Buying the Freehold. Help for leaseholders
Mundania Court, Forest Hill Road, London SE22 0NQ
It started with a challenging freeholder who's known for being difficult, or perhaps, a strategically clever landlord .The landlord was using the leverage of 4 Telecommunications masts and roof top to obstruct the deal in anyway possible. The Client was crying out for a pushy adviser who could rebuild the demoralized collective enfranchisement group. We took over with just 3 days to prepare for tribunal, else all £13.000 was lost and a below market opportunity.
We calculated the alternative cost of a lease extension at circa £17,500 per flat based the claim date compared to a new claim if it all fell apart. We found a previous LVT case: Roman Road that had considered enfranchisement valuing of telecoms costs. 3 days later we were ready for the case, the settlement negotiated over several hours in a private room at the LVT was £356,000 with agreement for a leaseback of the roof and telecoms a cash saving of over £500.000
We at Ringleys appreciate all customer feedback. After negotiating a settlement we received numerous emails from the residents regarding the case, each person that contacted us seemed overjoyed and surprised with the outcome, here are some of the comments:
Duncan: Excellent news. It's clear that your team have worked tremendously hard on this. Thank you, and please pass on my/our thanks to the rest of the team. Additional thanks are due to you for cutting through the jargon for us laymen!
Kate: Before we found Ringley, we were clearly being taken for such a ride. Please pass on our thanks to all those involved in achieving this victory in such as short period of time.
The team involved were pleased with the feedback and gained a lot of confidence from these messages.