Expert Witness Case Studies
Instructions were received as a Jointly Appointed Expert Witness to value this substantial period terraced house. The property included an underground swimming pool and car parking and is set in a very impressive terrace. Valuation Circa. £11,000,000.
A matrimonial dispute concerning the market value of a group of period properties close to the Angel, Islington. The buildings included offices and flats and a substantial development site.
Instructions were received to act as a jointly appointed expert to decide on the market value of two restaurant properties occupied by KFC franchises. An in-depth analysis of yields was required given the nature of the occupiers.
This property is a substantial development comprising of 78 high value properties from two bedroom flats up to duplex four bedroom split level apartments with roof terracing. In addition, there are two floors of underground car parking with over 100 spaces accessed by two large car lifts and a ground floor gymnasium and retail unit.
The property was subject to negotiations with the District Valuers office over a tax computation. The property was purchased by the existing owners in approximately 2009 and was valued for tax purposes by the District Valuer at a figure of over £110,000,000; the figure was disputed by Richard Alford acting on behalf of the owners.
Negotiations took place over a period of 18 months with the District Valuers office. The approach taken by the District Valuer was to value the subject property on the basis of standard Capital Gains Tax Assessments applying an individual value to each of the flats without any recourse to deductions for quantum, holding management repairs, insurance or sales costs.
The final tax computation was reduced by a figure of over £23,000,000 (Twenty Three Million Pounds).
The case is particularly important in that it has set, in the opinion of Richard Alford, a precedent with the District Valuers office whereby deductions to reflect these aforementioned costs should be taken into account where properties of such scale are purchased by investors.
This was an expert witness valuation report carried out by Richard Alford, involving the conversion of a former public house into a five storey structure with residential accommodation on the upper floor levels and office accommodation on the ground and basement levels. This report was for the court purposes but in fact, due to the evidence we provided within the report, a negotiated settlement was reached to the satisfaction of our client.
Gross Development: £4,500,000
Site Value: £1,400,000
Instructions were received to act as a jointly-appointed Expert Witness. A complicated case involving ‘a ransom strip’ and the correct approach to take in the valuation of such property adopted the principles laid down in Stoke v. Cambridge (1961) 13P CR7.
Richard Alford was instructed as an Expert Witness to provide valuation of a 1.5 hectare site with a Grade II Listed Farmhouse, some Grade II Listed ancillary farm buildings together with 26 modern houses being a mix of 3 and 4 bedroom properties. Richard was instructed to provide his opinion of Existing Use Value, Site value and Gross Development Value to assist a planning dispute.