Notable cases
- Collective Enfranchisement, Lease Extensions
Napier Court, Ranelagh Gardens, Fulham, London SW6
This property lies opposite the Hurlingham Club in a prime part of Fulham. A number of leaseholders wanted to collectively enfranchise both blocks which comprised 104 flats (with three different lease lengths) and a two deck underground car park. All leaseholders were invited to participate and also join a ’residents’ investment club’ which would buy the non-participants’ share and grant future lease extensions. 66 participated, 38 did not.
Michael successfully negotiated the purchase against a somewhat awkward landlord. He also dealt with the post enfranchisement lease extensions which proved to be a great investment.
- Collective enfranchisement
- Acted on behalf of leaseholders to acquire freehold
- Negotiated settlement
Issues
- 3 different unexpired terms and relativity
- 38 non-participants
- Flat values
- Non-participant hope of marriage value
- Value of parking
Result
- Michael Lee valuation £800,000; landlord valuation £1,280,000
- Agreed at £900,000
Michael_Lee_Surveyors
