Our Valuations Services
We undertake a range of valuations for a variety of purposes for owners, landlords and tenants.
These can relate to a range of holdings including offices, retail/quasi retail, class ‘E’ units, warehouses and industrial units.
Valuations for IHT also cover residential properties whilst LRA valuations relate to both lease extensions and collective enfranchisement cases.
We act for some mortgage lenders in respect of loan valuations.
Leasehold Reform Act
The Leasehold Reform (Ground Rent) Act 2022 came into force on 30th June 2022, except for retirement properties, where it will come into force by 1st April 2023. The purpose of the Act is to put an end to ground rents for new, qualifying, long residential leasehold properties in England and Wales.
Valuations are usually required by both lessors and lessees for the purposes of lease extension and collective enfranchisement particularly reflecting current amendments to the Statutory legislation
Covenants
What is a covenant? Does my property have any covenants?
A covenant is a provision in the title, which states what can and cannot be done on the land. They are usually created in a deed between two parties, with one party agreeing to restrict the use of its land in a certain way for the benefit of another’s land. For registered properties, any covenants affecting the property will be stated in the title. A covenant can be very important as it could affect the value of land or its intended use.
Covenants can be positive or negative. Positive covenants are obligations to do something, such as keep contribute to a maintenance fund or maintain a wall. Restrictive covenants are rules preventing certain things from being done on the land, such as keeping animals or using the property for business purposes.
We specialise in providing advice upon the value of covenants and the potential cost of securing release.