Delighted to be the valuer instructed on behalf of separate clients to negotiate:-
a) the freehold under the 1967 Act for on 3 houses where in all cases the leases were over 80 years unexpired (and in the case of two of them subject to an onerous rising ground rent.)
b) extended leases of an additional 90 years under the 1993 Act on 3 flats. The unexpired leases range from just over 80 years, around 43.5 years and about 12.5 years respectively.
In the case of the latter – there is new real evidence on relativity where 2 flats in the same building close by were sold within 2 weeks of each other just one floor apart and both in fair condition. One of the flats was sold on an unexpired lease of approx. 13.25 years whereas the other was sold on an extended lease of approx. 103.21 years which will make an interesting argument before the landlord’s valuer on relativity. Watch this space!