What To Look For In A Good Lease Extension Surveyor
Statistics show that the vast majority of lease extension valuation work is done by Chartered Surveyors. In order to achieve Chartered status, a surveyor has to pass the relevant professional qualification exams set by the professional body, the Royal Institute of Chartered Surveyors.
As well as academic qualifications, practical experience and professional reputation are equally important. A surveyor needs to be able to ensure that the lease extension valuation document which they produce is high quality and can stand up to being challenged by the landlord’s solicitor and surveyor. The valuation report should be both fair, and a good starting point for the negotiations about lease extension valuations with the freeholder.
Very few surveyors spend the bulk of their time doing this sort of lease extension valuation work. Most surveyors are competent at routine valuations for mortgage purposes, but it can be harder to find someone with the practical experience of making the calculations needed for leasehold extension and taking into account the different factors which are involved with valuing the leasehold premium.
If you deal with a surveyor who does a lot of work in the leasehold extension field, this increases the chances that he will cover all bases in detail. He or she will also know the importance of communication between the surveyor, client and solicitor, and will know how to present a valuation that puts you in a strong position from which to begin negotiations with the freeholder. Your surveyor needs to be a shrewd operator who never misses a trick, and is confident in their own negotiation skills.
A surveyor who is local to the property concerned and who has a lot of professional experience in dealing with the local housing market is going to produce the most reliable lease extension valuation. He or she will also know about any proposed developments which could affect the value of the property in the future. It can be difficult to assess the level of local knowledge of each surveyor, but you can evaluate it by looking at their track record with similar local cases. However, if it comes down to a straight choice between a very local but inexperienced surveyor and a specialised lease extension surveyor who is further away, the specialist know how and experience always trumps local knowledge.
You are employing the surveyor to produce your lease extension valuation document, but things will proceed much more smoothly if the surveyor has the “people skills” to treat every case individually and maintain a strong professional relationship. An effective surveyor can get all of the facts together quickly, and can manage client expectations about the lease extension application process. He should be a clear communicator, who can keep everyone involved up to speed with progress and should not use technical jargon or simplify things so much that critical details are missed.
Along with your specialist lease extension solicitor, a surveyor is a key player in your lease extension application. Ensure you make a wise choice.