Desktop Valuation for a Lease Extension
A desktop valuation is a much cheaper, but sufficient, method of determining the premium payable for leaseholders looking to obtain a lease extension. It is the recommended option for the majority of leaseholders.
Is a desktop valuation sufficient?
Where the property in question matches some or all of the following, a desktop valuation is almost certainly sufficient:
- The property is similar to other flats in the building or local area
- There are no unusual factors making the property unique that a valuer would have to see in person.
- There are more than 80 years remaining on the lease (although not a crucial factor)
The cost of a desktop valuation
We recommend finding a solicitor that can handle both the desktop valuation and legal aspects together. It's likely you will acheive a much better deal on the valuation when proceeding on this basis.
Hetts Solicitors - Lease Extension specialists employ in house staff with extensive valuation experience of lease extensions, who are also able to deal with negotiation of the premium to acheive the lowest possible figure. Their current desktop valuation charge is £190 + VAT.
What to expect when ordering a desktop valuation
Hetts will provide you with a comprehensive report with a full breakdown of calculations. You can expect to receive three sets of calculations, a low, medium and high figure. On top of this comprable supporting evidence of sold properties and market conditions within the local area will also be included. All this puts the leaseholder in a good position if negotiation is required with the freeholder.