For Lease Extensions and Freehold Enfranchisement in or around London mostly and sometimes we cover the surrounding counties areas. We can also undertake valuations for: Probate/Inheritance Tax Valuations • Inheritance Tax Planning • Capital Gains Tax Valuations • Valuations for Accounting Purposes • Matrimonial Proceedings • Valuations for Legal Purposes • Housing Association Valuations
Here at Prickett and Ellis, we have built our reputation on success by helping and informing our clients. We have helped thousands of people just like you.
This is our speciality and we undertake lease extension valuations on a daily basis. Under the 1993 Act if you have owned your flat for at least two years, whether you have ever lived there or not you are, in most cases, entitled to extend the lease. Under the Act the lease extension will be for a term of 90 years in addition to the unexpired lease term and the ground rent will be commuted to a peppercorn (i.e. nil). The majority of leasehold properties would initially have had lease terms of between 99 and 125 years. If the lease was allowed to run its course, ownership would revert back to the Freeholder at the end of the term. If you own the lease to your flat you should consider extending the lease while the unexpired term still exceeds 80 years. Once it falls below this point the price of the lease extension can increase substantially.
We are experts in advising you on the process of extending your lease. We will give you the figure we consider to be correct and a worst case scenario. We will also give advice on the figure for the Notice or Counter Notice, if appropriate. We can also undertake negotiations in an attempt to agree without serving Notice. We can carry out all the negotiations and attend Tribunal on your behalf, if this becomes necessary although very few of the cases we deal with proceed to Tribunal, as the vast majority are settled by negotiation.
If you live in a leasehold flat you may be able to buy the Freehold to your building, in conjunction with the other leaseholders, provided that you meet certain criteria, you can act together to buy your Freehold. You do not need to have owned the flat for two years. The process is known as collective enfranchisement and involves the participating leaseholders forming a company which will act as the nominee purchaser to purchase their freehold. To proceed under the terms of The Leasehold Reform Housing and Urban Development Act 1993 at least 50% of the qualifying leaseholders must participate in buying your Freehold. Where there are only two flats in the building, both qualifying leaseholders must participate to purchase your Freehold. Where there is any intervening interest, like a head lease, this must generally be acquired as part of the purchase by the leaseholders. We will provide you with our expert advice on carrying out this type of undertaking.
Probate / Inheritance Tax Valuations
We will undertake to organise the Probate/inheritance Tax valuation for you, as this can be one of the hardest valuations to instruct a surveyor to carry out. By instructing us as your chartered surveyor to undertake this valuation and confirm our professional opinion as to the value of a property at the date of passing you will be able to provide a professional opinion to which the District valuer will give greater weight. We can negotiate if instructed with the district valuer on the question of the value of the property.
Inhertiance Tax Planning
If you wish to forward plan, if advised by an accountant, financial advisor or solicitor, we can provide a professional valuation for these purposes and confirm the value of the property in the open market at the date of transfer.
Capital Gains Tax Valuations
When selling a property that is not your home, investment property or a buy to let or even an inherited property as well as land and business premises, Capital Gains tax valuations are sometimes required, and we can provide a professional opinion as to the value of Capital Gains Tax.
Valuations for Accounting Purposes
We are qualified professional valuers and can provide a professional opinion for valuations for accounting purposes.
If you find yourself needing advice and a valuation for a Matrimonial matter we can provide this. Often the property is the biggest asset, whether it is owned jointly, solely or is in a company name. We can act on behalf of individuals undergoing divorce proceedings and provide a professional opinion as to the open market value of a property/properties.
Valuations for Legal Purposes
We will undertake to provide a professional valuation of the open market value of a property as an independent expert and will also give an expert witness testimony should this be required.
Housing Association Valuations
We will undertake to provide a professional valuation to any Housing Association. We currently are dealing with some in London already.
Meet the team
Managing Director, 020 8442 2491
Surveyor, RICS Registered Valuer, 020 8442 2491
020 8442 2491
Chartered Surveyor RICS, 020 8442 2491
Office/Administration Manager, 020 8442 2491
And one of our experienced surveyors will be in touch as soon as possible.