Tender Details

Country: United Kingdom
Summary: Professional Valuation Services (Rics) - Section 42 Lease Extension and Land Sales Valuation
GBT Ref No: 120012960
Deadline: 13 Jun 2025
Financier: Self Financed
Purchaser Ownership: Government
Tender Value: Refer Document
Notice Type: Tender
Document Ref. No.: DN776455
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Description:
Gosport Borough Council (GBC) invites you to quote to provide valuation advice. The Council seeks RICS approved professional valuation services with regard to the reasonable premium to be paid by the leaseholder for a 90 year lease extension at a peppercorn rent and to provide valuations for land sales.

Leasehold properties reduce in value over time, the less time is left on the lease, the less valuable the property becomes. The law gives the leaseholder the right to extend their lease.

The right is to add 90 years to what is left of the existing lease at a ‘peppercorn rent-. A peppercorn rent means no ground rent is paid. The landlord (GBC) is entitled to a premium (the price) for extending the lease, this is based on a formula set out in the Leasehold Reform Housing and Urban Development Act 1993.

The tenants notice starts the legal procedures for buying the new lease. Once the leaseholder submits a Tenants Notice (Section 42 Notice (relates to section 42(3) of the 1993 act) to the landlord (GBC). The landlord (GBC) must serve their Counter-Notice by the date stated in the tenants notice. Therefore the valuation will need to be completed and a report submitted to the Council within two weeks (10 working days) from the request to carry out the valuation. The valuator will need to provide a value (in a range ‘at least to at most- to allow for room to negotiate with the leaseholder).

GBC owns small pieces of land within the Borough. On occasions a ...
Documents:

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Professional Valuation Services (Rics) - Section 42 Lease Extension and Land Sales Valuation - Greatbritain Tender

The GOSPORT BOROUGH COUNCIL, a Government sector organization in United Kingdom, has announced a new tender for Professional Valuation Services (Rics) - Section 42 Lease Extension and Land Sales Valuation. This tender is published on GreatbritainTenders under GBT Ref No: 120012960 and is categorized as a Tender. Interested and eligible suppliers are invited to participate by reviewing the tender documents and submitting their bids before the deadline on 2025-06-13.

The estimated tender value is Refer Document, and full details, including technical specifications and submission requirements, are provided in the official tender documents. Ensure all submissions meet the criteria outlined to be considered for evaluation.