Before revision: It is defined by the Royal Institution of Chartered Surveyors as "an additional element of value created by the combination of two or more assets or interests where the combined value is more than the sum of the separate values".RICS Valuation -Global Standards 2020 In the United Kingdom , the term is most often encountered in leasehold enfranchisement where a valuation is undertaken with a view to extending a residential lease or purchasing the freehold of a residential property held on a ground lease.
After revision: It is defined by the Royal Institution of Chartered Surveyors as "an additional element of value created by the combination of two or more assets or interests where the combined value is more than the sum of the separate values".RICS Valuation -Global Standards 2020 In England and Wales , the term is most often encountered in leasehold enfranchisement where a valuation is undertaken with a view to extending a residential lease or purchasing the freehold of a residential property held on a ground lease.