Chroma Surveyors
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Chroma Surveyors If you're intending to either negotiate the extension of your existing lease or to purchase the freehold interest in your property, you've come to the right place. Working throughout London, Southern England and across the UK, Chroma specialises in the valuation of residential lease extensions and freehold enfranchisement, offering a friendly, professional service that will give you the advice and recommendations you'll need to achieve your objective.

We offer our clients a wide range of professional services, ranging from our handy lease extension calculator through to the option of either our desktop or standard valuations. We can also help you negotiate with your freeholder and with representation at First Tier Tribunals. If needs be we can recommend a number of trusted firms of solicitors with specialist knowledge in this field with whom we work closely.

We see our job as being to help you secure the most cost effective solution to your lease extension or freehold enfranchisement by providing excellent advice, competitively priced valuation services, skilled negotiation and a proactive and responsive approach.

read more › Professionalism - We believe in conducting our business with honesty and integrity, expecting the best from ourselves and from those with whom we do business. Client focused - We believe in providing the best services to our clients across the board and pride ourselves in offering solutions to problems that always keep the client in mind. Reliable - We believe in offering a first class service that you can count on and a remaining highly effective in all areas of the business. Investing in the future - We believe in the Company and the development of the staff, ideas and services, therefore, are continually looking for ways to train, grow and adapt to the prevailing economic and market conditions.

read more › As the lease of your property reduces, so does its value and saleability. By extending your lease you will be both protecting and increasing the value of your property, whilst ensuring that the lease complies with the lending criteria of mortgage companies, banks and the Council of Mortgage lenders (CML). Once a lease has reduced below 90 years you should seriously consider extending the lease, crucially before it falls below 80 years since at this threshold the cost of extending it rises appreciably because of the requirement to pay an additional element of the premium known as "marriage value".

read more › Collective enfranchisement is the process whereby a qualifying majority of leaseholders of a building arranged as flats (purpose built or converted) can acquire the freehold interest as a right under the Leasehold Reform Housing and Urban Development Act 1993 (as amended). The qualifying criteria and valuation process while not dissimilar to that employed to deal with lease extensions is different in some subtle and at times complex ways. In certain cases, qualifying single tenants of houses are entitled to enfranchise under the 1967 Leasehold Reform Act which confers on tenants of leasehold houses the right to acquire the freehold interest on fair terms.

read more › This is a comprehensive Report and valuation for lease extension purposes based on a measured inspection of the property. The site visit enables us to measure the property; more accurately assess tenant's improvements, market value and a variety of other factors that may have a bearing on the lease extension premium. Our comprehensive desktop reports provide a thorough lease extension report and valuation but without the additional cost of a property inspection. This is a fast and cost effective valuation service based on our having only limited relevant information.

read more › Whether you are collectively enfranchising or extending your lease on a statutory or non-statutory basis, negotiations will invariably be involved and we can help. Chroma Surveyors can bring our highly knowledgeable and experienced professional services to your negotiations to give you a commercial edge, our involvement ensuring the best possible financial terms for our clients whether leaseholders or freeholders. A wealth of well-honed negotiation skills obtained over many years and an excellent reputation for successful outcomes for clients.

read more › The property chamber is the mechanism of last resort for most Leasehold Reform and associated valuation disputes. In the vast majority of cases, sensible and pragmatic advice will prevail and freeholders and leaseholders alike will settle terms without recourse to the third party adjudication. In many relatively low-value cases the cost of taking a matter to FTT can significantly outweigh any potential savings or additional premium to the leaseholder or freeholder respectively and therefore very careful consideration should be given before the respective parties utilise the services of the Property Chamber.

read more › The Leasehold Reform Act 1967 gives Qualifying Owners of leasehold houses the right to buy the freehold of their house on "fair terms" or in some cases, the lease can be extended by 50 years. 3. The lease must be a "long lease" (original grant of lease for in excess of 21 years) of the entire house even if subsequently subdivided. There are exceptions to these qualifications and the valuation process for leasehold houses is far more complicated than for single lease extensions or indeed collective enfranchisements under the 1993 act.

