About Us

Midland Valuations is an independent leasehold valuation company specialising in enfranchisement and Leasehold Reform legislation.

We provide expert and specialist advice on the valuation and negotiation of residential lease extensions and freehold purchases. For nearly two decades we have been advising and representing leasehold home owners and freeholders accordingly.

We work closely with solicitors across the West Midlands to ensure that procedures under the various Leasehold Reform Acts are followed correctly and, in many instances, take the lead in serving the necessary legal notices under the Acts that govern leasehold enfranchisement.

Midland Valuations’ in-depth knowledge of leasehold valuation and negotiation principles and practices, coupled with a detailed working knowledge of the legislation surrounding leasehold enfranchisement, ensures that we are able to provide the very best service for our clients.

Our director Jolyon Moore has extensive knowledge of the various Leasehold Reform Acts and has enabled hundreds of house and flat owners to take ownership of their properties by assisting in the purchase of their freehold or the extension of their lease. Jolyon is also retained by several large private companies as principal valuer of their substantial freehold ground rent portfolios.

Services

Midland Valuations can assist both leaseholders and freeholders when rights are exercised to extend the lease of a flat or acquire the freehold of a house. Terms are normally successfully concluded once a formal notice has been served and the rights to enfranchise have been acknowledged. On occasions, however, it is necessary for matters to be determined via arbitration proceedings and Midland Valuations will prepare the necessary applications and present the case at a hearing. We also help groups of flat-owners buy the freehold interest of their block, a process known as collective enfranchisement.

LEASEHOLDERS

A long lease is a valuable asset, but as the term of years granted diminishes, the lease becomes an ever decreasing asset. Put simply, the value of a property decreases as the lease term decreases and this can affect the ability of leaseholders to sell or mortgage their asset. For that reason it is essential for property owners to protect their investment by buying the freehold of their house or, if the property is a flat, by extending the lease, ideally before it has reached less than 80 years. We are proud to say we have completed valuations and negotiations for many hundreds of flat and house owners and are committed to achieving a result for our clients that falls in line with the legislation.

FREEHOLDERS

Owing to changes in legislation or changes in prescribed valuation methodology, many freeholders do not know how to value the interests that they own or how to comply with the legal requirements when faced with a freehold sale, lease extension or a claim for collective enfranchisement. Either way, we can help with valuing your interests and advising you through the processes where required. Legislation exists whereby leaseholders have rights to both lease extensions and buying the freehold, providing the necessary qualifying criteria are met. Midland Valuations can guide you through the various processes to ensure that accepting such claims results in a positive financial outcome.

  • Q  Why should I buy my freehold or extend my lease?

    A  A leasehold property is one where someone else owns the land on which the property sits and there are rules (called ‘covenants’) written into the lease, telling you what you can or cannot do. A freehold house or a flat with an extended lease is much easier to sell than a leasehold house or a flat with a short lease.

  • Q  Does the cost of buying my freehold or extending my lease change over time?

    A  Yes, in most instances the longer you leave it the more expensive it becomes.

  • Q  I’m thinking of selling my house and the estate agent has told me that because it is leasehold, this might be a problem. Why can’t the buyer sort it out instead of me?

    A  Someone only has rights to buy the freehold or extend the lease when they have owned the property for more than two years. This means that it is the vendor who must deal with the problem. However, there is no reason why the sale of the property and the purchase of the freehold cannot take place simultaneously.

  • Q  Are mortgage or Equity Release companies happy to lend against leasehold properties?

    A  They are, but only if there are sufficient years remaining on the lease. Most lenders will require a minimum of 70 years, so if you have fewer years than this on your lease, most mortgage companies will not be prepared to lend. Equity Release providers tend to require even more years.

  • Q  I am the executor of a will and the deceased’s property is leasehold. The estate agent has told me that the property will only sell if it is freehold. What can I do?

    A  Don’t worry; the legislation gives rights to executors or personal representatives of a deceased estate for a period of time following the grant of probate.

  • Q  My ground rent is only a few pounds per year. Does this mean that the cost of buying my freehold will be low?

    A  Possibly, but the amount of ground rent you pay only makes up part of the price of the freehold. A low rent may reflect the fact that your lease was created a long time ago, which means there are very few years remaining and therefore the price could be high.

