Lot 14: FREEHOLD GROUND RENTS

Sold £34,000

A freehold block of 11 flats, each sold on a long lease. Seven have been sold on 999 year leases, from 25th December 1958 – three with current ground rents of £12.50 per annum; two at £60 per annum; one at £61 per annum and one at £245 per annum. Flat 2 (one of the aforementioned seven) has a ground rent increase of £75 every 21 years, the next increase to £320 being due in June 2032.

A further three flats have been sold on 999 year leases, from 1st November 2004, at a current ground rent of £195 per annum and each with ground rent increases of £75 per annum every 21 years for the first 105 years of the term. The next increase, to £260 per annum, is due November 2025.

Flat 1 is sold on a 950 year lease, from 25th December 2017, at a current ground rent of £245 per annum. The ground rent increases by £245 every 21 years, for the first 105 years of the term, and the next increase, to £490, is due January 2039.

The leases provide for the freeholder to insure and repair the building 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.