Lease Extensions in London & the Home Counties
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Why use Taylor Surveyors to help extend your lease?
Simple, fixed-fee pricing
No complex quotes or lengthy reviews. Our simple fixed-fee lease extensions cost just £400 + VAT
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Expert Advice
Our expert surveyors are experienced lease extension specialists.
What is Lease Extension Surveyors
Providing Lease Extension Valuations in London & the South East.
As your lease runs down it dramatically decreases in value, in turn reducing the value of your flat. And the longer this goes on, the more expensive it will become to renew. On top of this, most lenders won’t mortgage leases with less than 70 years left on the contract, meaning it becomes increasingly difficult to sell when you want to.
At Taylor Chartered Surveyors we’re here to help you navigate these pitfalls and negotiate a cost-effective lease extension.
Due to the Leasehold Reform, Housing and Urban Development Act 1993 (as amended), a qualifying Leaseholder has the right to extend their lease by 90 years with no further ground rent payable, by paying a Premium to the Freeholders.
Together with our professional intelligence, comparable sales evidence and considerable experience, we are here to provide a Lease Extension Valuation that helps you do just that.
Do I need a Lease Extension Surveyor?
Getting a professional Leasehold Valuation can be critical to the success of a Lease Extension. To put yourself in the best stead it is highly recommended that you engage Lease Extension Surveyors. Your Surveyor will create your Valuation Report, which will detail how much your lease extension will cost. In turn, this allows you to make an informed decision on whether you want to proceed with the extension or not.
This surveyor should have experience with valuing property in your local area as well as any relevant case law that can affect your property. If the Valuation in a Lease Extension Notice cannot be justified then the Notice can be invalidated leading to a loss of money and a waste of time. This also means that you can’t serve another Notice for 12 months, leading to an extra year off of your lease and a higher Lease Extension premium.
For this reason we suggest that anyone considering extending the lease on their flat take the professional advice of a Lease Extension Surveyor before beginning the process.
With Taylor Surveyors you know that you’re in safe hands. We have been responsible for countless Lease Extension Valuations in London and the South East over the years. And we pride ourselves settling our cases via negotiation. However, in the unlikely event that we cannot come to an agreement on terms, we are more than ready to act as expert witnesses in the case of a tribunal. So if you’re looking to get a valuation today, or simply need the advice of RICS Lease Extension Surveyors, look no further.
Qualifying for a Lease Extension
In order to qualify for a Lease Extension you must meet the following criteria:
- You must have owned the property continuously for the last 2 years, although you do not have to have occupied the flat during this period.
- The lease must have been granted for more than 21 years at the time of initial contract.
- Your Landlord cannot be a Charitable Housing Trust.
- The lease cannot be a business or commercial lease.
- At this point you have two options open to you:
- Serve Notice to your Freeholder in order to extend your lease.
- Informally approach the Freeholder in order to agree terms.
Whilst for some Lessees it may be possible to agree the Premium that must be paid to the Freeholder, negotiations can often become heated and will tend to require a Lease Extension Surveyor to act on your behalf. We always suggest that you go straight to serving Notice in order to formalise talks and expedite the process.
Our Lease Extension Valuations
The Premium presented in our Lease Extension Valuation will take the following factors into account in accordance with Schedule 13 of the 1993 Act:
- The loss of ground rent to the Freeholder.
- The cost to the Landlord or their heirs of the deferment of possession of the property.
- Half of the Marriage Value (the difference in value between the current lease and the extended lease).
- The amount of compensation due to the Landlord.
In the Lease Extension Report that we produce we will include the Premium as well as details of how we calculated this figure. In addition we will produce best and worst case scenario valuations, calculated from the viewpoint of both the Freeholder and the Lessee.
This will equip you with both the lowest and highest figures to enter into negotiations with. If you cannot reach an agreement between your Freeholder or Leaseholder at this point, we will be happy to negotiate on your behalf. If necessary, we are equally happy to represent your interests at a First Tier Tribunal.
Get your Lease Extension Valuations for just £400+VAT
Speak to one of our lease extension surveyors today about how we can help you:
Brilliant experience with Taylor’s from start to finish. Quick, reliable and helpful – I would recommend them.
07 February 2023
The gentlemen who came over to value my property was really kind, friendly and informative. Wouldn’t hesitate to use them again!
18 November 2022
Fast, efficient, and good communication throughout. We were happy with the professionalism and quick turn around.
15 December 2022
Excellent service . Went over and above to give me the service I needed. I needed my valuation to be extended for a 3 month period as it was running out .
12 December 2022
Frequently Asked Questions
Lease Extension Valuation
We’ve answered your most common questions to help you better understand how a Lease Extension Survey works.
Anything we haven’t covered? Just let us know!
A Lease Extension Valuation is necessary to extend the lease on your property. It is used to calculate the amount payable to your freeholder for extending the terms of your current lease.
Normally this conducted under the formal statutory lease extension by which an additional 90 years is added onto your terms. However, informal extensions, which can vary in length up to 999 years, should also need to have the lease extension premium calculated by a surveyor.
The following information is required to calculate the Lease Extension Premium:
- A valuation of the leasehold property with a long lease. This is known as The Value of Unencumbered Interest.
- The value of the existing leasehold.
- The cost of ground rent including increases in the cost.
- The amount of years you want to extend the lease by. This is up to a maximum of 999 years.
- Term rate, Reversionary Rate and Relativity which are used to calculate the Existing Freehold Valuation.
The premium itself is calculated using two factors: the Existing Freehold Valuation and the Marriage Value.
The Existing Freehold Valuation
This is calculated by combining the values of the Term and the Reversion:
- The Term value comes from the depreciation of the ground rent based on the Term Rate selected by your Lease Extension Surveyors.
- The Reversion is derived from The Value of Unencumbered Interest with a Reversionary Rate applied to the unexpired term of the lease (it’s Present Value).
Marriage Value
This is calculated by subtracting the Existing Leasehold Value as well as the Existing Freehold Value. A Marriage Value percentage is then applied to give you the Marriage Value.
The Existing Freehold Valuation is added to the Marriage Value to give the Lease Extension Premium.
Most likely. We’re based in Loughton, Essex, but we travel to conduct valuations in the following postcodes:
- IG1-IG11
- RM1-RM20
- E1-E20
- EN1-EN11
- AL1-AL10
- BN1-BN45
- BR1-BR8
- CB1-CB25
- CM0-CM77
- CO1-CO16
- CR0-CR9
- CT1-CT21
- DA1-DA18
- GU1-GU52
- HA0-HA9
- HP1-HP27
- KT1-KT24
- LU1-LU7
- MK1-MK46
- ME1-ME20
- N1-N22
- NW1-NW11
- OX1-OX49
- RG1-RG45
- SE1-SE28
- SM1-SM7
- SS0-SS17
- TN1-TN40
- TW1-TW20
- UB1-UB18
- W1-W14
- WD3-WD25
- CT1-CT21
- PE1-PE9 PE15-PE16 PE 19 PE26-29
- IP1-IP33
We conduct inspections from Monday to Friday between the hours of 7am and 6pm. We know that it’s a pain to have to wait around the house all day, so we’ll always try and find a time that works for you.
Depending on the size of your property, the inspection itself will take up to half an hour. That’s not including a tea break.
We try to have all Lease Extension Valuations completed within 5 working days. However, if you need a report sooner, we can expedite the process and will endeavour to have your valuation completed within 24 hours.
This can vary from surveyor to surveyor, but we don’t think that’s right. All of our Lease Extension Valuations are charged at a flat rate of £400+VAT.