A Brief Guide To Lease Extension Valuation

As there are many legislative steps you need to take when you are looking to extend a lease, acquiring an accurate valuation for such a lease extension can prove to be a very complicated affair.

As such valuations will be based on as close an estimate of current market values as possible, it is highly likely that the leaseholder's and landlord's eventual figures will prove to be completely different from each other.

The sort of factors that will need to be taken into account, when you look to extend a lease, include:

The Diminution i.e. the reduction] in the Landlord's interest in the property if you extend a lease by a further 90 years

Where the remaining term to run on the lease is less than 80 years, a further premium, known as the 'Marriage Value'[which is payable to the freeholder], will need to be calculated into the overall cost of lease extension

You will also need to calculate a compensation payment for the loss that will arise when the new lease is granted.

This is where things can get very complicated indeed. Even the most experienced legal professional in this field may not always get their calculations bang on the money here, and this is when negotiations between the leaseholder and landlord may well arise. This is why it is always a good idea to instruct both a specialist lease extension solicitor and surveyor a good understanding of local market values. Some firms of solicitors deal extensively with such matters all around the country, and even though they may not be based within your home town, they should be sufficiently experienced in assisting you when you look to extend a lease -and should be able take your instructions online, by e-mail, telephone and possibly even Skype. The question of how much experience they actually have with lease extensions, is the first questions you should ask any solicitor or surveyor when you are attempting to find the right professionals to help you with your lease extension.

So, the main gist of the three bullet-points above are an attempt to calculate what interest and other losses the landlord will incur if they agree to extend a lease to you. This will be based on the number of years remaining to run on the current lease, as well as the peppercorn rent that is paid annually to the landlord.

Where the valuations from the leaseholder and landlord differ substantially, once the offer has been made to the landlord, they are able to reject it and submit what is known as a 'counter-notice'. This is where negotiations will really commence between the two parties and if they are not able to come to an agreement themselves, they may well make an application to the Leasehold Valuation Tribunal. The job of this body is not to specifically find in any party's favour; more to work out the most applicable valuation with all relevant legislative obligations taken into account.

Bonallack & Bishop are a firm of solicitors experienced in helping you extend a lease. They can offer you detailed advice on lease extension. Tim Bishop Senior Partner, sees himself as a businessman who owns a law firm.

View the original article here

A Brief History of Conflict

Conflict is and has always been an unavoidable part of human civilisation. In the early days of the human race, conflict was mostly centered on access to vital resources such as sources of food and members of the opposite sex. In some ways, little has changed.

What has changed is the level of sophistication of human societies, and along with that, the nature of the 'vital resources' over which we compete. Whilst some sources of conflict may never change - sexual competition springs to mind - others are becoming less and less important throughout the developed world. Unfortunately, new reasons for conflict are found all the time, and one of the biggest of the modern age is access to infrastructure (such as telecommunications and education services).

Just as conflict has been instrumental in shaping the course of the world as we know it, so too has conflict resolution. Human beings are naturally sociable creatures, and as much as we battle amongst ourselves for supremacy and status, we share a fundamental desire to live harmoniously with one another. The ability to communicate complex ideas and act as a unit is a large part of what separates us from other animals. To ensure that the human race reaps the rewards of teamwork, compromise has been a long-standing feature of the social enterprise of humanity.

Conflict resolution has taken as many different forms as conflict itself. Common approaches to conflict resolution include negotiation, mediation, diplomacy, and creative peace building. As social-scientific enterprise, there are a number of different theories and models that underpin conflict resolution, but the important point is that any measure taken to ameliorate a dispute qualifies. Whether that measure takes the form of a bunch of flowers bought for an offended spouse or a large-scale international mediation during sectarian violence, it may help to resolve a conflict and therefore it qualifies.

In business terms, conflict resolution is generally synonymous with mediation. When an agency advertises conflict resolution services, it is usually offering the services of an independent and impartial mediator to help resolve a dispute in the workplace. Mediation in the workplace is increasingly seen as a preferable alternative to formal court proceedings, for example tribunals, in cases where disputes arise between the employees of a business. Advantages of mediation over tribunals include the collaborative and relatively discrete nature of the workplace mediation process.

No matter what the context, conflict resolution is a positive undertaking and reflects the better nature of human beings. It is important for both individuals and organisations to develop the skills associated with dispute resolution - doing so can only help to enrich and deepen our experiences of the world around us whilst helping to build a better world for the future.

If you are interested in developing your conflict resolution skills through expert tuition, contact Mediation at Work. As well as providing independent mediators to assist with workplace negotiations, MediationatWork.co.uk provides conflict resolution training.

View the original article here