Chartered Surveyors in battersea
We are a firm of Chartered Surveyors based in London providing a range of Residential Valuations and Surveys. We are also RICS (Royal Institution of Chartered Surveyors) Registered Valuers.
lease extension and enfranchisement valuers
statutory tax valuations
Market VALUATION REPORTS
Shared Ownership & Shared Equity
RICS HOME SURVEYS
Lease Extension / Collective Enfranchisement Valuation, Battersea, London, SW11
Following the purchase of a converted Victorian flat with a short lease, the leaseholder clients were seeking valuation advice on the likely costs of a lease extension. The other leaseholder in the building was informed that there is the potential to buy their freehold if both parties participate. Our Chartered Surveyor gave both lease extension and collective enfranchisement advice.
lease extension and enfranchisement valuers
Lease Extensions are a complicated area of valuation and are governed by the Leasehold reform, Housing and Urban Development Act 1993 (The Act). The act states that a qualifying tenant, essentially a leaseholder who has owned their property for at least two years, is entitled to a 90 year extension to their current unexpired lease term with their ground rent thereafter becoming what is known as a peppercorn, a legal term which effectively means zero.
Our Chartered Surveyors have specialist knowledge of Leasehold reform and are able to carry out valuations of this type and give you the professional advice and guidance you need to extend your lease or if you are a freeholder, react to a leaseholders request to extend.
Our valuation process involves us inspecting your property where possible, going through your lease and other pertinent documents, gathering comparable market evidence, and reporting back to you with our findings.
Lease extensions require a strong team of Surveyors and Solicitors. We work closely with specialist lease extension Solicitors that can help with legal aspect and who we’re happy to refer to you if required.
You may have been told by your family Lawyer dealing with your divorce or litigation solicitor dealing with a claim of abuse of trust or professional negligence that you need a Court compliant Market Valuation report.
The vast majority of Market Valuation reports are not court compliant. That is because complying with for example Part 35 of the Civil Procedure Rules is time consuming and challenging. Reports are required to enter more detail than would typically be needed for other purposes, some of which is specific for the judicial process.
A Court compliant valuation report or Court compliant Survey report can be for an array of different purposes, where there are disputes. Sometimes, these prove adversarial, especially in claims of negligence or abuse of trust and in some acrimonious divorce settlements. However, sometimes they are more conciliatory where the judicial process is being used as a means to obtain a settlement. For example, where a couple are divorcing on good terms but have differing opinions on the values of any property assets to be split between them.
Our Chartered Surveyors & RICS Registered Valuers are specialists in their field. Three of them provide court compliant reports and share over 70 years industry experience between them.
Statutory tax valuations
When it comes to valuing property for tax purposes, it is important to appoint a firm who are regulated by the Royal Institution of Chartered Surveyors. Ideally, then with the Chartered Surveyor or AssocRICS Surveyor undertaking the report, being an RICS Registered Valuer. This means that the Surveyor has proven competence in providing Red Book valuations which is the best practice guide for Tax valuations amongst others.
You may need a valuation for Capital Gains tax or Inheritance Tax purposes and at Websters Surveyors our highly trained team have the necessary experience, knowledge, and resources to carry out these types of valuations. All of our qualified Surveyors are RICS Registered Valuers.
Often, we hear of estate agents providing “valuations” which are used to calculate tax liabilities; however, these can be challenged by the HMRC, consequently incurring unnecessary expenses. The HMRC have directly stated that "HMRC will be able to enquire into returns and challenge valuations but they will normally be able to accept valuations prepared by a professional property Valuer." (HMRC guidance). This means that our Valuation reports will be far more robust than those prepared by Estate Agents who are not RICS members.