Collective Enfranchisement Valuation
A group of leaseholders in the shared block of flats can join together in the statutory process called collective enfranchisement. This allows you to take the freehold control into your hands by enfranchising the freehold title from your current landlord, providing you meet the set eligibility criteria in Leasehold Reform, Housing and Urban Development Act 1993.
We can discuss your situation and check whether you are eligible and determine the collective enfranchisement premium you will be required to pay to your landlord.
You may wish to initiate collective enfranchisement for the following reasons:
- The block is not managed efficiently and repairs are left unattended.
- Most of the flats are on the short leases and sometimes it is better to collectively enfranchise rather than individually extend the leases.
- You want to take into your own hands the management of service charges.
- You have absentee freeholder.
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Why Should You Instruct Lease Extension Surveyor?
You might have seen lease extension calculator online which is good for providing an indicative premium for lease extension but it should not be relied on for serving statutory notices as it does not consider rising ground rents which form a significant portion of the lease extension premium.
The most reliable way to ensure that the correct lease extension premium is paid is to instruct a specialist lease extension valuation surveyor. The surveyor will inspect your property and prepare a detailed lease extension valuation report which will include the premium payable and the likely range that lease extension will be settled at. In order to arrive at the lease extension premium, the surveyor will consider the three most important variables in the lease extension valuation:
GROUND RENT
The ground rent sometimes can significantly affect the premium. Some leases may contain various ground rent provisions and these can be fixed, rising, doubling or even tied to Retail Price Index (RPI). The collective enfranchisement surveyor can help you understand the ground rent nuances and explain the implications of having ground rents increasing by the interval.
LEASE LENGTH
The length of the lease has a direct effect on collective enfranchisement valuation. The longer the lease the cheaper total premium payable will be. The collective enfranchisement surveyor will use lease term remaining to derive reversionary interest value which forms part of the total premium payable.
MARRIAGE VALUE
Marriage value is a formula which forms part of the collective enfranchisement valuation. When the lease falls below 80 years the landlord is entitled to a 50% increase from a short and a long lease value when the lease is extended. The specialist collective enfranchisement surveyor will calculate the short lease value of the property to determine the marriage value compensation payable to the landlord.
Collective Enfranchisement Valuation Experts
We Can Help You With
Collective Enfranchisement Valuation
We can determine whether you are eligible for collective enfranchisement, advise on the premium payable and negotiate the best deal for you with your landlord. Collective enfranchisement claims tend to be contentious in nature. We take the stress away by managing the whole valuation and negotiation process from start to finish.
Collective Enfranchisement Solicitors Advice
We can advise on the legal process of collective enfranchisement. We work and partner with the best specialist collective enfranchisement solicitors that can deal with the conveyancing of freehold enfranchisement without a hitch and serve all required statutory notices swiftly and efficiently saving time and money in the process.
What Our Clients Are Saying About Us
I contacted Erikas Grig at short notice after I received a valuation from another chartered surveyor which I believed to be wrong. Erikas was able to visit my home 2 working days after I first contacted his office. He was friendly, respectful and understanding of my concerns with the previous valuation. He sent his valuation to me after 3 working days and I was very pleased with the value and the comparison properties he had looked at. In the process of remortgaging and staircasing, 3 months elapsed and the valuation was close to expiring. Erikas extended it by a month for free! Overall a super experience and I will be definitely using Erikas again!
Read MoreWe used Erikas Grig for a RICS approved valuation needed to sell our property through shared ownership. Quickly after my enquiry, Iveta rang me to book in the valuation with a reasonable quote. On the day of valuation, Erikas was courteous and provided a very quick turnaround with the report. We felt it was a fair market valuation so all in all, very happy with the service and outcome.
Read MoreGreat experience working with Erikas and Iveta having a garden valued, communication was prompt and polite both, I enjoyed the process and found it to be very professional and respectful. Erikas was very thorough in answering all my queries and brought clarity to the subject of valuation and property law which has been extremely useful to me, I wouldn't hesitate to recommend Erikas Grig Chartered Surveyors. Thank you!
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