The First-tier Tribunal (Property Chamber) (formerly known as the Leasehold Valuation Tribunal) is the court equivalent to property related matters.
If agreement cannot be reached in either lease extension or freehold purchase matters, within 6 months, then either party have the right to apply to the First-tier Tribunal (Property Chamber) (formerly known as the Leasehold Valuation Tribunal) to have their case heard. A tribunal usually consists of 2-3 professionals with at least 1 surveyor and 1 legal professional both with relevant knowledge of the matters to be heard.
The First-tier Tribunal (Property Chamber) (formerly known as the Leasehold Valuation Tribunal) will firstly issue directions, with strict timescales, to both parties on what they want each of their professional advisers (solicitors and surveyors) to do. If these timescales are not adhered to the Tribunal can take that into account when asked to award costs.
Each party therefore needs proper professional advice to guide them through this maze of regulation and, firstly, to try and avoid a full hearing (thereby saving costs for their clients) but also to fight their client’s case as vigorously as possible if a full hearing becomes necessary.
Some professionals will claim to know how to deal with leasehold matters when in reality they have very little experience or knowledge.
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With knowledge and experience, We at Leasehold Valuations provide a variety of leasehold and freehold valuation services and will guide you through this process and the expertise will fight your case as vigorously as it deserves from initial valuation to the First-tier Tribunal (Property Chamber) (formerly known as the Leasehold Valuation Tribunal) – (if required).
Please refer to our case studies to see how successful we have been when we have had to go to tribunal and helped our clients achieve fantastic results, in some cases saving them over £1 million but in most cases saving them many thousands.