As of the end of November the Landlord signed a consent order agreeing to sell us the site rather than face further court action in which we would have sought the compulsory purchase of the site under an "acquisition order". Now all that remains is to agree a price.
Our surveyor calculated the value of the Head Lease should be £845,000 - an average cost of £3,504 per flat.
The landlord's calculation values it at £960,000 - £3,935 per flat.
If a satisfactory price cannot be negotiated, the landlord has agreed to be bound by a valuation decision of the LVT and for each side to pay their own costs.
The £960,000 worst case price we will pay compares with the book value held in the Charter Quay Ltd published accounts. This shows a value of £3.2 million in the accounts published for 2010.
If you are a Charter Quay Residents Association Member you should have received a letter (email or hardcopy) explaining the calculations and setting out what will happen next. If you haven' been contacted please let the membership team know.
3 December 2012