The Leasehold Reform Act when introduced was primarily seen as providing lessees with the ability to acquire the freehold of their building.
In practise it has been found that in most cases the ability to act independently and extend a flats lease has been the most frequently used part of the Act, however, the ability to collectively acquire the freehold interest in their property is also attractive to lessees and we act for both freeholders and lessees in this specialist area of valuation.
We aim to ensure that residents are given a concise an accurate assessment of the likely cost of acquiring the freehold interest in their property. Our report will set out our advice as to the sum to be inserted in the Notice of Claim and will provide further explation of anticipated areas of contention.
In the case of larger blocks of flats we will explain the impact of non-participating tenants and review all other matters such as the impact of development potential and claims for other forms of compensation.
When acting for freeholders we endeavour to ensure that the best price is achieved which may reflect development potential and similar losses.
Where a “Right of First Refusal” has been served prior to an agreed or proposed sale we are able to provide valuation advice or conduct negotiations with a freeholders representatives – and we can of course advice freeholders upon the process in the event of a disposal being considered.
Our fee structure is designed to provide complete transparency as to the costs involved in the process and we are happy to give a written fee quotation in advance of undertaking any work.