the interest of the freeholder. The valuation includes:

  • Compensation for the loss of ground rent
  • Compensation for the freeholder being unable to acquire the property for another 90 years
  • Half of the “marriage value” created by the lease extension

If these two surveyors cannot reach an agreement, the case can be referred to the First-tier Tribunal for determination. For an idea about the potential costs of your leasehold extension, try our online leasehold calculator.

What exactly is the marriage value?

When you extend a lease the value of the lease becomes higher, and the value of the freehold becomes lower. When that lease is short the uplift in the value of the lease will usually be greater than the diminution in the value of the freehold. That additional ‘profit’ is called marriage value. Under the legislation, when a lease has less than 80 years left to run, 50% of the marriage value is payable to the freeholder when the lease is extended.

If the property still has 80 years or more on the lease the marriage value is disregarded, and the leaseholder will not have to pay it. This is why it’s financially beneficial to start the leasehold extension proceedings before the remaining term falls below this point.

What is a Leasehold Valuation Tribunal?

The First-tier Tribunal – previously known as the Leasehold Valuation Tribunal is a sort of small court. At a hearing both surveyors submit their evidence, and the Tribunal members make a determination based on that evidence. The Tribunal can determine the compensation payable to the landlord, and/or the reasonableness of the costs incurred by the landlord that he intends to recover from the tenant.

What is a Section 42 Notice?

If a leaseholder is seeking an extension to their term, there are two ways they can achieve this; by making a private agreement with the freeholder, or serving a formal notice, referred to as notice under Section 42.

This opens the legal procedure for compelling a landlord to grant a lease extension, and the leaseholder must include a date at least 2 months in the future by which the freeholder must respond. If no Counter Notice is served by the stipulated date, you can apply to the County Court, who may grant you a new lease on the terms proposed in your notice.

What our clients say

Excellent service!

We booked a survey with Peter Barry Surveyors for the purchase of a home. Maianh was very quick to respond to our initial email and all follow up conversations. They also set us up with a pre-survey phone call with David Breeze (surveyor) who took the time to explain how the survey is conducted. They arranged access to the property directly with the realtor, and we received the report 4 working days later, after which we had another call with David to discuss the report and explained to us what the next steps were. We are now in the process of conducting the specialist surveys (with other companies) as per their recommendation.

Very helpful, very friendly, and professional.
Response from the owner:Thank you very much for your excellent review! We are delighted that you found our team to be helpful, friendly, and professional throughout the process, and I will certainly share your comments with Maianh and David. Thank you for choosing Peter Barry Surveyors!
I received an excellent service, with great communication, this company is fantasic, very helpful and highly recommended.
Response from the owner:Thank you for your recommendation.
Peter Barry just completed a party wall award for us in preparation for works on our property. They will fast, reliable and kept us in the loop throughout the process
Response from the owner:We appreciate your review Mr Pemberton, thank you.
We used Peter Barry Chartered Surveyors for our Party Wall matters while carrying out structural works on our house. They were efficient, professional, and easy to communicate with. Amrita Johal was our main point of contact.
Response from the owner:Thank you for taking the time to share your experience, Silvia. We are thrilled to hear that you found our team at Peter Barry Chartered Surveyors efficient, professional, and easy to communicate with during your Party Wall matters. Amrita Johal will be delighted to hear your kind words. If you need any assistance in the future, please do not hesitate to reach out.
I have just had a party wall agreement drawn up with my neighbour. James Merewether was the surveyor who assisted me. He was very helpful with advice and explained all the options over a phone call and email. He did not push for anything that I did not need he was very quick to responded. My neighbour and I have both got the outcome that we wanted and I would strongly recommend James and Peter Barry Charted Surveyors. 👍
Response from the owner:Thank you so much for sharing your positive experience, Steve. We are glad to hear that James provided you with helpful advice, respected your needs, and ensured that both you and your neighbour achieved the desired outcome. We appreciate your recommendation of James and Peter Barry Chartered Surveyors. If you require any further assistance in the future, please do not hesitate to reach out.
I'm very happy with the service provided. Communication was great and they were quick to deliver the report. Would happily recommend.
Response from the owner:Thank you for your recommendation Mr Foltin.
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