RICS Valuations Romans Surveyors have been providing clients with detailed valuations since 1991. We can offer you expert advice on all types of survey valuation for both commercial and residential properties, including advice on lease extensions, probate, matrimonial, expert witness and equity purchase valuations. We mainly work with clients across the South East of England and West London, however, we can travel further afield to undertake valuations for specific jobs. Please call us on 0333 9200 583 to request a quote or make an enquiry. A brief overview to extending your lease The process of extending your lease is governed by the Leasehold Reform Housing and Urban Development Act 1993 (as amended), which sets out the criteria and framework for obtaining a lease extension.Almost all leaseholders have the right to extend their lease under the 1993 Act, the main qualification being that you must have owned the flat for a minimum period of 2 years. There is a process with strict timescales that must be followed by both parties. The Act stipulates that a qualifying lessee, or tenant, is entitled to a 90 year extension (in addition to the unexpired lease term), and any ground rent payable to the freeholder will be removed for the remainder of the term. Watch our simple Lease Extension video guide What is the ‘marriage value’? You should extend your lease at the earliest possible opportunity, the longer you leave it, the more expensive it will be, with a possibly significant increase once the remaining term reaches 80 years, at which point an additional ‘marriage fee’ is payable on top of all the other costs.When a lease is extended it usually adds value to the property, in some cases this can be a substantial increase. When you extend a lease that has less than 80 years to run, the landlord is entitled to half the increase in the value of the property, this is known as a marriage value. The marriage value forms part of the valuation calculation provided by your surveyor and it is part of the premium that you make to the landlord to purchase the lease extension.Marriage value is only applicable to leases that have less than 80 years left to run, so we advise all of our clients to look to renew their lease before it hits the 80 year mark. Expert witness valuations Expert Witness Valuations are generally provided to solicitors engaged in a legal dispute where the value of a property or land, is required. Disputes of this nature are increasingly resolved by mediation; however advice to the court can also be required. Romans Surveyors can either be instructed by one of the parties or as a single joint expert.