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45-47 South Street, Mayfair, London W1 LVT ref LON/OOBKJOCE/2011/0187

DATE: 09 Jul 2012

This case concerned a collective enfranchisement claim in which the participating tenants were entitled to acquire three overriding leases (“ORLs”) granted by the Grosvenor Estate outside the 1993 Act and owned by three offshore companies (“the Companies”). Unfortunately the s13 notice was not registered. The Companies granted each other new overriding leases of each other’s flats (“the New Leases”) with a nominal reversion, and contended that the nominee purchaser was only entitled to acquire the ORLs subject to the New Leases, but at a price which disregarded the New Leases since they were granted after the valuation date.

The LVT accepted the argument of the nominee purchaser that the ORLs were to be valued subject to the New Leases notwithstanding that they were granted after the valuation date.

The Companies have appealed to the Upper Tribunal.

Thomas Jefferies acted for the nominee purchaser, led by Stephen Jourdan QC.