read more › This is our optimal lease extension valuation report and is recommended particularly for properties in Prime Central London locations or where there is a high market value and/or a short lease, and additionally where there are complex lease structures with intermediate leasehold interest(s). This is a comprehensive report and valuation for lease extension purposes and is based upon a property inspection in addition to all the analysis we undertake as part of a comprehensive desktop valuation. Commentary on the overall condition of the property with more authoritative comment on the value of allowable tenants' improvements and any other physical or material factors that may have a bearing on the lease extension premium settlement figure.

read more › Our Comprehensive Desktop Reports provide most of the information that a Standard Valuation Report does, but without the additional cost of a property visit. Your step by step guide, including details of your statutory and non-statutory options and specific client recommendations. A statutory lease extension valuation with a premium figure for you to include in the Section 42 Notice or Section 45 Counter Notice, as appropriate. Our analysis of your lease, freehold and leasehold title and an assessment of the current market value of your flat, based on comparable evidence and transactions in the locality.

read more › This is a fast and cost effective valuation service based on our having only limited relevant information. It's particularly useful for lower value properties throughout the UK and/or where the leases are relatively long, making reversionary values relatively low. Where a reasonably accurate assessment of the cost of securing a lease extension is required to determine affordability. To evaluate terms being offered by your freeholder, or an offer being made by a leaseholder on a statutory basis.

read more › This leaflet is not meant to describe or give a full interpretation of the law; only the courts can do that. Nor does it cover every case. If you are in any doubt about your rights and duties then seek specific advice. The Leasehold Reform Housing and Urban Development Act 1993 (as amended by the Commonhold and Leasehold Reform Act 2002) gives tenants the right upon qualification to compel the sale of the freehold of the building or part of the building. Where there is any intervening interest, like a head lease, this must generally be acquired as part of the purchase by the tenants.

read more › The initial step is to establish that the Leaseholder 'qualifies' to extend the lease. A qualifying leaseholder must own a lease in excess of 21 years from the date when it was originally granted and have owned the lease for the previous 2 years. Only flats are eligible for lease extensions under the Leasehold Reform, Housing and Urban Development Act 1993. Separate legislation exists for extensions for long leasehold houses. The second step is to calculate the level of premium required to extend the lease.

read more › This is the investment yield or rate of return that an investor would place on an income stream or capital sum. Frequently in enfranchisement and lease extension calculations, the capitalisation rate is applied to the ground rent. This is the right of 50% or more qualifying leaseholders in a particular block or blocks of flats to purchase the freehold interest in the building from their landlord. The Competent Landlord is the freeholder or the holder of a superior lease where that leaseholder has a sufficient interest to be able to grant a new lease 90 years longer than the current lease.

read more › You have the right to extend your lease once you have been the registered owner of the flat for at least two years. You do not necessarily have to have lived there, just owned it. You will be responsible for your landlord's reasonable costs. This is limited to legal and valuation costs e.g. the landlord's valuation, legal costs of drawing up the new lease and checking your right to make the claim for a lease extension. You do not have to pay the landlords costs of going to a Leasehold Valuation Tribunal should that happen.

read more › Chroma surveyors work closely with a number of firms of trusted solicitors and can recommend a firm appropriate to your needs. We only recommend firms who we know well and who are competent in the area of Leasehold Reform work. Please contact us on one of the numbers below or email us if you would like us to recommend a firm of solicitors.

read more › Chroma Surveyors enjoys excellent professional relationships with a range of contacts with an interest in residential lease extensions and enfranchisement, notably solicitors, conveyancers and estate agents. Chroma Surveyors has developed a fully adaptable and contemporary training programme for any size audience, from one on one or small group training to a large audience. Programmes can be tailored to be as short as one hour including question and answers or run over the course of a half day incorporating session input from an appropriate law firm.

read more › Chroma Surveyors are pleased to introduce BigMouth Design, which we have appointed to work with us in a Business Development capacity. BigMouth Design works with local and international businesses providing marketing, design and online services to grow and develop companies specifically through 360-degree marketing, design, social media and their online presence. Chroma is excited to announce the opening of a new office in Gloucester. Located in Gloucester docks it is perfectly placed to serve the surrounding areas of Cheltenham, Bristol, the West Midlands and the M4 Corridor.

read more › Over 25 years' experience in residential and commercial valuations, negotiations and investment. A highly personal, friendly and professional service with excellent client testimonials and added value service. Values of professionalism, integrity with a sense of humour to ensure trust and longevity of client relationships.

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