Page 5 - lease_extensions

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A step by step guide to lease extensions

Step 3 - Negotiations & FTT

Fees are well spent if a valuer with appropriate expertise has been selected. There are many
unqualified surveyors dabbling in this type of work and you should always be aware of the
experience, qualifications and competency offered by the firm you select.

Advice on negotiations
While our valuations include evidence, a valuation commentary and advice on what to serve in
your initial notice/counter notice, if you are not able to close the deal we can negotiate valuation
differences on your behalf.

Negotiations are carried out by a Ringley director or FRICS qualified surveyor and are chargeable
at an hourly rate. We will normally give you a time/cost initial budget based on the complexities
of the case in question. We will account our time to you if negotiations are not concluded within
this initial budget.

Advice on going to a First Tier Tribunal

If negotiations fail, then we can lodge an application to the First Tier Tribunal (formerly the
Leasehold Valuation Tribunal) for a determination. Lodging an application costs in the region of
£350. You will also be responsible for the cost of representation at the hearing. This will be based
on an hourly rate for a director or FRICS qualified surveyor.

Understanding Tribunal procedure
After lodging your application your case will be allocated a case reference number and listed for
a pre-trial review. At pre-trial review the Tribunal will make directions on what evidence they
want to hear and set timescales against which the case is to be conducted.

Our attendance at the pre-trial review is not essential but often this is an opportunity for face to
face negotiations to take place with the other side. This can help determine which areas to focus
the evidential part of the hearing day on. For example, it could be that yields can be agreed but
the value of the flat is what is referred to the First Tier Tribunal for determination.

The cost of presenting a case at First Tier Tribunal depends on the number of days the case is
listed for and what can be agreed between each party’s valuers in the period running up to the
case.

www.leaseholdguidance.co.uk Solicitors | Surveyors | Accountants | Property Managers
Tel: 0207 428 1977 Presented by the Ringley Group