I sold a house to my uncle about five years ago. At the time I attached a clause to the contract (known as a "clawback" or "uplift" clause) because the house had a sitting tenant with a protected tenancy. The clause stated that, if in the next ten years my uncle obtained vacant possession, I was entitled to 50% of the value of the "uplift" - i.e. the increase in value purely as a result of the house now enjoying vacant possession.
Two years ago my uncle did obtain vacant possession (the tenant moved out) but I was not informed. My uncle then made substantial improvements to the property, and re-let it on the open marked on a short-term assured tenancy.
He did NOT have the house valued at the time that he obtained vacant possession.
Is there any simple way of calculating the difference between a valuation with a sitting tenant and a valuation with vacant possession? As it happens, the house next door was sold at much the same time, so I know what a house with vacant possession is worth.
I realise one of those "how long is a piece of string?" questions, but hey! if you don't ask, you don't get.
Thanks
Will.