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EARL CADOGAN v PITTS & ANOR : EARL CADOGAN v SPORTELLI & ANOR

13 January 2009

In determining the price to be paid by the nominee purchaser exercising a right to collective enfranchisement, hope value attributable to the possibility of non-participating tenants wishing to obtain new leases of their flats in the open market could be taken into account under the Leasehold Reform, Housing and Urban Development Act 1993 Sch.6 para.3.

The House of Lords was required to determine, in five joined appeals, whether the appellant landlords (L) were entitled to have “hope value” taken into account as an element in the valuation of their respective freehold interests. When a property to be valued was a freehold subject to a long lease, the tenant was a potential special purchaser, because the value of the reversion to him would be greater than to a third party who bought purely for the investment value of the rental stream and the right to possession on the expiry of the term. That difference in value was the “marriage value”. The value of the property to th...

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