Charities Act Valuations for residential properties across London and the surrounding counties
Under Section 119 of the Charities Act 2011, when a charity wishes to sell or otherwise dispose of a property the charity must obtain a professional valuation report. In addition to the usual contents of a valuation report, which will set out details of the property in question, the terms of the instruction, the comparable evidence to support the valuation, and provide a valuation figure, reports provided under Section 119 of the Charities Act must also provide the charity with advice on additional matters. Those additional matters include advice on the most appropriate method of sale, and advice on whether any steps that could be taken to enhance the value of the property before marketing.
Peter Barry Chartered Surveyors has a large multidisciplinary team with a wealth of experience. We can provide Section 119 compliant valuation reports alongside any bespoke advice that may be required by the charity in respect of the property in question.
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If you would like to discuss a Charities Act Valuation or arrange for a valuation of your property our team will be happy to assist.
Freehold Enfranchisement
As an alternative to a lease extension, leaseholders in a block can acquire the freehold in what is technically known as enfranchisement (as a rule this is more than 50% participation).
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Lease Extension
The Leasehold Reform, Housing and Urban Development Act 1993 (as amended) gives flat owners the right to a lease extension of 90 years on top of the current lease, and a reduction of their ground rent to a peppercorn.
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Absentee Freeholders
When flat owners find themselves with a missing freeholder it can cause real problems. The freeholder will typically be responsible for insuring the building as well as organising external maintenance and repairs.
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