Equivalent value?

I act for a landlord where one of the key points is whether the landlord, by removing an absolute restriction for the lessee to keep a garage in the property in return for allowing him to undertake a mansard conversion, amounts to equivalent value.

The development would not have been worthwhile without the ability to free up valuable space in order to produce balanced bedroom to reception room accommodation. So the landlord’s consent to unlocking the ground floor space is absolutely key.

The point is to be tested in the First-tier Tribunal next month.

Watch this space.