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 Chartered Surveyors to conduct a survey and valuation on a period flat after reading the positive online reviews, and I was not disappointed. Erikas patiently talked me through the process and offered advice on the best type of survey for my needs. Communication with him and Iveta was seamless and prompt, both by email and phone. The survey report was incredibly thorough, useful, and offered guidance that was clear and accessible. Erikas took the time to answer all my follow-up questions and was very knowledgeable and professional. I would definitely recommend this excellent service, thanks!
Read MoreI have worked with Erikas Grig surveyors for the past few years and have found them at all times to be courteous, prompt, efficient and - most importantly - to keep the interests of you the client front and foremost. I have no hesitation in recommending Erikas Grig Surveyors for all your surveying and valuation needs.
Read MoreI recently had the pleasure of working with Erikas Grig Chartered Surveyors for a market valuation of a garage, and I must say, I am thoroughly impressed with their exceptional service. I needed the valuation done on short notice, and they truly exceeded my expectations in every aspect.
First and foremost, the team at Erikas Grig Chartered Surveyors displayed remarkable professionalism throughout the entire process. They were highly responsive and attentive to my needs, making me feel valued as a client. Despite the time constraints, they promptly scheduled the valuation and ensured a convenient time for both parties.
What truly sets them apart is their competitive pricing. I was pleasantly surprised to find that their rates were more than reasonable, especially considering the quality of service they provided. Erikas Grig Chartered Surveyors offered a fair and transparent pricing structure, which was a refreshing change compared to other companies I had considered.
The quick turnaround time is another aspect that deserves commendation. Despite the urgency, the surveyors conducted a thorough and comprehensive assessment, leaving no room for errors or oversights. They paid meticulous attention to detail, leaving me confident in the accuracy and reliability of their valuation report.
Moreover, the market valuation report itself was comprehensive and well-presented. The surveyors explained the methodology and factors considered in arriving at the valuation, ensuring complete transparency. This level of professionalism and clarity left me with a strong sense of trust in their expertise.
Overall, my experience with Erikas Grig Chartered Surveyors was outstanding. They provided me with a top-notch market valuation service on short notice, at a competitive price, and with a quick turnaround time. I wholeheartedly recommend their services to anyone in need of reliable surveying expertise.
Thank you to the entire team at Erikas Grig Chartered Surveyors for their excellent work and dedication to customer satisfaction. I will undoubtedly turn to them for any future surveying
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