The Leasehold Reform, Housing and Urban Development Act 1993, as amended, provides the legal and valuation framework for landlords and tenants in selling or acquiring a freehold interest in a block of flats or dealing with an individual lease extension.
There are complicated and often contentious valuation issues to be determined and which can impact significantly on the premium.
Whilst tenants will invariably serve a statutory notice and landlords a counter notice in response, early professional advice should always be sought to ensure the best possible outcome.
We will talk you through both the legal process and required qualifications and following an inspection and perusal of legal documents produce a detailed valuation report advising on the premium.
We can act individually or collectively when advising leaseholders and where appropriate we will negotiate on the party’s behalf and if necessary, attend a Tribunal to present your case.
However, we always aim to resolve disputed issues by negotiation so as to avoid the time and cost in going to a Tribunal and for which we have a sound track record over many years.
Whether you need initial advice on the procedures to be adopted to go forward or a valuation to determine the appropriate premium we will be pleased to discuss this with you.