Do I need a formal valuation?

A: It is almost always advisable to do so. The formulae for calculating the valuation are complex. You will need to know the valuation even if only for the purposes of negotiating with the freeholder. The notice served on the freeholder must state the proposed price. If it is unrealistic it could invalidate the notice. The freeholder will undoubtedly employ a specialist valuer and the tenants will almost certainly need one to negotiate on their behalf. This sort of valuation is a specialist area of surveying practice. We can put you in touch with a firm with the right expertise.