Chroma Surveyors Limited

So last Thursday saw the first Chroma Golf Day, held at the Royal Automobile Club in Surrey. We couldn't have a picked a worse day all summer for weather conditions, being brought off the course during an electrical storm and deluge of biblical proportions, however the indomitable spirit of our group saw us return to the course to play out our rounds when the weather improved. A wonderful day spent with friends and partners new and old, thank you all for joining us and making the day such a superb occasion! Well done to Stuart Taylor who was the individual winner on the day and Miles Rudland and Tim Wild who were the unbeatable partnership! Simon Barker was closest to the pin and after spending an obscene amount of money on a new driver Tim Wild also managed to take home the longest drive! We're looking forward to the next one already! 😁 Moe Verjee MRICS Jonathan Woods Real Estate eXp Matthew Livingstone Real Estate eXp George Fane Luke Tubb Alexander Mullett MRICS Gibson Lane Ltd Neil Gibson Will Campbell Richard Hargreaves Chroma Surveyors Limited Daniel Grove Keith Chapman-Burnett Tom Pallas BSc (Hons) AssocRICS Richard Sumner Tracey Tompkins Gabriella Chapman-Burnett

#Surveying is more than just inspecting dusty lofts and lifting drain covers! One of the perks of the job is inspecting stunning #residential properties such as this one. Sadly, speedos are not part of our standard tool kit and Tom Pallas has managed to resist taking a dip so far …..

THE LEASEHOLD REFORM BILL: MARRIAGE VALUE ABOLISHED CAP ON GROUND RENTS IN VALUATION FOR PREMIUMS OF LEASE EXTENSIONS OR ENFRANCHISEMENT. The #LeaseholdReformBill received Royal Ascent on Friday. These are they key points from my understanding. Abolish 2 year ownership rule to qualify for a lease extension 990 year lease extension as opposed to 90 year extensions 100% of marriage value attributed to the leaseholder (effective abolishment of marriage value) In most cases Freeholders to cover their own fees. In determining the cost of a lease extension or enfranchisement, where the ground rent is in excess of 0.1% of the capital value of the flat this will be reduced to 0.1 % of the capital value. Only for the purpose of calculating the price of extending the lease or buying the freehold. Secretary of State to set deferment rate for reversion and capitalisation rate of ground rent. Allow leaseholders of buildings with 50% or less non residential to buy the freehold. Previously 25% or less. Leaseholders can require the freeholder to take mandatory leaseback for non-participants in Enfranchisement claims. When this will come into force we don’t know but it is now law. Many legal challenges expected. God help us all on Tuesday as to how to advise our clients! As always we will work out the cost now and the cost under the new legislation with assumptions as to the prescribed rates and then it is for them to make the decision. Still a few too many variables. #leasehold #freehold #marriagevalue #groundrent #valuation #washup

CAPPED GROUND RENTS: Whilst the #leaseholdreformbill failed to bring a cap on ground rents PAYABLE, which has been widely reported by the media, what many will not see is that in the valuation for a #leaseextension or #enfranchisement there is a notional cap if the ground rent exceeds 0.1% of the freehold vacant possession value of the property. It appears if it is reviewed, and then increases above the notional 0.1%, then it will be capped at this level from that period, ignoring any growth in value of the property over that period. This is not applicable where no premium (price) was paid for the lease or; A lower premium (price) was paid at the start of the lease, to reflect a higher ground rent payable. #cappedgroundrents #leaseholdreformbill