Lease Extension London N1 - Leasehold Valuation Tribunal Lease Extension Decision 2006

This was an application pursuant to section 48 of the 1993 Act seeking a determination of the price payable in respect of a 90 year lease extension in respect of the leasehold premises in  Hoxton Street, London N1 6SH

By a notice dated 7/4/06 the leasehold owners sought a lease extension for a premium payable of £1,210. A counter-notice dated 24/6/06 accepted the leasehold right to a lease extension on the same terms as previously at a peppercorn rent but claimed a premium of £8,000. However, by a letter dated 16/11/05 the freeholder’s  valuer, produced a revised lease extension valuation figure of £1,511.90 on the basis that there would be no element of marriage value in this lease. By a letter dated 8/5/06 the leasehold owner’s  property solicitors indicated their willingness to accept this figure as the premium payable for the lease extension .

Accordingly, having satisfied itself of the basis on which freeholder’s calculation was made, the Leasehold Valuation Tribunal determined the lease extension premium payable as £1,511.90 (say £1,500).