- Collective Enfranchisement, Expert Witness
38 Wilton Crescent, London SW1X 8RX
- Cravecrest Limited v Duke of Westminster & Vowden (2012)
The client worked the Act to enfranchise the building in that the leasehold of one of the flats (owned by Vowden) as a parallel lease became acquirable as an intermediate lease. The case went to the Leasehold Valuation Tribunal (LVT) and was appealed to the Upper Tribunal, Michael giving Expert Witness evidence at both.
The property was worth £7,000,000 (including risk) as a single house vs £4,950,000 as flats. The issue was whether the leaseholder was entitled to a share of the development value. A legal issue over the treatment of development marriage value was raised which varied from the approach taken by all three valuers. It then went to the Court of Appeal, where the case was dismissed.
The property is now being converted into a single house.
- Collective enfranchisement under s 9(1C) of the Leasehold Reform Act 1967
- Acted for private client who bought intermediate interest and leasehold flats
- Expert Witness before LVT and Upper Tribunal
- Redevelopment of existing building (flats) back into a house
- Leaseholder’s right to development value
- Risk of deal between parties
- Michael Lee valuation £5,790,198: landlord valuation £6,936,200/£6,919,263
- LVT determined £6,927,728
- Upper Tribunal determined £6,856,500/£6,697,100
- Leaseholder’s appeal dismissed by Court of Appeal
- Client achieved his objectives