Lot 17

FREEHOLD GROUND RENTS

Ground Rents, 181 Cheriton Road, Folkestone, Kent, CT19 5JP
Ground Rents, 181 Cheriton Road, Folkestone, Kent, CT19 5JP
Sold £26,000

Currently let at £500 per annum

A property converted to provide three self-contained flats.

Flat A has been sold on a 99 year lease, from 29th December 1973, at a current ground rental of £60 per annum with a ground rent increase of £30 every 25 years - the next increase is due December 2023 to £90 per annum.

Flat B has been sold on a 99 year lease, from 14th August 2017, at a current ground rental of £245 per annum. The ground rent increases by £245 every 21 years and the next increase is due June 2038 to £490 per annum.

Flat C has been sold on a long lease, from 16th May 2012, to 28th December 2162 at a current ground rental of £195 per annum - the ground rent increases by £100 every 21 years with the next increase due in June 2032 to £295 per
annum.

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.

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/