“…d interest (“ILI”) in an individual flat is not something which in reality is (or even sometimes lawfully can) be sold in isolation. In Nailrile v Earl Cadogan [2009] 2 EGLR 151the Lands Tribunal recognised that this meant that the proper approach to the valuation of an intermediate leasehold interest under the 1993 Act is to value it …”
“…le result. As the UT put it, the Parthenia model was “a clock which strikes 13”. The Lands Tribunal reached a similar conclusion in Nailrile Ltd v Earl Cadogan [2009] 2 EGLR 151 at [217]. This was not, however, the only criticism of the Parthenia model that the UT had. The UT set these out in Appendix B at [61]. Two of them were single…”