News on the block - Enfranchisement & Right to Manage Awards 2013 myleasehold nominated for Valuers of the Year 2013
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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.

Introducing: Graphs of Relativity

graphs logo

Graphs of Relativity is a new online application. The site calculates the unexpired term of a lease, or uses an already known unexpired term, and then calculates and tabulates the relativity with reference to published graph data. With a PDF and print function, the application can be used on a case-by-case basis. There is also the facility to enter a property address for further referencing.

Developed BY Valuation Surveyors FOR Valuation Surveyors, we hope you find this resource useful, and invite your comments, suggestions and feedback as we continue to develop and improve the application.

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First Tier Tribunal (Property Chamber): new service

In response to the change of the Leasehold Valuation Tribunal into the First Tier Tribunal (Property Chamber), which came into effect on 1 July 2013, myleasehold ltd are introducing an expert witness service committed to dealing with Tribunal matters.

From now on, our Tribunal department will be headed by Mr Ivan Taylor BSc FRICS. Ivan is a Chartered Surveyor with over 25 years’ experience dealing with residential property disputes, specialising in leasehold reform and service charge matters.

Ivan is an integral part of myleasehold’s professional team. As a result, he will be involved from the outset in the difficult cases and when a Tribunal hearing seems likely. In the forum of our general internal discussions he will be informed of outstanding issues in dispute on a case-specific basis.

Notwithstanding directions being issued, the myleasehold team will continue to negotiate, as our objective is to reach a settlement without the need for the matter to be heard in a Tribunal.

Fees

Our fees for undertaking work in advance of a tribunal are charged at an hourly rate of £295 plus VAT. In the event that the matter were to be heard at a Tribunal and Ivan were to attend the hearing, the fee would be £950 plus VAT for a half day and £1,650 plus VAT for a full day.

For further details or enquiries, please contact Mark Wilson or Ivan.

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A Surveyor’s View : Leasehold Valuation Tribunal – the metamorphosis begins?

“It is the spirit and not the form of law that keeps justice alive” Earl Warren

When I was young I was an avid Doctor Who fan, but the best moments were always when “the Doctor” transformed from the old to the new, and whilst the storylines continued in a fairly similar manner (what did I know at 6 years old!?), the new Doctor’s appearance gave a fresh and vibrant feel.

On the 1st July 2013 the Leasehold Valuation Tribunal (LVT) will become The Property Chamber under Schedule 6 to the Tribunals, Courts and Enforcement Act 2007 order 2013 SI 2013/1034 and under Section 30 it allows the functions of the LVT to be transferred to the First or Upper Tier Tribunal and for the old tribunals to be abolished.

As of the 1st July 2013 there will be many rule changes in procedure (which many people will say have been needed for many years). The rules are set out in Section 22 & Schedule 5 of the 2007 Act. The new rules can be found on the legislation.gov.uk website.

Whilst the new rules are clear I am sure it will take months (if not years) for the procedure to become second nature and there will be many mistakes made by both professionals and the members of the First Tier.

The Property Chamber will be split into 3 divisions, Residential Property (formerly RPTS and the subject of this commentary) Land Registration, Agricultural & Drainage.

The present regional arrangements will continue to apply for Residential Property and the current teams will stay in post but become Regional/Deputy Regional Judges & Deputy Regional Valuers.

Here are the highlights:

Case Management Powers

Rule 6 deals with case management powers and in time the powers are wide enough to allow the Property Chamber to “flex its muscles”, which they could not before. Rule 6(3) describes a number of case management powers and taken as a whole, these new powers should allow the Tribunal to adapt to the extremes of their case load.

Failure to comply with rules and Tribunal directions

Failure to comply has long been a “sore point” for professionals in the LVT and that appears to now becoming to a close in that Rule 8 states the Tribunal “may take such action as the Tribunal considers just” to deal with the default, which may include the following:

*Waiving the requirement;

*Requiring the failure to be remedied;

*Exercising a power to strike out under Rule 9;

*Referring the matter to the Upper Tribunal under Section 25 of the 2007 Act;

*Barring or restricting a party’s involvement in proceedings;

*Making an award of costs under rule 13

Striking out a party’s case

Rule 9 applies to both Applicants and Respondents. Whilst this is more akin to the Courts it is unlikely (at least at first) that this power will be used to its fullest extent but it is possible (even on a restricted basis) on the following grounds:

*Failure to comply with directions;

*Failure to co-operate with the Tribunal

*Issues that have already been agreed between the parties;

*The proceedings, the manner in which they are being conducted, are considered frivolous, vexatious or otherwise an abuse of process of the Tribunal (this is the same as before but the £500 limit has been removed);

*There is no reasonable prospect of the case, or part of it, succeeding.

Costs

Rule 13 is going to sweep the board in respect of costs and will no doubt change the face of proceedings in that both Applicants and Respondents may think twice before launching an attack on the other and thus reduce cases being heard before the First Tier Tribunals.

The rule replaces paragraph 10 of Schedule 12 to The Commonhold & Leasehold Reform Act 2002 and in effect there is now no cap on costs which can be reclaimed. This rule will be an interesting addition to the Tribunal’s powers.

Correcting, setting aside, reviewing and appealing Tribunal decisions

There are a number of rules which have been “harmonised” in rule 50+ but the most important for the Property Chamber is now that from 1st July 2013 all appeals from the First-Tier Tribunal will go to the Upper Tier (Lands Chamber), including rent cases.

Transitional Provisions

There are of course a number of transitional provisions all which appear to be sensible and can be found in Schedule 3.

The Surveyors View

What is clear is that the new case management powers and powers relating to costs are likely to have the most effect on the Tribunal procedures and indeed will strengthen, in a much needed way, the ability of the Tribunals to direct proceedings and penalise those who for years have “played the system” and wasted much time and money, on both the Applicants & Respondents side.

It will interesting to follow if the new rules will be effective and applied in a sensible manner, but on the face of it, these new rules will provide a good platform in years to come for a more sound and robust Tribunal system.

I am hoping, that just like my Doctor Who days, the new Property Chamber will create, procedurally, a fresh and vibrant feel which was wanting for many years.

Ivan Taylor BSc FRICS
June 2013

NB – please note that this briefing note is not intended to be anything other than commentary and is not to be used or modified. In every situation third party legal advice must be obtained.

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myleasehold win Valuers of the Year 2013 at the ERMAs

ERMAs

We are delighted to announce that we have won the award for Valuers of the Year at the prestigious Enfranchisement and Right to Manage Awards 2013. The ERMAs, now in their 5th year, recognise professional excellence in leasehold reform work.

We were presented with the award at a ceremony held at Quaglinos on 6 June. The whole team were in attendance to accept the prize and we couldn’t have been more thrilled.

The Valuers of the Year accolade is awarded to Valuers who act for leaseholders and/or freeholders in enfranchisement matters, and the judging criteria included depth of applied knowledge and expertise, excellence in client communications, marketing and innovation.

“By winning this highly contended award, our innovative and transparent approach to business has been recognised. We have a free-to-use online lease extension calculator and promote transparency whenever possible,” says Mark Wilson, myleasehold’s Managing Director. “We have had a busy year, and are very glad to see all our hard work paying off. The sector is modernising in both valuation and legal services and we are committed to introducing other products and services as part of the modernising process.”

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