A freehold block of three self-contained flats, each sold on long leases, close to Eastbourne town centre and seafront.
Currently producing £225 per annum Flat 1 and Flat 3 have been sold on 125 year leases from the 25th December 2005, each at a current ground rental of £75 per annum. Flat 2 has been sold on a long lease from 25th December 2005 to 24th December 2130 at a current ground rental of £75 per annum.
We understand that 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.
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.