Lot 38: FREEHOLD GROUND RENTS WITH POTENTIAL FOR LEASE EXTENTION

Sold £7,500

A Freehold block situated in Eastbourne comprising four flats, three of the flats have 58 years remaining on the leases, which could offer scope for extension in the near future. These three flats were sold on 99 year leases from the March 1979, at a ground rental of £70 per annum . The remaining unit was sold a 179 year lease from March 1969 at a current ground rent of £75 per annum.

The freeholder arranges for insurance, maintenance and management of the building recovering the cost from the lessees by way of a service charge.

Auctioneer’s Note

Section 5(b) Notice under the Landlord & Tenants Act 1987 have been served and the leaseholders have reserved their rights under the legislation.