Notable cases
- Collective Enfranchisement, Expert Witness
Palace Mansions, Earsby Street, London W14 8QN
- Palace Mansions Freehold Ltd v Mrs Sonya Hilton (2006)
In respect of this prestigious block opposite Olympia Exhibition Centre, Michael acted for the landlord, who was concerned about losing marriage value for non-participants and the loss of roof space development value. The block comprised 62 flats and no sub 80-year lease flats were participating.
Hope value was awarded but the main issue was the roof. The leaseholders’ valuer said no value. Michael put forward a residual valuation and adjusted for hope/risk with a fallback value being the potential sale to the top floor leaseholders. The tribunal awarded £225,000 for the roof value.
- Collective enfranchisement
- Acted for freeholder who wanted to secure roof space value
- Expert Witness before Leasehold Valuation Tribunal (LVT)
- Hope value and roof space value
Issues
- Capitalisation rate
- Deferment rate
- Hope value for non-participants’ future marriage value
- Roof space development potential
Result
- Michael Lee valuation £923,880 or £612,880; leaseholder valuation £206,000
- LVT determined £477,550
Michael_Lee_Surveyors
