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Cravecrest Ltd v Duke of Grosvenor and Vowden Investments Ltd Re 38 Wilton Crescent, London SW1

DATE: 12 Sep 2010

Thomas Jefferies acted for the tenants on this collective enfranchisement of a £7m property in Belgravia. The block was laid out as flats, but would be worth far more with vacant possession for conversion to a house. At the valuation date there was a long overriding lease of one flat, and a head lease of the whole property held by Grosvenor Estate Belgravia. The important issue was whether the Leasehold Reform Act 1993 allows landlords to recover development value which could only be achieved by a deal between different superior lessees. There is over £2m in issue. The LVT held for the landlords, but granted permission to appeal to the Lands Tribunal.