28A and 28B Crossfield Road, London N17 6AY LON/00AP/OCE/2024/0621
DECISION
The Tribunal determines £15,702 is the appropriate sum to be paid into court © CROWN COPYRIGHT 2020[1]This is the determination of the price to be payable under Schedule 6 to the Leasehold Reform etc Act 1993, and where the landlord cannot be found, pursuant to s.27(5)(a).[2]28 Crossfield Road, London N17 6AY (“the property”) is a substantial two-storey centre terrace double-bayed house, which forms part of a terrace of contemporaneous houses of similar kind and has been converted into two self-contained flats, one on each floor.[3]A valuation report has been prepared by Mr Alan Cohen Bsc FRICS IRRV of Talbots Surveyors & Valuers Ltd, Devonshire House, 107 Manor Way, Boreham Wood WD6 1LT, dated 19th November 2024.[4]Mr Cohen’s conclusion is that the price payable by his clients is £15,702. This is based on a valuation of £7,851.00 in respect of each of the two flats.[5]It is our practice to look very carefully at an expert’s report in the case of a missing landlord because the Tribunal does not have the benefit of an expert’s report commissioned on behalf of the landlord.[6]However, after a careful reading of Mr Cohen’s report, we find:(a) the date of valuation to be correct;(b) the length of the unexpired terms to be correct;(c) the capitalisation rate of 8% to be reasonable and appropriate;(d) the deferment rate of 5% to be reasonable and appropriate;(e) the comparables to be appropriate; (g) the methodology to be correct.[7]We adopt and determine the elements for the premium calculation set out by Mr Cohen. The premium payable is therefore £15,702.[8]We confirm the draft TR1 [pages 105-109 of the hearing bundle].[9]A copy of Mrs Cohen’s calculation is attached [page 67 of the hearing bundle]. Judge: S Brilliant Date: 15 January 2025