STATUTORY VALUATIONS REPORTIt 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 mostvalued clients, HOSPESTAN INVESTMENTS (H.I), have acquired a large Edwardian block of flats from the receivers of Blenkinsop Holdings (in voluntaryliquidation). 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. ?- 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 RentAssessment 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 therents 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 flatheld 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 575,000You 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.Use the performance criteria above, and locate what you consider to be an appropriate percentage mark for your work. Bear in mind and that a basicpass is only 40 per cent.:
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