Cadogan Estates Ltd v Shahgholi
Cadogan Estates Ltd v Shahgholi
- 1998
- Rating & Valuation Reporter [1998] RVR 266-276(11) .
LT 8 July 1998. A leasehold valuation tribunal determined the premium to be paid by the tenant for a new lease of a maisonette at 45 Cadogan Place, London SW1 at £417,975. The landlord appealed to the Lands Tribunal and the tenant cross appealed. It was agreed that the tenant was entitled to a new 90 year lease at a peppercorn rent, that the valuation date was 4 June 1996, and that the deferment rate for valuing the landlord`s existing and proposed reversionary interests was 6%. Five elements were at issue: the vacant possession value of the lease, the adjustment of the value of the lease to reflect the freehold value, the deduction to reflect the tenant`s right to a statutory tenancy, the value of the tenant`s existing interest, and the landlord`s share of marriage value. "Held" the premium to be paid was £572,500. It had been clearly demonstrated that the leasehold valuation tribunal was wrong and the conclusion and valuation was against the weight of market evidence presented.
ADJUSTMENTS
COMPARABLES
FAIR RENTS
FREEHOLD VALUE
LANDLORD AND TENANT ACT 1954 PART I
LEASEHOLD REFORM
MARRIAGE VALUE
OPEN MARKET RENTS
REVERSIONARY FREEHOLDS
SINCLAIR GARDENS INVESTMENTS (KENSINGTON) LTD V FRANKS
STATUTORY TENANT
VACANT POSSESSION VALUE
VERKAN & CO LTD V BYLAND CLOSE (WINCHMORE HILL) LTD
LT 8 July 1998. A leasehold valuation tribunal determined the premium to be paid by the tenant for a new lease of a maisonette at 45 Cadogan Place, London SW1 at £417,975. The landlord appealed to the Lands Tribunal and the tenant cross appealed. It was agreed that the tenant was entitled to a new 90 year lease at a peppercorn rent, that the valuation date was 4 June 1996, and that the deferment rate for valuing the landlord`s existing and proposed reversionary interests was 6%. Five elements were at issue: the vacant possession value of the lease, the adjustment of the value of the lease to reflect the freehold value, the deduction to reflect the tenant`s right to a statutory tenancy, the value of the tenant`s existing interest, and the landlord`s share of marriage value. "Held" the premium to be paid was £572,500. It had been clearly demonstrated that the leasehold valuation tribunal was wrong and the conclusion and valuation was against the weight of market evidence presented.
ADJUSTMENTS
COMPARABLES
FAIR RENTS
FREEHOLD VALUE
LANDLORD AND TENANT ACT 1954 PART I
LEASEHOLD REFORM
MARRIAGE VALUE
OPEN MARKET RENTS
REVERSIONARY FREEHOLDS
SINCLAIR GARDENS INVESTMENTS (KENSINGTON) LTD V FRANKS
STATUTORY TENANT
VACANT POSSESSION VALUE
VERKAN & CO LTD V BYLAND CLOSE (WINCHMORE HILL) LTD