Deckstop lease extension valuation surveys

Nike79

Hello there,

Can anyone please comment on reliability of lease extension desktop valuations versus onsite ones?

I am purchasing the property and it is has just over 85 years left. The vendor will serve the section 42 Notice but I need to advise on the premium to put into the notice. I should have potentially used the figures off the leasehold calculator but I am aware they are for guidance sonly. I wonder if it is worth investing into desktop valuations for more accurate figures. The onsite ones are expensive given I may lose the fees if the house purchase falls through.

Thanks!

mrginge

Think you mean desktop.
I have no further assistance to provide.

No need to thank me.

ognum

Nike79 wrote: »

Hello there,

Can anyone please comment on reliability of lease extension deckstop valuations versus onsite ones?

I am purchasing the property and it is has just over 85 years left. The vendor will serve the section 42 Notice but I need to advise on the premium to put into the notice. I should have potentially used the figures off the leasehold calculator but I am aware they are for guidance sonly. I wonder if it is worth investing into deckstop valuations for more accurate figures. The onsite ones are expensive given I may lose the fees if the house purchase falls through.

Thanks!

Isn't this why you appoint your own surveyor?

Nike79

ognum wrote: »

Isn't this why you appoint your own surveyor?

I am not an expert in the valuations, so I don't know whether it is necessary to employ onsite valuation in my particular situation.

It is expensive and If my house purchase falls through i will lose this fee. I am just trying to understand if the desktop valuation is somewhat more than the figurers off the leasehold calculators available for free. Does the actual site visit can potentially change the figures much?

propertyman

what is available for free is only an indication and assumes that the information that you put in on value is correct- it usually isn't especially with properties under 90 years- and that the ground rent never changes through the rest of the term, which is rare.

What the valuer does is set in a typical range here and that means that while the two may coincide they rarely do. that's why we spend 5 -6 years to be trained and qualify....we are not estate agents who sell cars yesterday houses today and double glazing tomorrow
http://www.lease-advice.org/publications/documents/document.asp?item=10

The biggest issue that you encounter, as do estate agents is not appreciating that say two similar flats in the same building , one with say 99 years to go and one with 81 will have very different values.

Nike79

propertyman wrote: »

what is available for free is only an indication and assumes that the information that you put in on value is correct- it usually isn't especially with properties under 90 years- and that the ground rent never changes through the rest of the term, which is rare.

What the valuer does is set in a typical range here and that means that while the two may coincide they rarely do. that's why we spend 5 -6 years to be trained and qualify....we are not estate agents who sell cars yesterday houses today and double glazing tomorrow
http://www.lease-advice.org/publications/documents/document.asp?item=10

The biggest issue that you encounter, as do estate agents is not appreciating that say two similar flats in the same building , one with say 99 years to go and one with 81 will have very different values.

Thanks, but my original question is rather trying to find out the difference between the desktop valuation and onsite valuation, both are offered by the professionals. Does the actual visit to the site required for more accurate information?

rxg111

I had the leasehold extended on my flat and used a solicitor specialising in this field to calculate the value. No on-site visit was required and their service cost £60+VAT (~ 8 years ago).

Nike79

rxg111 wrote: »

I had the leasehold extended on my flat and used a solicitor specialising in this field to calculate the value. No on-site visit was required and their service cost £60+VAT (~ 8 years ago).

Thanks, interesting one! My solicitor actually referred me to use the professional service and he didn't comment on which one I should go for.

I thought in order to carry out any sorts of survey you need to be a member of RICS?

I get a mixed advise from the surveyors, some say just use the online calculator figures, some advise to use the onsite report, some say desktop is enough...im confused!:grinheart