  • Q  I haven’t paid ground rent to anyone for years. Does this mean I can’t buy my freehold or extend my lease?

    A  Absolutely not. The laws governing your rights allow you to purchase or extend, even if the freeholder is missing. Midland Valuations will work together with your solicitor to ensure you follow the correct procedure.

  • Q  Can I purchase the freehold if I live in a flat or a maisonette?

    A  Yes, but only if you get together with the other flat owners in the block. If there are only two properties then both of you will have to purchase together. This is called ‘collective enfranchisement’. If there are an insufficient number of people willing to purchase, then you can simply extend the lease of your own flat.

  • Q  Do I need a solicitor to act for me as well?

    A  Yes. The solicitor will deal with the legal transfer of the freehold to you or the terms of a new lease if you are extending. They will also register the purchase/extension at HM Land Registry. The role of Midland Valuations is to exercise the rights you have under the appropriate legislation and to ensure you pay the correct price.

  • Q  How can I find out how many years are remaining on my lease?

    A  Quite easily. The first place to look would be in your property’s title deeds. If you do not have these, then often your freeholder, or their agent if they have one, can tell you. However, we can also obtain this information from HM Land Registry very quickly and at a minimal cost.

  • Q  Why should I buy my freehold or extend my lease?

    A  A leasehold property is one where someone else owns the land on which the property sits and there are rules (called ‘covenants’) written into the lease, telling you what you can or cannot do. A freehold house or a flat with an extended lease is much easier to sell than a leasehold house or a flat with a short lease.

  • Q  Does the cost of buying my freehold or extending my lease change over time?

    A  Yes, in most instances the longer you leave it the more expensive it becomes.

  • Q  I’m thinking of selling my house and the estate agent has told me that because it is leasehold, this might be a problem. Why can’t the buyer sort it out instead of me?

    A  Someone only has rights to buy the freehold or extend the lease when they have owned the property for more than two years. This means that it is the vendor who must deal with the problem. However, there is no reason why the sale of the property and the purchase of the freehold cannot take place simultaneously.

  • Q  Are mortgage or Equity Release companies happy to lend against leasehold properties?

    A  They are, but only if there are sufficient years remaining on the lease. Most lenders will require a minimum of 70 years, so if you have fewer years than this on your lease, most mortgage companies will not be prepared to lend. Equity Release providers tend to require even more years.

  • Q  I am the executor of a will and the deceased’s property is leasehold. The estate agent has told me that the property will only sell if it is freehold. What can I do?

    A  Don’t worry; the legislation gives rights to executors or personal representatives of a deceased estate for a period of time following the grant of probate.

  • Q  My ground rent is only a few pounds per year. Does this mean that the cost of buying my freehold will be low?

    A  Possibly, but the amount of ground rent you pay only makes up part of the price of the freehold. A low rent may reflect the fact that your lease was created a long time ago, which means there are very few years remaining and therefore the price could be high.

  • Q  I haven’t paid ground rent to anyone for years. Does this mean I can’t buy my freehold or extend my lease?

    A  Absolutely not. The laws governing your rights allow you to purchase or extend, even if the freeholder is missing. Midland Valuations will work together with your solicitor to ensure you follow the correct procedure.

  • Q  Can I purchase the freehold if I live in a flat or a maisonette?

    A  Yes, but only if you get together with the other flat owners in the block. If there are only two properties then both of you will have to purchase together. This is called ‘collective enfranchisement’. If there are an insufficient number of people willing to purchase, then you can simply extend the lease of your own flat.

  • Q  Do I need a solicitor to act for me as well?

    A  Yes. The solicitor will deal with the legal transfer of the freehold to you or the terms of a new lease if you are extending. They will also register the purchase/extension at HM Land Registry. The role of Midland Valuations is to exercise the rights you have under the appropriate legislation and to ensure you pay the correct price.

  • Q  How can I find out how many years are remaining on my lease?

    A  Quite easily. The first place to look would be in your property’s title deeds. If you do not have these, then often your freeholder, or their agent if they have one, can tell you. However, we can also obtain this information from HM Land Registry very quickly and at a minimal cost.

