Lease Extension Valuation

The Surveyor

The surveyor who carries out your Valuation will be a Chartered Surveyor, who is competent to value and report upon the property that is the subject of these Terms.

The Report

Please note that a Valuation is NOT a Survey of the property. We will provide an estimate of the likely premium payable for a lease extension / leasehold enfranchisement.

The valuation will be prepared for your private and confidential use, and should not be reproduced in whole or in part, nor relied upon by third parties for any use, without the express written authority of Woodward Chartered Surveyors.

The Inspection

A structural survey, building survey or Homebuyer Report will not be undertaken, but a brief visual inspection will be carried out of so much of the exterior and interior of the property as is accessible to our valuer, without undue difficulty. The inspection is required to allow the Valuer to assess the location, size, layout and condition of the subject premises with a view to determining current and hypothetical values for the lease extension / enfranchisement valuation.

Assumptions

Unless specifically advised otherwise in writing prior to our inspection, and confirmed in our report, the valuation will assume:

That good freehold or leasehold title can be shown and that, unless otherwise stated, the property is not subject to any unusual or onerous restrictions, covenants, encumbrances or outgoings which might affect the opinion of value. We will need to see a copy of the lease/leases.

That no matter detrimental to the value would be revealed as a result of the usual searches and enquiries that would be made by lawyers.

That all Planning and Building Regulations are in place for the use observed by the valuer and that no other planning consent exists. The valuation will not reflect any “hope” value for future development or change of use except for enfranchisement valuations where development potential clearly exists.

The valuation of substantial development potential (such as the clearing and redevelopment of an entire site) is outside the scope of this valuation. If such potential is felt to exist, we will discuss the matter with you before completing our report.

THE LAW AND THE LEGAL PROCESS

The law in relation to residential lease extension and enfranchisement is complex. We would strongly advise that you take legal advice at an early stage.

If you have already received any correspondence or official Notices in connection with this process, please forward copies to your Solicitor and ourselves. Many legal Notices have specific timescales which must be complied with to protect your position.

Market Value – DEFINITION

This definition is included in the “Red Book” (Royal Institution Of Chartered Surveyors Appraisal And Valuation Manual), which is the code of practice for all Chartered Surveyors and is largely mandatory.

Market Value (MV) is:

“An opinion of the best price at which the sale of an interest in the property would have been completed unconditionally for a cash consideration on the date of valuation, assuming:
A willing seller;
That, prior to the date of valuation, there had been a reasonable period (having regard to the nature of the property and state of the market) for the proper marketing of the interest, for the agreement of the price and the terms and for the completion of the sale;
That the state of the market, level of values and other circumstances were, on any earlier assumed date of exchange of contracts, the same as on the date of valuation;
That no account is taken of any additional bid by a purchaser with a special interest; and
That both parties to the transaction had acted knowledgeably and without compulsion.

Liability

The Valuation provided is solely for your use and that of your professional advisers. No liability to anyone else is accepted. As responsible practitioners, we operate a formal complaint procedure, a copy of which is available on request.

Your right to cancel and refund policy

Because you wish us to carry out this service for you as quickly as possible, you hereby waive the usual (statutory) cancellation period of 7 working days provided for by the Distance Selling Regulations.

You will be entitled to cancel this contract or alter your instruction below by notifying us up to two working days before the day of the Inspection. We will be entitled not to proceed if, after arriving at the Property, our surveyor concludes that it is of a type of construction in which they have insufficient specialist knowledge to report on satisfactorily. In either case we will refund any money paid by you. Should the Surveyor conclude that it is not in your interest to proceed with the report as to do so may exaggerate your liability to fees (an RICS Protocol followed by all Chartered Surveyors), the Surveyor will inform you accordingly and our fee invoice will be calculated at £125 plus VAT per hour worked but no more than two thirds of the original fee quoted.

Complaints

We are Regulated by the Royal Institution of Chartered Surveyors. We aim to provide a high quality service in all respects. However, if you have a formal complaint, please write to Stephen Woodward and ask for our written Complaint Handling Procedure.