Notable cases
- Collective Enfranchisement, Expert Witness
39 Wilton Crescent, London SW1X 8RX
- Themeline Ltd v Famebridge Ltd and Vowden (2011)
Next door to 38 Wilton Crescent of Cravecrest fame, the building had potential to be converted back to a house. It went to the Leasehold Valuation Tribunal (LVT) and then the Upper Tribunal which dealt with two aspects; the state of the property and an intermediate owner’s entitlement to marriage value and its treatment. It included a parallel lease forced disposal.
Our side argued that marriage value was limited to the increase in value attributable to the ability of the participating tenants to have new leases granted for their existing flats. The Upper Tribunal accepted this – marriage value could not include the value of space outside the demise of the leases.
The valuations on the different bases were agreed and we left it to the lawyers to fight the legal arguments, thereby reducing the costs of the hearing for the clients.
- Collective enfranchisement
- Acted for private investor client who bought two flats and enfranchised the house with the aim of selling it as a house scheme
- Expert Witness before LVT and Upper Tribunal (valuations agreed)
Issues
- Value of underlease to be acquired by intermediate leaseholder
- Condition of property on date of valuation
- Redevelopment of existing building (flats) back into a house
- Leaseholders’ right to share of development value
- Development value
Result
- Michael Lee valuation £5,451,815: landlord valuation £7,462,375
- LVT determined £5,791,693
- Upper Tribunal determined £5,622,394
Michael_Lee_Surveyors
