My flat is leasehold, and the lease makes provision for a review of the ground rent every 25 years. It states that the ground rent will be a certain percentage of the value of the property.
Is there anyone knowledgable about property/leasehold valuation that can tell me how the property value would be calculated? I've had a letter from the landlord with the new valuation and new ground rent payment, and whilst it isn't as great an increase as I was dreading, the value of the property that they have used is much higher than the recent sale prices of other flats in the complex. Eg, they have said the flat is worth £250k, but recent sales have been between £175-195k.
Also, if I want to dispute it, would I need to appoint a surveyor?