Can valuation factors be prescribed? The case of collective enfranchisement and leasehold extension of flats in England and Wales

Recent concerns over the valuation process in collective leasehold enfranchisement and lease extension cases have culminated in new legislation. To underpin this, the Government (Department of Environment Transport and the Regions (DETR)) commissioned new research, which examined whether the valuation of the freehold in such cases could be simplified through the prescription of either yield or marriage value/relativity. This paper, which is based on that research, examines whether it is possible or desirable to prescribe such factors in the valuation process. Market, settlement and Local Valuation Tribunal (LVT) decisions are analysed, and the basis of 'relativity charts' used in practice is critically examined. Ultimately the imperfect nature of the market in freehold investment sales and leasehold vacant possession sales means that recommendations must rest on an analysis of LVT data. New relativity curves are developed from this data and used in conjunction with an alternative approach to valuation yields (based on other investment assets). However, the paper concludes that although the prescription of yields and relativity is possible, it is not fully defensible because of problems in determining risk premia; that the evidential basis for relativity consists of LVT decisions; and that a formula approach would tend to 'lead' the market as a whole.

Relative values: residential leasehold reform in England and Wales - valuation of lease extension and enfranchisement

This research report was commissioned by the DETR and examines valuation issues relating to leasehold enfanchisement and lease extension - the right for flat owners to collectively purchase the freehold or buy a longer lease. The two factors examined examined in detail are the yield to be applied when capitalising the ground rent and the relative value of leases with a relatively short period left to run as against the value of the freehold or a new long lease, which determines the level of 'marriage level'. The research report will be of interest to all those involved in the valuation of residential leasehold property and those with an interest in legislative proposals for leasehold reform.

Extension of the TAMSAT satellite-based rainfall monitoring over Africa and from 1983 to present

Tropical Applications of Meteorology Using Satellite Data and Ground-Based Observations (TAMSAT) rainfall monitoring products have been extended to provide spatially contiguous rainfall estimates across Africa. This has been achieved through a new, climatology-based calibration, which varies in both space and time. As a result, cumulative estimates of rainfall are now issued at the end of each 10-day period (dekad) at 4-km spatial resolution with pan-African coverage. The utility of the products for decision making is improved by the routine provision of validation reports, for which the 10-day (dekadal) TAMSAT rainfall estimates are compared with independent gauge observations. This paper describes the methodology by which the TAMSAT method has been applied to generate the pan-African rainfall monitoring products. It is demonstrated through comparison with gauge measurements that the method provides skillful estimates, although with a systematic dry bias. This study illustrates TAMSAT’s value as a complementary method of estimating rainfall through examples of successful operational application.

K-Surfer: a KNIME extension for the management and analysis of Human brain MRI FreeSurfer/FSL data

Human brain imaging techniques, such as Magnetic Resonance Imaging (MRI) or Diffusion Tensor Imaging (DTI), have been established as scientific and diagnostic tools and their adoption is growing in popularity. Statistical methods, machine learning and data mining algorithms have successfully been adopted to extract predictive and descriptive models from neuroimage data. However, the knowledge discovery process typically requires also the adoption of pre-processing, post-processing and visualisation techniques in complex data workflows. Currently, a main problem for the integrated preprocessing and mining of MRI data is the lack of comprehensive platforms able to avoid the manual invocation of preprocessing and mining tools, that yields to an error-prone and inefficient process. In this work we present K-Surfer, a novel plug-in of the Konstanz Information Miner (KNIME) workbench, that automatizes the preprocessing of brain images and leverages the mining capabilities of KNIME in an integrated way. K-Surfer supports the importing, filtering, merging and pre-processing of neuroimage data from FreeSurfer, a tool for human brain MRI feature extraction and interpretation. K-Surfer automatizes the steps for importing FreeSurfer data, reducing time costs, eliminating human errors and enabling the design of complex analytics workflow for neuroimage data by leveraging the rich functionalities available in the KNIME workbench.

Inferences about pressures and vertical extension of cloud layers from POLDER3/PARASOL measurements in the oxygen A-band

We present new inferences about cloud vertical structures from multidirectionnal measurements in the oxygen A-band. The analysis of collocated data provided by instruments onboard satellite platforms within the A-Train, as well as simulations have shown that for monolayered clouds, the cloud oxygen pressure PO2PO2 derived from the POLDER3 instrument was sensitive to the cloud vertical structure in two ways: First, PO2PO2 is actually close to the pressure of the geometrical middle of cloud and we propose a method to correct it to get the cloud top pressure (CTP), and then to obtain the cloud geometrical extent. Second, for the liquid water clouds, the angular standard deviation σPO2σPO2 of PO2PO2 is correlated with the geometrical extent of cloud layers, which makes possible a second estimation of the cloud geometrical thickness. The determination of the vertical location of cloud layers from passive measurements, eventually completed from other observations, would be useful in many applications for which cloud macrophysical properties are needed