Lot 145

HEAD LEASEHOLD INTEREST

Ground Rents, 8 Vernon Square, Ryde, Isle of Wight, PO33 2JG
Sold £5,500

Currently let at £200 per annum

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.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/