Ringley gets 'Highly Commended' Award
Ringley picked up the 'Highly Commended' award to reflect the work their valuation team do in the specialist field of Leasehold Enfranchisement. "We work mostly for
In fact Ringley were finalists in two categories - the other being Individual Valuer Of The Year. Mary-Anne Bowring, Ringley Group Managing Director says "we are deeply proud of what we have achieved in a modest 10 years. We work the harder side of the fence, mostly championing cases for leaseholders, employing tactics and good negotiation skills.
The notable case that showed how far we can go for clients was a block of 52 flats in Forest Hill Road. Ringley were not the original valuers on this case. We met Mundania Court at the point of the collective enfranchisement group giving up all hopes having spent £15,000 in fees to other advisers. The residents could afford to buy the freehold, but not the roof masts and couldn't see any way around this issue.
Getting the leaseholders re-motivated was not hard. By the time the case came to Tribunal due to leases getting shorter, the contribution per participating flat was circa £14,000 compared to the cost of a lease extension at circa £17,500 per flat. The saving to push forward was significant.
The freeholder was a difficult, or should I say 'a strategically clever landlord' who was using the leverage of 4 no. telecommunications masts, roof top, to obstruct the deal in anyway possible.
We had 2 working days to prepare for the Tribunal hearing. The Tribunal was a success. We were able to prove that acquisitions and mergers in the telecoms industry had devalued the masts also the Roman Road case suggested capitalizing 50% of the rents only. The freeholder's expectations or value they put upon the telecoms income was clearly significantly out of kilter with the market. As was the original valuers!
Author : Mary-Anne Bowring
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