News on the block - Enfranchisement & Right to Manage Awards 2013 myleasehold nominated for Valuers of the Year 2013
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Author Archives: Chris Glew

Sloane Stanley v Mundy and others

Of no great surprise to many in the world of enfranchisement, the Parthenia model of valuation was declared dead and buried by the Upper Tribunal (Lands Chamber) – instead, real world relativity should be the starting point for determining the value of the existing lease, without rights.

The case – which weighs in at a hefty 80 pages – deals with the calculation of marriage value for lease extensions, applicable where leases are below 80 years. To our reading, from a valuer’s perspective, this decision is the best news for Landlords since Sportelli.

We anticipate that this decision will affect properties in secondary locations to a far greater extent than those in PCL, where the difference in the premium payable by using conventional graphs compared to real world relativity could be significantly higher.

By way of background, and the key to understating the valuation implications of the case, is to know that the RICS published a research paper in 2009 which specifically addressed the graph based approach in calculating existing lease values for leases of under 80 years. The outcome of that research paper was that, for areas both inside and outside of PCL, there has been a move in practice and by Tribunals, to adopt the use of generic averages of the various graphs. One such blend of the data is known as the ‘average of the non PCL graphs.

What the graphs inherently to ignore is that in secondary locations, mortgage dependency is greater and there are fewer buyers who will purchase a short lease and deal with the accompanying hassle of extending it. The demand for short leases is supressed and so, hence, are the value of those flats, thus increasing the eventual premium payable when the lease is extended.

The suppressed short lease values of these secondary areas are in stark contrast to the cash-rich, high-demand atmosphere of Prime Central London, where buyers are willing to take on the lease extension process and tend not to discount short leases to the same extent.

The shift in valuation methodology as a result of this case is that a valuer’s starting point in assessing the value of leases with less than 80 years unexpired should be real world evidence, if it is available, before turning to a relativity graph.

What we anticipate will happen, is that Landlord’s will increasingly look to improve the premiums they seek from their Tenants, by virtue of reference to real world relativity in any given locality. Of course, and a problem is, on-line calculators cannot take into account market transactions and real world relativity – ours now has a health warning regarding its limitations.

 

 

Are you an experienced administrator? We’re hiring!

hiring

EXPERIENCED ADMINISTRATOR

Excellent opportunity for an experienced administrator to join a fast growing, friendly and supportive team working in a niche property/valuations business, based in London’s West End.

You will be bright and ambitious with strong organisational, administrative and IT skills.  Responsibilities will include database and accounting management. You will also need excellent communication skills and be able to write and edit bespoke property valuation reports.

This is an opportunity to learn and progress your career in a specialised sector.

Competitive salary (£25k +) and benefits.

Covering Letter and CV by email to chris@myleasehold.co.uk  and include the reference “MLHJOB” in your application.

myleasehold are an award-winning and friendly firm of chartered surveyors.

“Choosing the right expert”

Our very own Mark Wilson, and Mark Chick of Bishop & Sewell have been featured in this month’s Flat Living magazine on the subject of expert witnesses.

“If there are any doubts as to your credibility, a judicial body could attach little or no weight to your evidence” advises Mark Wilson.

The full text of their advice is below:

flat_living_expert

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myleasehold short-listed as Valuers of the Year

ERMA finalist 2015 single web

myleasehold are delighted to announce that we have been short-listed as “Valuers of the Year” in the Enfranchisement and Right to Manage Awards 2015.

This is our 3rd year entering the ERMAs and we are very proud to be short-listed alongside such illustrious competitors wish everyone the best of luck on the night.

The award winners will be announced at an award ceremony on 4 June 2015.

You can view all the finalists and categories on the ERMAs website.

We’re hiring! Team Assistant

About Us

myleasehold are an award-winning and creative firm of Chartered Valuation Surveyors, who are based in the heart of the West End, 2 minutes from Baker Street.

 The role

We are looking for a bright, ambitious Team Assistant to support our busy team of 5 with ad hoc administrative support. Whilst the role is an entry level position, there is scope for progression and the role will be what the successful applicant makes of it.

Duties will include:

  • Screening and dealing with incoming telephone calls
  • Manage post and emails as directed
  • Organising, updating and maintaining filing systems for the team
  • Photocopying, printing, binding and general dictation work
  • Basic database management and data entry tasks
  • Running errands as requested
  • Responsible for the archiving of company documentation
  • Liaising with customers and professional contacts
  • Adhere to and pro-actively enhance the firm’s compliance with applicable regulations and professional codes of conduct
  • Person specification
  • A driven, self-starter, confident, able to work in a busy office
  • Should be able to work autonomously and manage their own workload
  • Good Microsoft Office skills, including good internet research capability
  • Immaculate telephone manner
  • Able to remain calm under pressure
  • Excellent standard of written and spoken English
  • Confident communicator at all levels
  • A happy team player, with an easy going manner
  • Maintain a high level of conduct, ethical standards and values
  • Be able to perform administrative and office support activities for a team of 5

Hours: 9.00am – 5.30pm Monday to Friday
Competitive salary

Contact us by e-mail to jobs AT myleasehold.co.uk.

myleasehold shortlisted as “Valuers of the Year 2014″

ERMAsLogo2014webheaderFIN

myleasehold are thrilled to announce that we have been shortlisted in the Enfranchisement and Right to Manage Awards 2014, in the category “Valuers of the Year“.

This is the 6th year that these prestigious industry awards are being held, and our second time entering and being a finalist. We are very proud to be shortlisted amongst our competitors and wish everyone the best of luck on the night.

The award winners will be announced at an award ceremony on 22 May 2014.

You can view all the finalists and categories on the ERMAs website.