We have been instructed on a 20 flat block in Brighton. We are carrying out the valuation work only and are liaising with the Solicitors on violation and prior to notice being served....
Freehold Blocks of Flats We have a number of clients looking to purchase freehold blocks of flats Nationwide but particularly in the South East. Please contact us if you have a freehold block you are looking to sell....
A great ALEP conference yesterday as always. Very interesting talks on the tax implications of lease extensions and collective enfranchisement, the law commissions report and capitalisation rates especially relating to the All Saints case. The case round up was also excellent. Thank you to all involved and to the speakers....
I have been reading through the recent Law Commission’s Report on Leasehold and I wanted to give a brief summary of how the proposals affect valuation and premiums etc. As you are aware this review has come about mainly because of the 10 year doubling ground rent scandal in the North of England. It recommends significant changes to the Leasehold Sector and if implemented in full or part, which is inevitable, it will have an affect on leaseholders and freeholders. The report is 586 pages and a root and branch examination of the current Leasehold Sector and proposals for new legislation. The main reference of the Law Commission is to propose new legislation to make extending leases and buying freeholds cheaper and easier for leaseholders and landlords. The main proposal is to introduce one simplified system to cover flats and houses. The crucial valuation Chapters are 13,14 and 15. These deal with costs and proposed new valuation methods. The report is of course only...
One of our larger freeholder clients is baffled by the law commissions report and the proposed leasehold reform legislation. Granted the 1967 Act needs work and could be simplified to mirror the 1993 legislation for flats. This landlord started buying ground rents long before anyone was thinking about them and has offered fair lease extensions to the leaseholders. 99% of the lease extensions granted are done outside the Act. The system works well for the majority of fair minded people - leaseholders and freeholders. ...
Simon had dealt with numerous cases on mixed use properties both as relates to valuation and the legal definition. He has also given evidence at the County Court on the “house point”. Valuing a mixed use property is more complex than a traditional freehold purchase and requires both commercial and residential skills. On the legal side John Pursley has extensive knowledge of the 1967 Act and has taken both leaseholders and freeholders through the complex maze of legal precedent and law on the subject. If you are a Freeholder of a mixed use property. who has received an application to enfranchise under the 1967 Leasehold Reform Act or a leaseholder who is thinking of serving an Initial Notice then please speak to us first. We can carry out all the valuation and legal work for you. In addition with our strong network of Barristers and Counsel we can ensure you have the best possible representation at the Court or Tribunal....
This is an interesting case from the Court of Appeal. In short, where a property has commercial use, the leaseholders can apply for planning permission to change the commercial into residential and therefore reduce the commercial floor area to less than 25% and therefore allow an enfranchisement. The above case was in regard to a 1967 Act but there is no reason why it should not be allowed also for a 1993 Act application. It is worth noting that a landlord may still be entitled to refuse consent if a tenant applies for permission to do something that would enable it to require the freehold from the landlord, but this applies where leases pre-date the introduction of leasehold enfranchisement....
We are dedicated residential block managers operating across the South East. ...
Development Value Freeholders We act for a number of freeholders in securing development value on their blocks where they are being collectively enfranchised....
Lease extension Calculator We have come up with this quick and easy calculator to give you an indication of the likely cost of your lease extension. https://www.lease-extension.co.uk/ ...
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