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Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 28234
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Is there a formula to work out approximately how much a flat

Customer Question

is there a formula to work out approximately how much a flat s value is with a sitting tenant
JA: What steps have been taken so far? Has any paperwork been prepared or filed?
Customer: yes I have a mediation next week and i need to know the approx value of my flat with vacant possesion
JA: Where is the flat located?
Customer: londonnw2 3tg
JA: Anything else you want the Lawyer to know before I connect you?
Customer: yes the condition of the flat is ok, habitable, but the property yhat the flat is in the landlords have let it go to ruin a bit as they want to develop the property
Submitted: 13 days ago.
Category: Property Law
Expert:  Joshua replied 13 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

May I confirm what you refer to as a sitting tenant please? How did the come to occupy the property and when have they occupied from roughly?

Customer: replied 13 days ago.
I have been renting my flat since 1980
Expert:  Joshua replied 13 days ago.

Thank you. So on this basis you should hold a regulated tenancy (also known as rent act tenancy) providing you have not signed any replacement tenancy since you took up occupation. Do you concur?

Customer: replied 13 days ago.
i concur
Expert:  Joshua replied 13 days ago.

there is a relatively detailed formula which surveyor is used to value properties in such circumstances which involves looking at your age and comparing this with average life expectancies, looking at whether there are any individuals who can succeed to the tenancy, looking at the amount of rent that is payable under the tenancy and applying this to the market value of the property alongside a discount to reflect your secure tenancy based upon regional comparable is.

If one is not a surveyor however, the working rule of thumb is that a rent act tenancy property will be worth approximately 70% of its open market value without the tenancy.

Customer: replied 13 days ago.
What is the criteria for succesdion of the tenancy e.g for my daughter
Expert:  Joshua replied 13 days ago.

assuming there is been no prior succession - i.e. you did not succeed to the tenancy from another, any spouse, cohabitees or other member of your family has the potential right to succeed. the rules are slightly different depending upon the relationship of the person seeking to succeed in the case of your daughter, she would need to show that she has lived with you for two years or more prior to your death. She then does succeed to the tenancy, her tenancy would be an assured tenancy not a regulated tenancy.

Expert:  Joshua replied 13 days ago.

I hope the above answers all your questions. If there is anything else I can help with please reply back to me otherwise thank you very much for visiting JustAnswer and I hope we will see you again in the future.