Ringley picked up the ‘Highly Commended’ award to reflect the work their valuation team do in the specialist field of Leasehold Enfranchisement. “We work mostly for
In fact Ringley were finalists in two categories – the other being Individual Valuer Of The Year. Mary-Anne Bowring, Ringley Group Managing Director says “we are deeply proud of what we have achieved in a modest 10 years. We work the harder side of the fence, mostly championing cases for leaseholders, employing tactics and good negotiation skills.
The notable case that showed how far we can go for clients was a block of 52 flats in Forest Hill Road.
Ringley were not the original valuers on this case. We met Mundania Court at the point of the collective enfranchisement group giving up all hopes having spent £15,000 in fees to other advisers. The residents could afford to buy the freehold, but not the roof masts and couldn’t see any way around this issue.
Getting the leaseholders re-motivated was not hard. By the time the case came to Tribunal due to leases getting shorter, the contribution per participating flat was circa £14,000 compared to the cost of a lease extension at circa £17,500 per flat. The saving to push forward was significant.
The freeholder was a difficult, or should I say ‘a strategically clever landlord’ who was using the leverage of 4 no. telecommunications masts, roof top, to obstruct the deal in anyway possible.
We had 2 working days to prepare for the Tribunal hearing. The Tribunal was a success. We were able to prove that acquisitions and mergers in the telecoms industry had devalued the masts also the Roman Road case suggested capitalizing 50% of the rents only. The freeholder’s expectations or value they put upon the telecoms income was clearly significantly out of kilter with the market. As was the original valuers!
We built a case around the existence of site sharing agreements, which at the time, were in place between the following operators:
Also, in 2009 Vodaphone had merged with Hutchinson telecom.
- Hutchinson and T-Mobile;
- Orange and T-Mobile; and
- Vodafone and O2.
The case was that it was in our opinion unreasonable to assume that the residual value of the freehold interest could include 4 operators leases as most of the leases ended within 12-18 months and there was not a reasonable prospect that all would renew. Also there was evidence of downward pressure on rents and telecoms equipment cabins were getting smaller so less space was required.
As is often the way a deal was done in a private room at the Tribunal. It was agreed the roofspace and telecoms masts would be leased back to the Freeholder.
The freeholder was defending a position of £925,000. The deal agreed at £356,000 saved the freehold purchase group £569,000.
Leaseholders at Mundania Court were so relieved to be put back on tract as the comments below show:
As a block of lease holders with little understanding of the law and our right to take ownership of the freehold, it is very difficult to know who or where to turn for honest, straightforward advice. Our first attempt, with the wrong lawyer and surveyor, sent down an expensive hall of mirrors as we tried uncover the facts of block enfranchisement; particularly as we had a number of telephone masts on our roof that the Landlord was insisting we included in the purchase. It wasn't until the 11th hour, in an desperate attempt to rid ourselves of a very difficult Landlord and their management company, that we came across the expertise of Ringleys Chartered Surveyors. Quickly, and without a fuss, they prepared the documentation and evidence for our appearance at the LVT (Leasehold Valuation Tribunal). We had been told to give up because we couldn't afford it by our previous lawyer and surveyor, but Ringley gave us the courage and belief to carry on, without misleading us on costs. We won at the LVT, thanks to Ringley. If you are in a leasehold block and are considering buying the freehold then my first bit of advice would be go to www.ringley.co.uk.
Danny - Mundania Court
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.
Kate - Mundania Court
Can't thank you enough. Please pass on my thanks to your team of experts. This has been such a lengthy process and mostly because of the jargon, and no one being able to break it down in the layman's terms like you did a few weeks ago. Thanks again for everything.
Janice - Mundania Court
Mary-Anne, I am so appreciative of the hard work you and your team, including Peter, must have put in to get such an amazing result this week. It felt like the cavallry were coming over the hill at the last moment. Many many thanks
Kate - Mundania Court
This is wonderful news. Thank you very much Ringley Chartered Surveyors, for all your efforts. This is such a relief.
Ruth - Mundania Court
This is really exciting. Thanks so much, everyone who's been working so hard on this!
Clare - Mundania Court
Wow, this is brilliant news. I have to say that I had lost my faith in the Freehold but thanks to Peter, Mary-Anne and Ringley team, this is very good news indeed.
Silvia - Mundania Curt
With Ringley Chartered Surveyors we today achieved a fantastic victory at the Leasehold Valuation Tribunal and Hamilton King/Southern Land Securities are now legally bound to sell us the freehold of Mundania Court for just £356,000! A £569,000 saving on their notice and clever strategy to force them to take a leaseback of the telcoms which they were using to frustrate the process. This is a superb result.
Peter - Mundania Court
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!
Duncan - Mundania Court Freehold Purchase
The at the News On The Block Enfranchisement and Right to Manage Awards, where the company’s Managing Director was also a Finalist for Individual Valuer Of The Year after just being pipped to the post by Knight Frank. Last year, Ringley also picked up a Green Champion award from The Negotiator Magazine and London Property Management Company Of The Year from the News On The Block Magazine.