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Valuing Flats With Short Leases – The Difficulties For Valuers

February 20, 2012 By Avery Associates

Avery Associates senior property surveyor Kieth Fraser talks about the difficulties of probate valuation of property, in this case flats with short leases…….

Our duty to undertake valuations vary in terms of purpose, albeit for secured lending, capital gains tax, probate, matrimonial, amongst others.  The method of valuation applied for residential valuation is normally the comparable method, except for some circumstances eg a residential building used as a house in multiple occupation, where an investment method may be used.

One area, which challenges the valuer of residential property, is flats with shorts leases.

Due to the limited access to secured lending and reduced marketability of these types of properties, these flats are harder to sell, and as such, more difficult to value.

We as a firm, are well versed in valuing the premiums to extend short lease flats by the statutory 90 years, however most valuers do not have this expertise.  Thus, as lease extension practitioners and part of our valuation service, we would first value the premium to extend the lease, and then deduct the premium figure from the extended lease value of the property.  We would then take a view as to what kind of further discount, in a hypothetical world, we would apply, in order to arrive at the short lease value of the property.

There may be other ways to arrive at the value, the easiest being to source short lease flat deals as part of the comparable evidence.  However, our method, in our professional opinion, gives a more valid opinion as to the market value taking account of all the scenarios surrounding problematic property, that can be – flats with leases with a short unexpired term.

For advice on probate property valuation call Jeffrey Avery on 0800 567 7769

Related

Filed Under: FAQS Tagged With: property, short leases

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
Fantastic and Reliable

Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

T. Hackett
Aug 26, 2021
 by T. Hackett on Avery Associates
1st Class Service

Avery Associates Appraisal I have just moved house after almost 30 years of occupation. My initial choice of movers, Pickfords, decided at the last... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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