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80 and 82 Carlton Hill, London NW8 LVT Ref BG/LON/00BK/OCE/12/0090

DATE: 28 Jan 2013

This was a collective enfranchisement claim concerning a pair of semi-detached houses in St John’s Wood laid out as flats. The freeholder, John Lyon Charity, claimed development value for the prospect of extending the basement under the back garden and converting the building back into two houses. It sought to assess the development value on the basis that the purchaser would acquire all the existing flat leases within 5 years. There was also an issue as to how to assess hope value where a s18 agreement had been disclosed. The landlord’s valuer assessed the price payable at £3.6m, and the tenant’s valuer at £1.6m. The LVT determined a premium of £2.2m.

Both parties have appealed to the Upper Tribunal.

Thomas Jefferies acted for the lessees.