In certain circumstances, purchasers or vendors are not requiring to borrow money but wish to know the accurate value and state of repair of a property. Please contact us if you need a private valuation.
A Building survey or ‘Full Structural Survey’ is the most thorough and detailed report on your property you can get. It is requested when a client wants as much professional advice and information they can get about the property they wish to purchase. Building surveys can help you decide on how to make a reasoned and informed judgement on whether or not to proceed with a purchase; assess whether the property is being sold at a reasonable price. And also makes clear what decisions and actions should be taken before contracts are exchanged.
Surveyors providing condition reports specifically aimed at identifying and solving defects with properties, the report achieves its aim with the use of descriptive text and photographic evidence. Please contact us if you need a condition report.
The surveyors that Smith & Knight Property Services Limited appoint undertake Red Book valuations on residential property on a regular basis.‘Red Book’ refers to the RICS guidelines and to the format in which these reports are presented. The report includes a basic description of the property and its location, along with its market value.
Please contact us if you need a Red Book valuation.
These valuations include leasehold enfranchisement and lease extensions undertaken when the tenant has the right to purchase local authority housing or private dwellings.
The right to buy procedure and valuation process being governed by statute and case law which has been built up over the years. The surveyors appointed have considerable experience in the tenant’s right to buy leasehold valuations and have acted on behalf of both leaseholders and tenants.
Surveyors appointed by Smith & Knight Property Services Limited London act on instructions of next of kin usually via solicitors to provide valuations of properties or sites owned by deceased relatives at the time of their death.
If major works are undertaken close to your property you may be entitled to a party wall award and require the protection of a condition report. If you are in doubt or are unsure about wether or not you require a Party Wall Award. Here are some typical examples of work that would require a Party wall award, the main types are extensions, damp proofing works and structural alterations but here are also a few other examples:
This report is required when there are disputes involving repairing covenants arising over a property.
We are sometimes requested to provide a surveyor to undertake surveys and valuations prior to sale in order that the vendor is provided with an accurate indication of the value and condition of the property. In certain instances, the vendor based upon the recommendations of the report will undertake works in order to make the property more desirable to sell. If you would like more information, please contact us at Smith & Knight Property Services Limited
Expert surveyors for Albright Surveyors Limited London act on behalf of solicitors and clients in the preparation of valuations and building disputes for court.
We can provide surveyors who are qualified arbitrators and surveyorswho are appointed expert witnesses in court cases, arbitration andleasehold valuation tribunal for rent and valuation disputes.
Residential:Valuations, Leasehold Enfranchisement, Building Surveys, Homebuyers reports, Party Walls, Dilapidations.
Commercial: Valuations, Insurance Re-instatement, Dilaidations.
Landlord & Tenant: Rent Reviews, Lease Renewals, Dilapidations.
Your rights as a leaseholder are set out in the following legislation: The Leaseholder Reform, Housing and Urban Development Act 1993, amended by the Commonhold and Leasehold Reform Act 2002.
In addition to extending the lease, a group of leaseholders has the right to purchase the freehold of their property as long as certain conditions are met.
Firstly the building must contain at least 2 flats, the original lease has to be greater than 21 years and at least half the leaseholders must participate. Purchase is not possible if the freeholder lives in the building which was originally converted by the freeholder and if there are less than 5 flats. Please note that the leaseholder does not have to be the resident and that up to 25% of the building floor area may be put to non-residential use.
The cost of buying the freehold is based on an assessment made in three parts: capitalised value of the ground rent, the value of the freeholder’s reversion at the end of the lease and half the marriage value.
Marriage value is the increase in value when the freehold and leasehold interests are combined or ‘married’ together.
To go about buying the freehold, leaseholders form a ‘right to enfranchise’ company and a solicitor serves notice on the freeholder making a monetary offer for the freehold.The freeholder either accepts or serves a counter notice giving his asking price. The two parties then negotiate the price.
If this fails then either side can apply to the Leasehold Valuation Tribunal who will determine a price. Here at Smith & Knight Property Services Limited we have been successfully providing an honest and reliable service since our establishment.
We can assess the price following an inspection of the property and lease documents. We can then negotiate a price with the freeholders on your behalf. Smith & Knight have considerable experience in representing leaseholders at tribunal. Please contact us to discuss your requirements.
Your rights as a leaseholder are set out in the following legislation: The Leaseholder Reform, Housing and Urban Development Act 1993, amended by the Commonhold and Leasehold Reform Act 2002.
This valuation informs the leaseholder of the figure they would be expected to pay to extend the lease on their property by any given number of years.
You have the right to extend your lease for 90 years at a peppercorn ground rent, providing you have owned the flat for at least 2 years and the original term of the lease is greater than 21 years.
You do not have to be a resident in the flat. The cost of extending your lease is based on an assessment made in three parts: capitalised value of the ground rent, the value of the freeholder reversion at the end of the lease and half of the marriage value.
Marriage value is the increase in value when the leaseholder and freeholder interests are combined or ‘married’ together.
Please note that marriage value is not payable if your lease has 80 years or more unexpired. Cost savings can be made if you act now. Please call us for more details.
To go about extending the lease, a solicitor serves notice on the freeholder making a monetary offer.
The freeholder either accepts or serves a counter notice giving his asking price.Then the two parties negotiate a price. If this fails either side can apply to the Leasehold Valuation Tribunal who will determine a price.
Smith & Knight Property Services Limited London have considerable experience in the valuation, negotiation and court representation for Lease Extensions.
