Case Study
Change of Use - Premium to Charge
Riverside Plaza
The Challenge
The previous managing agent and freehold company advisers to this Client had been letting changes of use happen without seeking a fair premium to the freehold company.
The owner of the leasehold premises which was B1 use had obtained approval from the council under the prior approval procedure to change the use from offices (Use Class B1(a)) to a self-contained flat (Use Class C3(a)).
The leaseholder now needed the freeholder's consent.
The Solution
Ringleys Valuation Department valued the premises and established that depending on how the marriage value was to be split between the units the premium should be between £21-42,000.
Customer Response
The Client now feels better advised and will have a healthier bank balance in the future.
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Change of Use - Premium to Charge
Riverside Plaza
The Challenge
The previous managing agent and freehold company advisers to this Client had been letting changes of use happen without seeking a fair premium to the freehold company.
The owner of the leasehold premises which was B1 use had obtained approval from the council under the prior approval procedure to change the use from offices (Use Class B1(a)) to a self-contained flat (Use Class C3(a)).
The leaseholder now needed the freeholder's consent.
The Solution
Ringleys Valuation Department valued the premises and established that depending on how the marriage value was to be split between the units the premium should be between £21-42,000.
Customer Response
The Client now feels better advised and will have a healthier bank balance in the future.
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