Lot 37: FREEHOLD GROUND RENTS

Sold £26,000

An attractive detached building situated in Grimston Gardens in the West End of Folkestone. The property is divided into six flats all sold on 999 year leases, from 24th June 1958. Flat 1 has a current ground rent of £100 per annum, increasing by £50 every 25 years (increasing to £150 per annum in June 2027). Flat 2 has a current ground rent of £175 per annum, increasing by £50 every 21 years (next increase to £225 per annum in June 2023). Flat 3 has a current ground rent of £195 per annum, increasing by £75 every 21 years (next increase to £270 due in June 2025). Flat 4 has a current ground rent of £50 per annum. Flats 5 and 6 have current ground rents of £195 per annum each increasing by £75 every 21 years (next increase to £270 due in June 2024).

The leases provide for the freeholder to insure, maintain and manage the block recovering the cost 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.