Case Studies

Owing to a major shortfall on their endowment mortgage, Mr and Mrs W from Tamworth urgently needed to release some of the capital tied up in their property to raise sufficient money to pay back the building society. Their house, however, was a leasehold property and only had 45 years remaining on the lease. This meant that no equity release company was prepared to take on the property. To make matters even worse, Mr and Mrs W hadn’t received a ground rent demand for many years and didn’t even know who their freeholder was, let alone how to get in touch and negotiate terms.

Fortunately, a previous client of Midland Valuations heard about their situation and recommended that they got in touch with us. We were swiftly able to locate the freeholder, agree terms, and put the matter into the hands of the couple’s solicitor to enable them to complete the purchase. The transaction was done ahead of time and well within the budget that Midland Valuations provided at the start.

“From the moment that Midland Valuations took on our case, everything went like clockwork. They were amazing! They kept us fully informed of developments at all times and nothing was too much trouble. They literally prevented the house from being repossessed. I cannot thank them enough.” Mrs W, Tamworth

As the result of his growing young family, Mr S from Kidderminster wanted to climb the next rung on the housing ladder. Even with 71 years remaining on his lease, however, he was advised by his local estate agent that buyers would have great difficulty obtaining a mortgage. He therefore approached his freeholders to obtain a quotation to purchase the freehold, which he handed on to his solicitors. The solicitors, a large firm with offices throughout the Black Country, suggested Mr S talked to Midland Valuations to find out if the terms were realistic.

Our calculations showed straight away that not only was the figure quoted excessive, but so were the associated costs. Midland Valuations immediately prepared a formal Notice of Claim under the 1967 Leasehold Reform Act. The freeholders did not wish to negotiate and therefore an application was made for the matter to be heard by an independent arbitrator, the First-tier Tribunal Property Chamber in Birmingham.

But shortly before the hearing was due to take place the freeholders, realising they weren’t able to justify their original demands, proposed a greatly reduced price and costs which were much more reasonable. On the advice of Midland Valuations, Mr S accepted the revised offer, the tribunal hearing was postponed and the matter was completed some weeks later.

“The savings that Midland Valuations were able to achieve were considerable. The freeholders clearly knew who they were up against and it was remarkable how quickly they accepted Midland Valuations’ figures when they knew that we were prepared to challenge them at tribunal.” Mr S, Kidderminster

A Birmingham-based Housing Association with a substantial portfolio of houses under its ownership needed to resolve a problem with one of its properties. A house with a lease of only ten years had been converted into two flats, but they were unable to trace the freeholder. Midland Valuations were instructed to locate the freeholder and agree terms for the purchase of the freehold. The case was more complex than usual and the issues that had to be overcome included:

  1. How to trace the freeholder when no ground rent demand had been received for many years.
  2. Could the property still be defined as a house or was it necessary to classify it as two flats?
  3. Does a Housing Association have rights in the same way that an individual person does?
  4. Is it still appropriate to use standard valuation methods when a lease is so short?

Working closely with a top firm of Midlands’ lawyers and drawing on their knowledge of the latest case law, including matters heard recently at the Supreme Court, we represented the Housing Association at a hearing in front of the First-tier Property Tribunal. The Tribunal agreed with the arguments put forward by Midland Valuations on behalf of the Housing Association in respect of each and every matter to be determined. As such, the price that was eventually determined was significantly less than the figure the Housing Association had budgeted for.

“We were delighted with the outcome. As a result of the case presented to the Tribunal, issues were resolved quickly and efficiently. We would have no hesitation in employing Midland Valuations again.” Senior Officer, Housing Association

Case Study A

Owing to a major shortfall on their endowment mortgage, Mr and Mrs W from Tamworth urgently needed to release some of the capital tied up in their property to raise sufficient money to pay back the building society. Their house, however, was a leasehold property and only had 45 years remaining on the lease. This meant that no equity release company was prepared to take on the property. To make matters even worse, Mr and Mrs W hadn’t received a ground rent demand for many years and didn’t even know who their freeholder was, let alone how to get in touch and negotiate terms.

