In order to exercise your right to buy your Freehold (also known as Collective Enfranchisement), you need to know how much the process should cost:
- It is critical to negotiate realistically with your Freeholder from the outset. This is not like negotiating an offer with an estate agent.
- Your landlord will likely challenge any unrealistic offer lacking supportive valuation evidence. This could be fatal to your claim.
- The Courts regularly strike out invalid Tenants' Notices that do not make realistic offers.
What Does a Pro-Leagle Valuation Include?
- Pro-Leagle's Valuation Report provides two pages of calculation per Report complete with Marriage and Hope Value breakdown (if applicable). Two pages of detailed explanation are also provided.
- Each Valuation Report sets out in detail how much it will cost to purchase the Freehold. The calculations involved are derived from statute set out in the Leasehold Reform Housing and Urban Development Act 1993.
- Variables used in the calculation are derived from legislation, the relevant leases, Parry's Valuation Tables, and values upheld in the Leasehold Valuation Tribunal for areas throughout England and Wales.
Who Uses Pro-Leagle Valuations?
- Pro-Leagle's Valuation Reports are generally commissioned by Leaseholders wishing to purchase their Freehold. However, they are also regularly used by estate agents and solicitors involved in leasehold transactions.
- Assuming accurate provision of all necessary details you should be able to file the appropriate Tenant's Notice without seeking a further Chartered Surveyor's Valuation.
How do I get a Pro-Leagle Valuation?
- Call 020 3397 1379 between 9:30am and 5pm weekdays to discuss your requirements.
- For all valuations you will need a copy of the lease for each flat. You will also need to give realistic current market values for each flat in the property. Improvement works to each flat can be taken into account to your benefit.
- Note that the entire freehold must be purchased at the same time. The cost due for non-participating flats is split between the participating flats. Consequently, to obtain an accurate freehold valuation, all flats in the building must be valued.