London lease extension cases – LVT 2010

London Lease Extension – Property and Leasehold Details

The London property in question was a leasehold property known as 5 Newlands Court, Footscray Road, Eltham, London SE9 2SS. The lease details are as follows:

1. Date of lease 21 January 1964
2. Term of lease 98 years  (less 10 days)  from 5.7.1962
3. Ground rent £38.50 pa
4. Unexpired term at valuation date 51.47 years
5. Details of the intermediate interest Dashwood Properties Limited
6. Date of Lease not stated
7. Term of Lease 98 years from 5.7.1962
8. Ground Rent not stated
9. Unexpired term at valuation date approx 51 years

Applicable Lease Extension Law

Schedule 13 to the Leasehold Reform, Housing and Urban Development
Act 1993 provides that a lease extension premium to be paid by the leaseholder  for a lease extension shall be the aggregate of the diminution in the value of
the landlord's interest in the tenant's flat, the landlord's share of the marriage
value, and the amount of any compensation payable for other loss.

Leasehold Valuation Tribunal's Decision

It was found that Premium payable by leaseholder for this London lease extension was £24,000 apportioned £23,395 to the Landlord and £605 to the Intermediate
Landlord.