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 understand the age, experience, qualifications and competency offered by the firm you select.
Advice on negotiations
Whilst our valuations do include evidence, a valuation commentary, advice on what to serve on your initial notice/counter notice, should you not be able to close the deal we can negotiate valuation differences on your behalf.
Negotiation are carried out by a Director or FRICS qualified Surveyor and are chargeable on an hourly rate. We would usually give you a time/cost initial budget based on the complexities perceived in the case in question. We would account our time to you if negotiations are not concluded within this initial budget.
Where it becomes apparent that not all valuation parameters can be agreed outside of the First Tier Tribunal a synopsis of what it is recommended that can be agreed prior to a hearing will be advised to you.
Advice on going to a First Tier Tribunal
If negotiations fail to be fruitful then we can lodge an application to the First Tier Tribunal for a determination. Lodging an application costs in the region of £350. You will also be responsible for the costs of representation at the hearing this will be based on an hourly rate for a Director or FRICS qualified Surveyor.
To present a case a First Tier Tribunal careful evidential preparation is required. The extent of work depends on which facts have been agreed through negotiation (it is unusual to attend FTT to negotiate everything). This could involve scouring all local sales, obtaining land registry copy entries to confirm lease details, then seeking confirmation about accommodation, unit layout/size an getting floor plans and condition details from estate agents or door to door based research. This may take perhaps 1-2 days. Negotiations would continue up to the hearing with the intent of agreeing as many facets of the valuation as possible to keep the hearing relatively simple.
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 a good time when face to face negotiations can take place with the other side to agree any facts that can be agreed and agree what cannot be agreed between the parties. This assists all concerned in which areas to focus the evidential part of the hearing day on. For example, it could be that yields become agreed but that 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 valuers in the period running up to the case.
As a leaseholder you could represent yourself should you choose to do so. As a Leaseholder you are at risk for your professional costs, the application costs and the Freeholder costs. As a Freeholder professional advice flowing from a valid Notice claiming a lease extension is to be compensated to you as part of the Lease Extension rights.
As an enfranchising residents committee you could represent yourself should you choose to do so. As a group of residents you are at risk for your professional costs, the application costs and the Freeholder costs. As a Freeholder professional advice flowing from a valid Notice claiming a lease extension is to be compensated to you as part of the Lease Extension rights.