Notable cases
- Collective Enfranchisement, Lease Extensions
29-54 Park Close, Illchester Place, Kensington, London W14
29-54 Park Close is an unusual 1960s block of 26 flats which backs directly onto Holland Park and is within close proximity of Kensington High Street. Michael was approached to act for the leaseholders having recently successfully dealt with another estate in which one of the leaseholders was also a participant.
There was a 52 year head lease to value and 52 year underleases.
Michael subsequently dealt with lease extensions for the non-participants with the ‘residents’ investment club’ acknowledging it to be a wise investment.
- Collective enfranchisement
- Acted on behalf of leaseholders to buy the freehold
- Negotiated settlement
Issues
- Head lease profit rent
- Flat values
- Relativity
- Non-participant hope of marriage value
Result
- Michael Lee valuation £2,200,000; landlord valuation £2,597,200
- Agreed at £2,200,000
Michael_Lee_Surveyors
