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Jul, 2014

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  1. #1

    Default Cost of LVT representation for lease extension

    Can anyone help me with this query please?

    I recently made a s42 claim and proposed a premium of £13,000. The counter notice accepts all the terms except for a premium required of £25,700. My offer was made on the basis of an unimproved value of £150,000 for the flat which has a little over 59 years unexpired lease (the premium calculation was done by a chartered surveyor for me) whereas the FH valuer has put it at £160,000.

    We are so far apart that I think negotiation would not result in much reduction if any so I will have to go to the LVT for a decision but I am told that it will cost me about £4,000 with expert valuation and legal representation and that this is what the FH is hoping will deter me from going this route.

    Do I need the legal representation if it is just a premium dispute and could this be dealt with as a written case rather than a hearing?

  2. #2
    Join Date
    Aug 2008
    Posts
    3,361

    Default

    Is LL 's surveyor and your surveyor, both working locally near to your property ? Any properties in same street recently sold at 150K ?

    Suggest you check out a few recent LVT cases on lease extension to see if their judgements were made on written cases .

    You can search wwww.lease-advice.org for records of past LVT cases.

  3. #3

    Default

    Thank you very much.

    The LL surveyor is 2 hours away. Mine is local.The most recent sale in this block was £160K so the unimproved value would be less I think.

    Thank you for the advice I will check out the case archives.

  4. #4

    Default

    Round up.

    Just to let any readers know the outcome of this thread I have now an extended lease. The FH agreed to a premium £17,400 (plus costs) and in the calculation agreed an unimproved value of £157,500. I decided to employed a big gun Surveyor to negotiate for me and my conclusion is that he earned his fee!

    Thank you for the advice.

    Johnny

  5. #5
    Join Date
    Nov 2008
    Posts
    665

    Default

    Well, that's interesting, but I understand one of he variables used for calculating the premium is the amount of ground rent, and you don't seem to have said how much that is. It would be interesting to know that to work out the figures.

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