A large property converted into five flats located close to the town centre. Each flat has been sold on a ground lease for a term of 125 years from 1st January 2013. Flats 4 and 5 have a current ground rental of £350 per annum, doubling every 25 years and flats 1, 2 and 3 each have a ground rental of £250 per annum, doubling every 25 years.
The leases provide for the freeholder to arrange the maintenance, insurance and management of the building recovering the cost from the leaseholders by way of a service charge.
Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserve their rights under the legislation.