Pilkington Real Estate was instructed to provide specialist valuation advice in connection with the lease extension of a substantial apartment within a prestigious Grade II listed building in Prime Central London. The property occupied an upper floor position within a landmark period terrace and extended to approximately 1,400 sq ft.
Although the property benefited from an excellent location, high ceilings and attractive accommodation, the unexpired lease term had reduced to a level where lease length was becoming an increasingly important factor in market value and future saleability.
The client required advice on both the market value of the apartment and the likely premium payable to secure a statutory lease extension, together with guidance regarding the Section 42 process.
We undertook a detailed inspection of the property and carried out an extensive review of comparable evidence from the local Prime Central London market.
Particular consideration was given to:
The property's location and position within a prestigious period building.
Comparable sales evidence from Belgravia and surrounding prime residential locations.
The remaining lease term and its impact on market value.
Relativity, deferment rates and leasehold valuation principles.
Current leasehold reform legislation and market practice.
The valuation was prepared in accordance with the RICS Valuation – Global Standards (Red Book).
A comprehensive valuation report was produced providing the client with an informed assessment of both the property's market value and the likely lease extension premium. The advice enabled the client to proceed with confidence and establish an appropriate basis for negotiations with the freeholder.
Lease Extension Valuation
Section 42 Advice
Prime Central London Property
RICS Red Book Valuation
Leasehold Reform Consultancy
Property Type: Prime Central London Apartment
Instruction Type: Lease Extension Valuation
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