My client was delighted with the £250,000 saving negotiated off the quoting premium on a basement flat in old Chelsea.
The Cadogan Estate sought a premium of over £550,000 to extend the existing approx. 28 year lease by a further 90 years.
After considerable negotiation, the premium was settled at just over £300,000.
Final relativity emerges just under the [old] Gerald Eve | John D Wood 1996 graph of 54.09% and approx. 15% higher than the 47% the landlords valuers contended for. The [new] Gerald Eve 2016 graph indicates 48.88% and the Savills 2015 unenfranchiseable table of relativities 49.55%.
More importantly the settlement shows that the old Gerald Eve | J D Wood 1996 ‘war horse’ is still the more reliable indicator of relativity from the landlords’ perspective than the new landlords’ graphs of relativity published post Mundy.