Lot 1: FREEHOLD GROUND RENTS

Sold £20,000

A freehold block of 8 flats all sold on 999 year leases, six from 25th March 1971 and two from 5th March 1971.

Flat 1 is sold on a 999 year lease from 25th March 1971 at a current ground rent of £175 per annum, increasing by £50 every 21 years throughout the first 99 years, next increase to £225 due on 24th June 2041. Flat 1A is sold on a 999 year lease from 25th March 1971 at a current ground rent of £25 per annum. Flat 2 is sold on a 999 year lease from 5th March 1971 at a current ground rent of £50 per annum. Flat 2A is sold on a 999 year lease from 25th March 1971 at a current ground rent of £150 per annum, increasing by £50 every 21 years throughout the first 111 years of the term, next increase to £200 due on 29th September 2039. Flat 3 is sold on a 999 year lease from 25th March 1971 at a current ground rent of £245 per annum, doubling every 21 years, next increase due on 25th March 2041. Flat 3A is sold on a 999 year lease from 25th March 1971 at a current ground rent of £195 per annum, increasing by £75 every 21 years, next increase to £270 due on 25th March 2026. Flat 4 is sold on a 999 year lease from 25th March 1971 at a current ground rent of £60 per annum. Flat 5 is sold on a 999 year lease from 5th March 1971 at a current ground rent of £125 per annum, increasing by £50 every 21 years, next increase to £175 due on 25th March 2021.

We understand the freeholder insures, maintains and manages the block, recouping the costs from the leaseholders by way of 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.