1 Crowton Court May Street Snodland Kent ME6 5AY CHI/29UP/OLR/2021/0044-CORRECTION-CERTIFICATE
DECISION
I hereby certify that, under rule 50 of the Tribunal Procedure (First-tier Tribunal) (Property Chamber) Rules 2013, due to a clerical error, accidental slip or omission, the following correction should be made to the Tribunal decision dated 27th July 2021. Decision The Tribunal determines a value of £15,810 (Fifteen Thousand Eight Hundred and Ten Pounds) for the extended lease of the subject property at a peppercorn rent. Paragraph 48 The freehold value is amended from £140,000 to £141,414. Using the relativity rate of 81.77% the short lease value is amended from £114,178 to £115,634 which the Tribunal uses in its calculation. Paragraph 56 The Existing lease value becomes £115,634. Determination The Tribunal determines a value of £15,810 (Fifteen Thousand Eight Hundred and Ten Pounds) for the extended lease of the subject property at a peppercorn rent. Calculation Sheet The revised calculation sheet, amendments in bold. 1 Crowton Court, Snodland, Kent, ME6 5AY Lease 99 years from 1st January 1987[1]Diminution in Value of Landlord’s Interest per Schedule 13(3) (a) Value before grant of new lease: Term 1 Ground Rent £100 Years Purchase 32.22 yrs at 7.5% 12.0363 £1,204 Term 2 Ground Rent £150 Years Purchase 33 years at 7.5% 12.1074 Present Value £1 in 32.22 yrs at 7.5% 0.0973 £177 plus Reversion Freehold value £141,414 Present Value £1 in 65.22 yrs at 5% 0.0415 £5,868 less Freehold value: £141,414 Present Value £1 in 155.22 yrs at 5% 0.0005 (£73) Present Value of landlord’s interest £7,176 £7,176 Landlord’s Share of Marriage Value per Schedule 13(4) (i) Value of Tenant’s interest with extended lease £140,000 (ii) Value of Landlord’s interest after new lease £73 £140,073 Less (i) Value of Tenant’s interest before new lease, 81.77% of Freehold vacant possession £141,414 £115,634 (ii) Value of Landlord’s interest Before new lease £7,176 £122,810 Total Marriage Value £17,263 Landlord’s share 50% £8,632 £8,632 Compensation payable to the Landlord £15,808 Say £15,810