Expert Witness Case Studies

team

Earls Terrace, Kensington, London W8

 

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.

team

City Road, Angel, London EC1

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.
team

Whitechapel High Street, Aldgate, London E1

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.
team

Tax Dispute on Baker Street

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.

Historic Valuation

This Expert Witness report was produced by Richard Alford in late 2013/early 2014 and it concerns a group of six residential properties subject to a complicated dispute between various beneficiaries of an Estate. 

The original owner of the Estate died some years past but a dispute arose over the management of the Estate from 1981 until the present date.  Richard Alford was requested to provide valuations not only of the property as at today’s date but also valuations in 2005 and 2012.  Furthermore, an assessment as to the market rents of the properties was required for each year from 1981 until either the sale of the houses in 2012 or at the date of valuation in 2013/2014. 

The tasks involved an investigation into historic property values particularly in the rental sector which proved quite difficult given the dearth of information retained by agencies such as District Valuers office.  The project was completed on time to cost and the settlement was reached based on the information provided by Richard Alford in his report as a Jointly Appointed Expert Witness.
team

Land Valuation

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.

Valuation of East London Retail Properties

Richard Alford was instructed as a jointly-appointed Expert Witness to provide valuations of two properties occupied by a franchisee of the KFC Group.  This was for a matrimonial dispute and he was requested to provide my opinion of the Market Value of both freehold and leasehold interests. He carried out an investigation into property values for restaurant premises in these locations and also an investigation into the quality of the covenant and yield appropriate to KFC enfranchise.  This included liaising with the surveyors for KFC (Yum Group).