Lead by Charles Lewis MRICS and Registered Valuer, the valuations team at Fredericks Hearl and Gray carry out valuations of Residential Property in connection with Lease Extension, Leasehold Enfranchisement, Matrimonial Settlement and Probate as well as Insurance Valuations of both residential and commercial buildings.



The valuation of a property is the assessment of value which is given to a property on the basis of certain assumptions.  The approach to the valuation will depend on the purpose of the valuation.  Many valuations are related to activity in the property market and based around the concept of Market Value, while other assessments take a completely different approach with a number of valuations needing to be made in accordance with legislation.

At Fredericks Hearl and Gray, we specialise in the following types of valuations.

Lease Extension

The Leasehold Reform Housing and Urban Development Act 1993 (as amended) gives lessees the right to extend the lease on their property, subject to certain qualifying criteria being met. This is important because, over the course of time, as the remaining length of lease shortens, the value of leasehold property is reduced. This is also why it can be difficult to finance the purchase of a property that is subject to a short lease.

The 1993 Act holds that the leaseholder is entitled to an additional 90 years, in addition to the unexpired term at a peppercorn (nil) ground rent. For example, if the remaining term on the original lease is 60 years, the term -once extended- will be 150 years with £0 ground rent payable each year.

A premium for lease extension is payable, in return for the extended lease. Tenants should be aware that the premium payable will significantly increase once the unexpired term falls below 80 years. At this point, the assessment will need to consider ‘Marriage Value’. We recommend that you check your lease to establish how many years are left and start a lease extension process a few years prior.

In order to help tenants seeking to extend their lease, we carry out an initial assessment of the best and worst case scenarios and set out the range within which we think the premium should eventually be agreed. If required, we can also represent the tenant in negotiations with the landlord’s representative in order to establish the final premium. You will also need to appoint a legal advisor to deal with other aspects of the process.

Increasingly, landlords will make an informal offer for extending the lease on terms that differ from the provisions of the Act. We advise that such an offer should be considered with care, but can sometimes be attractive to lessees.

Leasehold Enfranchisement

The Leasehold Reform Housing and Urban Development Act 1993 (as amended) give lessees the right to collectively purchase the freehold in a building containing individual flats – provided the qualifying criteria is met.

The assessment of the price to be paid for the freehold follows a format set out by statute. In order to assist tenants seeking to collectively enfranchise the freehold interest in their building, Fredericks Hearl & Gray carries out valuations to assess the level of the premium payable. If required, we can also represent the tenant in negotiations with the landlord’s representative.

Fredericks Hearl & Gray are able to advise, if requested, on the condition of the building and the implication for future maintenance as this will become the responsibility of the lessees once the freehold has been acquired.

Matrimonial Settlement

The matrimonial home is very often both an important and significant asset which needs careful consideration when arriving at a financial settlement between the divorcing couples.

A valuation for matrimonial purposes, involving one or more residential property assets, aims to provide a Market Valuation which can be used to help decide how assets are divided between parties involved in divorce proceedings.

The Valuations Team at Fredericks Hearl & Gray are able to undertake Matrimonial Valuations and provide reports compliant with Part 35 of the Civil Procedure Rules 1998. In most cases, we are jointly appointed by instructing solicitors (on behalf of each party) to provide an independent valuation report for the Courts.


Probate is the process of dealing with a deceased person’s estate. The first step is to ascertain the value of the estate – both residential and commercial as appropriate – at the date of death. If the value of the estate exceeds £325,000, Inheritance Tax is then payable and it is important that the valuation is as accurate and informed as possible to prevent subsequent challenges.

Our Valuation Team is fully qualified and experienced in carrying out impartial valuations for the purpose of establishing the value of property forming part of a deceased person’s estate.

Insurance Valuation

An insurance valuation is the estimate of how much it would cost to rebuild your property. The calculation uses up-to-date construction cost information and assumes the use of modern materials and techniques. The calculation includes costs, such as site clearance and professional fees, and will also consider site conditions and the need to re-build to a specific design if necessary. Our Insurance Valuation forms the basis of your buildings insurance policy.  

The reinstatement cost of a property is not equal to its market value and, at Fredericks Hearl & Gray, we recommended that the reinstatement cost for your property is updated at regular intervals.

Our Reinstatement Cost Assessment Report will include the recommended sum to be insured, a description of the property and confirmation of construction and materials used. It also sets out what has been included in the assessment and what has not, together with general advice in relation to obtaining buildings insurance.