Lot 145: HEAD LEASEHOLD INTEREST

Sold £5,500

This semi-detached Victorian building has been converted into five residential apartments, situated in central Ryde and overlooking Vernon Square.

The head leasehold interest is now offered for sale and we are advised that the head leaseholder is responsible for the insurance, management and maintenance of the building, recovering the costs from the lessees via a service charge.

The five flats are sold on varying lease terms, all paying £40 per annum – Flat 1 is sold under the terms of a 250 year lease, from 15th July 2016; Flat B is sold on a 250 year lease, from 8th April 2009; Flat C is sold on a 250 year lease, from 30th July 2010; Flat D is sold on a 125 year lease, from 25th June 2005 and Flat E is sold on a 250 year lease, from 24th June 1972.

Tenure

Held under the terms of a 999 year lease, from 25th December 1869 paying a ground rent of £50 per annum.

Auctioneer’s Note

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