The facts
Client: National Asset Management
Agency
Location: Camberley, Surrey
Services: Valuation
The project
This project involved assessing the diminution in the
value of the landlord’s reversion resulting from the tenant not
having complied with its repairing covenants under a lease
(expired).
Capita Symonds’ building consultancy team had
prepared a final schedule of dilapidations in respect of which
negotiations with the tenant’s representative had broken
down.
We prepared a valuation report and calculation for submission to
the tenant’s expert valuer in advance of an expert witness
statement for submission to the court.
Disciplines required:
- Knowledge of the relevant statute.
- Negotiation with the tenant’s representative.
Capita Symonds’ role on the project included:
- Inspecting the property.
- Researching comparable evidence.
- Liaison with Capita Symonds’ national office agency team;
investigating and understanding tenant requirements, marketing
voids, irrecoverable costs, incentives required to secure new
lettings and market lease terms.
- Liaison with building consultancy team regarding repairing
costs and, specifically, the content of the final schedule of
dilapidations.
- Liaison with the client regarding report content and
tactics.
- Negotiating and reaching agreement with the tenant’s expert
valuer.
Our involvement was instrumental in achieving a satisfactory
result (recovery of damages for non performance of repairing
covenants under the lease) for the client.