Notable cases
- Collective Enfranchisement, Lease Extensions
Fitzgeorge Avenue/Fitzjames Avenue, London W14
This was probably one of the most complex collectives imaginable! The estate comprised 188 flats in 12 blocks. Previously owned by the Crown Estate, it had a highly complex structure of parallel leases. The Crown sold it to an investor who wanted to extend into the basements and roof spaces. The leaseholders wanted to protect the estate from future development and so enfranchised.
Michael helped get the group together, held meetings, introduced solicitors and provided initial valuation advice. The parallel lease structure was going to become highly complicated and this was before the issues of development were considered. More than 90% of leaseholders participated as a result of the excellent working relationship between the residents’ steering committee, Michael, the solicitors and counsel. The notice itself ran to several lever arch files and the valuation calculation to hundreds of worksheets.
A deal was negotiated against two West End firms of valuers which was within the parameters of the original valuation advice. The leaseholders achieved what they were seeking.
- Collective enfranchisement
- Acted on behalf of leaseholders to enfranchise and protect the estate from development
- Negotiated settlement
- Protected the estate against development
Issues
- Flat values – 188 flats of different shapes and sizes
- 33-, 77- and 131-year leases
- Complex parallel leases
- Relativity, yields and hope value
- Development value – basement and roof spaces
- Ancillary areas
Michael_Lee_Surveyors
