STATUTORY VALUATIONS REPORT (REAL ESTATE BSc COURSE)

Project description
Statutory Valuation (REAL ESTATE)

It is not a good day at Floggitt and Fleessam Chartered Surveyors. The senior partner, Charles Protimeter is in a bad mood. His graduate assistant, Willie Floggitt BSc

Est Man (University of Westminster), grandson of the founder of the firm, is off sick with an attack of dry rot and their most valued clients, HOSPESTAN INVESTMENTS

(H.I), have acquired a large Edwardian block of flats from the receivers of Blenkinsop Holdings (in voluntary liquidation). Cameron House is on five floors comprising

the following;

Fifth floor; 10 x 1 bed flats, 5 x 2 bed flats.

Forth floor; 10 x 1 bed flats, 5 x 2 bed flats.

Third floor; 10 x 3 bed flats.

Second floor; 10 x 3 bed flats.

First floor; 10 x 3 bed flats.

Ground floor; 10 x 1 bed flats, 5 x 2 bed flats.

Basement; 400 square metres of storage; could be converted subject to normal approvals being obtained.
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All of the 2 and 3 bedroom flats are let to rent controlled tenants who have the current fair rents agreed by the rent officer 4 years ago of;
3 bedrooms 150 per week inclusive,
2 bedrooms 100 per week inclusive.

Similar flats let under ASTs are being agreed at 500 and 400 per week respectively.

All of the 1 bedroom flats are let on Assured Shorthold Tenancies at a current rent of
2000 per calendar month inclusive. The general level of rents in the area for similar properties on ASTs is circa 1000 exclusive.

Mrs Cymbal the tenant of Flat 17 (3 bed) and Bert Smedley the tenant of Flat 15 (2 bed) are not happy as the landlords have applied to the Rent Assessment Committee

(RAC) to have the fair rent increased by an average of 20 % as they (H.I.) have recently spent
660,000 on exterior repairs and the installation of a new carpet to the common parts.

Jocasta Grimeley-Ffiennes is Chairwoman of the tenants association, a practising Barrister and a formidable opponent. She is of the opinion that the rents for all of

the one bedroom flats is excessive and is referring the matter to the RAC for their determination of same. She has a 2 bedroom flat held on a 99 year lease from

24/4/1988, with a ground rent of 300 (static).

The prevailing market values for well-modernised flats in well-modernised blocks are as follows;
3 bedroom circa 1,250,000
2 bedroom circa 875,000
1 bedroom circa 575,000

You must therefore produce:-

1A enfranchisement valuation for the flat of Jocasta Grimeley-Ffiennes
2The valuation of the freehold interest as at the hand in date.

MAKE ANY OTHER ASSUMPTIONS THAT YOUR REQUIRE; THESE MUST BE STATED.

Performance criteria are;

The legal principles involved
Statements of assumptions
Explanatory adaptation of calculations
The layout and logical progression
Mathematical accuracy
Conclusions reached.

Self-assessment.

Using the of the performance criteria above, and locate what you consider to be an appropriate percentage mark for your work. Bear in mind and that a basic pass is

only 40 per cent.

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