Fortunately, a previous client of Midland Valuations heard about their situation and recommended that they got in touch with us. We were swiftly able to locate the freeholder, agree terms, and put the matter into the hands of the couple’s solicitor to enable them to complete the purchase. The transaction was done ahead of time and well within the budget that Midland Valuations provided at the start.

“From the moment that Midland Valuations took on our case, everything went like clockwork. They were amazing! They kept us fully informed of developments at all times and nothing was too much trouble. They literally prevented the house from being repossessed. I cannot thank them enough.” Mrs W, Tamworth

Case Study B

As the result of his growing young family, Mr S from Kidderminster wanted to climb the next rung on the housing ladder. Even with 71 years remaining on his lease, however, he was advised by his local estate agent that buyers would have great difficulty obtaining a mortgage. He therefore approached his freeholders to obtain a quotation to purchase the freehold, which he handed on to his solicitors. The solicitors, a large firm with offices throughout the Black Country, suggested Mr S talked to Midland Valuations to find out if the terms were realistic.

Our calculations showed straight away that not only was the figure quoted excessive, but so were the associated costs. Midland Valuations immediately prepared a formal Notice of Claim under the 1967 Leasehold Reform Act. The freeholders did not wish to negotiate and therefore an application was made for the matter to be heard by an independent arbitrator, the First-tier Tribunal Property Chamber in Birmingham.

But shortly before the hearing was due to take place the freeholders, realising they weren’t able to justify their original demands, proposed a greatly reduced price and costs which were much more reasonable. On the advice of Midland Valuations, Mr S accepted the revised offer, the tribunal hearing was postponed and the matter was completed some weeks later.

“The savings that Midland Valuations were able to achieve were considerable. The freeholders clearly knew who they were up against and it was remarkable how quickly they accepted Midland Valuations’ figures when they knew that we were prepared to challenge them at tribunal.” Mr S, Kidderminster

Case Study C

A Birmingham-based Housing Association with a substantial portfolio of houses under its ownership needed to resolve a problem with one of its properties. A house with a lease of only ten years had been converted into two flats, but they were unable to trace the freeholder. Midland Valuations were instructed to locate the freeholder and agree terms for the purchase of the freehold. The case was more complex than usual and the issues that had to be overcome included:

  1. How to trace the freeholder when no ground rent demand had been received for many years.
  2. Could the property still be defined as a house or was it necessary to classify it as two flats?
  3. Does a Housing Association have rights in the same way that an individual person does?
  4. Is it still appropriate to use standard valuation methods when a lease is so short?

Working closely with a top firm of Midlands’ lawyers and drawing on their knowledge of the latest case law, including matters heard recently at the Supreme Court, we represented the Housing Association at a hearing in front of the First-tier Property Tribunal. The Tribunal agreed with the arguments put forward by Midland Valuations on behalf of the Housing Association in respect of each and every matter to be determined. As such, the price that was eventually determined was significantly less than the figure the Housing Association had budgeted for.

“We were delighted with the outcome. As a result of the case presented to the Tribunal, issues were resolved quickly and efficiently. We would have no hesitation in employing Midland Valuations again.” Senior Officer, Housing Association

Contact Us

For a FREE initial telephone consultation get in touch today or alternatively fill in the email enquiry form! We cover the whole of the West Midlands from our offices just outside Stratford-upon-Avon, Warwickshire.

Midland Valuations Ltd
2 Alveston Hill Farm Cottages, Alveston Hill, Stratford-upon-Avon, Warwickshire CV37 7RR

Tel: 01789 294791 / 415726
Fax: 01789 262004

Email: enquiries@midlandvaluations.co.uk

Registered in England number: 4381106 Registered Office: C/o Colin Meager & Co. Ltd, Regent Court, 68 Caroline Street, Jewellery Quarter, Birmingham, B3 1UG

Please note that any details you enter are purely for Midland
Valuations’ information and will not be passed on to a third party.

    Name*

    Property address and postcode*

    Type of property (e.g. 3-bed semi-detached)

    Freeholder/Freeholder’s agent (if known)

    Ground rent payable per year

    Expiry date of lease (if known)

    Approximate value of the property*

    Telephone Number

    Email address*

    Additional information/comment