valuation for leasehold extension request

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    valuation for leasehold extension request

    I am the freeholder of a flat and have been approached by the leaseholder to extend the leasehold by 90 years. The current lease has 73.5 years to run, annual ground rent is £50, and I would estimate a value of £250k on the flat once the lease has been extended. Please could somebody give me an idea of how the value of the flat would be affected if the lease was to remain at 73 years.

    Also, am I entitled to ask the leaseholder for the valuation figures they obtained from their surveyor? And how much would it cost me to get the leasehold extension independently valued?

    Thanks for your help.

    #2
    Valuation

    T should already have served you with a statutory Notice under s.42 of 2003 Act. This must state (in para. 3) T's offered premium (i.e. purhase price).

    As T has to pay all your fees (valuation and conveyancing), select a chartered surveyor expert in this field and get your own figures.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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