|
Residential freeholders have been on the receiving end of some hard-hitting government legislation over the last 30 years and, as a result, have seen their rights successively decline. The central London estates – many of whom have owned land for hundreds of years – have been particularly badly affected.
The relevant legislation contains various different and generally complex valuation provisions to compensate landlords for having to sell their freeholds or new long leases to their leaseholders in different circumstances.
Gerald Eve have taken a specialist interest in these statutory valuation provisions since the first Leasehold Reform Act of 1967.
Over the last 25 years we have advised on over 2,000 valuations for enfranchisements or lease extensions of houses and flats in Central London. Over 98% of these cases have been settled by negotiation, while the remaining 2% have included some of the leading cases on the correct application of the valuation provisions in the different Leasehold Reform Acts.
We are well known for advising four of Central London's biggest estates – Cadogan, Grosvenor, Howard de Walden and Ilchester – but we advise other landlords and tenants also on such valuations sometimes relating to more unusual potential test cases, as well as those of a more routine nature.
The latest legislation (the Commonhold and Leasehold Reform Act 2002) was implemented in 2002 and relaxed even further the requirements that tenants have to meet to enfranchise, thus enlarging the number of tenants that may qualify. With our long-standing experience of the legislation, our residential leasehold reform specialists have the skills and expertise necessary to provide amongst the best advice available in this complex and ever changing field.
|
|