Case Study - Collective Enfranchisement Croydon
An instruction was received from solicitors to prepare a Collective Enfranchisement Valuation on a block of nine flats built in the early 1980’s in the South Croydon area of London.
Acting on behalf of the freeholder Kirkby and Diamond prepared a valuation for the service of a counter notice which is required under the Leasehold Reform Housing and Urban Development Act 1993 (as amended). A detailed and thorough inspection was undertaken of a number of flats in the block and thorough research was made into the residential market in the area.
A detailed valuation was carried out by assessing the current market conditions and property values in the area. Kirkby and Diamond’s detailed knowledge of enfranchisement issues was applied to the calculations and the reports published accordingly. Kirkby and Diamond’s client was then able to serve a counter notice on the leaseholders in respect of the premium payable for the freehold interest.
Kirkby and Diamond carried out thorough research in respect of the local market place, and applied pertinent issues in the leasehold reform sector to the valuation. Kirkby and Diamond undertook the negotiations. The result saw Kirkby and Diamond’s client achieve a premium figure of approximately 38% above the figure served in the leaseholder’s original notice. This was solely down to the expertise and knowledge of the leasehold reform area that could be applied to maximise the value achieved. The case was concluded without the need to proceed to Leasehold Valuation Tribunal.
For further details please email Jean Howe or telephone 01582 73886.