Lot 32: FREEHOLD GROUND RENTS

A freehold semi-detached block divided into three flats, all sold on 999 year leases. Flat 1 from 24th June 1972, at a current ground rental of £25 per annum. Flat 2 is from 20th June 1972, at a current ground rental of £150 per annum, increasing by £50 every 21 years, next increase to £200, due 29 September 2038. Flat 3 is from 22nd June 1972, at a current ground rental of £150 per annum, increasing by £50 every 21 years, next increase to £200, due 29 September 2038.

The ground rent payable for Flat 3, and increases thereof, are capped at two thirds the rateable value of the flat, from time to time.

We understand the leaseholders currently self-manage the block, however, the leases provide for the freeholder to insure, maintain and manage the block and for the freeholder to recoup 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.