London Lease Extension Valuations – Olden Property
Independent Lease Extension Advice from an Experienced Chartered Surveyor.
Lease Extension Valuations in London
Are you considering extending the lease on your London property? Whether your lease is approaching 80 years, you have received an offer from your freeholder, or you are preparing to serve a Section 42 Notice, obtaining an independent valuation is an important first step.
At Olden Property, we provide specialist lease extension valuations and negotiation advice for leaseholders across London.
Led by Tom Olden MRICS, a Chartered Surveyor and RICS Registered Valuer, our independent practice has been advising property owners since 2014, drawing on almost 20 years of property experience.
We provide clear, practical advice on the likely premium payable, helping you understand your position before entering negotiations with your freeholder.
Our London Lease Extension Valuation Services
We assist leaseholders at different stages of the lease extension process, from initial advice through to negotiating the premium with the freeholder's surveyor.
Lease extension process
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Statutory Lease Extension Valuations
If you are extending your lease under the Leasehold Reform, Housing and Urban Development Act 1993, we can prepare an independent assessment of the premium payable.
Our valuations consider the property's market value, existing lease length, ground rent provisions and the relevant statutory valuation assumptions.
We work alongside your solicitor to provide the valuation advice required to support the Section 42 process.
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Informal Lease Extension Advice
Some freeholders offer lease extensions outside the statutory process.
Although an informal agreement can sometimes be appropriate, it is important to consider the proposed premium, additional lease term, ground rent provisions and any changes to the lease.
We can review an informal offer and advise whether the proposed terms are reasonable compared with the statutory alternative.
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Lease Extension Negotiations
Once a valuation has been prepared, we can negotiate directly with the freeholder's surveyor on your behalf.
Our aim is to reach a reasonable settlement supported by relevant valuation evidence, avoiding unnecessary expense and delay wherever possible
Why Does the Length of Your Lease Matter?
As the remaining term of a residential lease reduces, its market value can be affected.
This becomes particularly important when a lease approaches 80 years, as marriage value may become payable under the existing statutory valuation framework once the unexpired term falls below that threshold.
Shorter leases can also affect mortgage availability and make properties less attractive to prospective purchasers.
In London, where residential values can be substantial, the financial consequences of delaying a lease extension may be significant.
Obtaining a valuation early allows you to understand the potential premium and make an informed decision about when to proceed.
How Much Does a Lease Extension Cost in London?
The premium payable to extend a lease depends on several factors, including:
The market value of the flat
The number of years remaining on the lease
The existing ground rent and review provisions
The property's location and comparable market evidence
The applicable statutory valuation assumptions
There is no standard premium for a London lease extension. Two flats of similar value can have significantly different premiums depending on their lease terms.
At Olden Property, we assess these factors and provide an independent opinion of the likely premium, together with advice on an appropriate negotiating position..
Lease Extension Valuations Across London
Olden Property provides lease extension valuation advice throughout Greater London, including Central, West, South, North and East London.
We regularly advise on residential property in locations such as Kensington, Chelsea, Fulham, Hammersmith, Wandsworth, Wimbledon, Battersea, Clapham, Islington, Hackney and Croydon.
Our experience includes purpose-built flats, period conversions and properties within larger residential developments.
Each valuation is considered individually, taking account of the property's location, characteristics and lease terms.
Why Choose Olden Property?
Independent professional advice
We are an independent Chartered Surveying practice, providing valuation advice based on relevant market evidence and established valuation principles.
Experienced Chartered Surveyor
Tom Olden MRICS is a Chartered Surveyor and RICS Registered Valuer with extensive experience of residential valuations and leasehold enfranchisement matters across London and the South East.
Clear and practical reporting
Our advice is written in straightforward language, explaining the likely premium and the factors influencing the valuation.
Valuation and negotiation services
We can assist from the initial valuation through to negotiations with the freeholder's surveyor, providing continuity throughout the process
Frequently Asked Questions
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Although a valuation is not always a legal requirement, obtaining independent advice from a surveyor experienced in lease extensions is strongly recommended. It helps establish a reasonable premium and provides a basis for negotiations
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Under the existing valuation framework, marriage value becomes relevant when a lease has fewer than 80 years remaining. Leaseholders approaching this threshold should consider obtaining advice promptly.
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Yes. The premium is frequently subject to negotiation between the leaseholder's and freeholder's surveyors. An independent valuation provides a basis for assessing and challenging the proposed figure.
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Timescales depend on the property and the information available. Once the necessary documents have been received, we can advise on inspection arrangements and the anticipated reporting date.
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Yes. Olden Property provides lease extension valuation and negotiation services across Greater London, including both central and outer London boroughs.
Get a London Lease Extension Valuation
If you are considering extending your lease, have received an offer from your freeholder or are concerned about the number of years remaining, Olden Property can help.
We offer independent valuation advice and can assist with negotiations where required.
Contact us today to discuss your lease extension valuation in London.