This calculator is intended to provide a general estimate of the premium payable for a lease extension or freehold collective enfranchisement. It is based on general data available and may not take into account local factors that could affect the premium.
The calculator will not provide the exact cost. In considering the anticipated total cost, you should also remember the leaseholder's liability for the landlord's costs under the act. The total cost of the lease extension will be the premium plus yours and your freeholderās "reasonable" professional costs. Normally their Surveyor and Solicitor costs. If the premium is above Ā£125,000 Stamp Duty will also be payable. These costs may be significant, so be sure to request estimates from your professionals as to the likely cost of the freeholderās professionals.
The calculator will be most applicable where there is no comparable evidence of sales of short lease properties. Whether another transaction is comparable, can only be decided on a case by case basis.
The calculator is intended for rough indication purposes and you should NOT BE USED TO SERVE NOTICE.
It cannot give you a precise figure, merely an indication.
The estimate produced by the calculator IS NOT a formal or professional valuation and is not a substitute for obtaining such a valuation. The calculator SHOULD NOT be rely upon and you should seek formal input from a surveyor, property lawyer or other qualified professional first.
The calculator should not be used in tribunal or court proceedings. No further action should be taken based upon the calculators output.
We shall not be liable for any loss, injury, claim, liability or damage of any kind resulting from, arising out of or in any way related to reliance on the figure produced by this calculator.
The Tribunals currently have a preference in assessing the short lease value of flats by using evidence of similar flats ideally within the same block or development. Where such evidence is available this will be the best indicator, however this requires complex and extensive local knowledge and is beyond the scope of this calculator. Where such comparable evidence is not available the tribunals are likely to support the use of one of the graphs of relativity.
Please note that our calculator is intended for leases with above 50 years unexpired and becomes much less reliable below 50 years.
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Enquiries@novellosurveyors.co.uk
