Lot 145: FREEHOLD GROUND RENTS

Sold £3,000

A freehold building converted into four self-contained flats, accessed via Gladys Avenue to the rear of the building. The freehold interest in the preceding Lot is also included within the title of the property.

Each flat has been sold under the terms of a 999 year lease, from 1st January 2006, at a peppercorn ground rental. The ground floor commercial shop is let on a 125 year lease, from 1st January 2005, at a current ground rental of £150 per annum, doubling every 25 years.

The freeholder insures, manages and maintains the residential block, recovering the costs from the leaseholders by way of a service charge.

Auctioneer’s Note

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.