Client: Derwent London - Marylebone
Our client, Derwent London plc, is the joint head lessee of a block of 30 flats in the Marylebone area of central London. Over the last two years, a number of leaseholders have individually applied to the freeholder for statutory lease extensions, for which they need to pay a premium to our client and the freeholder, the Portman Estate.
Derwent appointed our leasehold reform team to negotiate the premiums with both the tenants and freeholder of the building.
The solution
The flats were a mixture of one bedroom, two bedroom, and four bedroom maisonettes. We inspected each of the properties and prepared valuations, assisted by our comprehensive database of lease extension settlements, Tribunal decisions and property sales information of comparable properties in central London. Our thorough analysis allowed us to present a comprehensive case to both the tenants and the Portman Estate.
The results
Our negotiations have created over £2.1m in premium receipts for Derwent London, without the expense to the client of referring any claims to the Leasehold Valuation Tribunal.
|
|