Lot 24: FREEHOLD GROUND RENTS

An attractive freehold property situated in the heart of the village of Havenstreet and previously in use as a school and, more recently, as a care home, before conversion into eleven self-contained flats, all of which are sold on long leases.

Each flat is sold on a 125 year lease from varying commencement dates in 2018 and 2019 with six at a current ground rental of £250 per annum, and five at £200 per annum. All flats have 10 yearly RPI based reviews.

We understand the leases provide for the freeholder to insure, maintain and manage 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 on the residential leaseholders who have not reserved their rights under the legislation.