A freehold detached purpose built block of nine flats all sold on long leases.
Flats 1 and 3 are each sold on a 99 year lease from 25th March 1976 at current ground rentals of £40 per annum, increasing to £60 per annum on 25th March 2042. Flat 2 is sold on a 99 year lease from 25th March 1976 at a current ground rent of £75 per annum. Flats 4, 5, 6, 7, 8 and 9 are each sold on 189 year leases from 25th March 1976 at a current ground rentals of £250 per annum, doubling every 21 years, next increase to £500 per annum due 25th March 2037 in the case of Flat 9 and due 25th March 2038 in the case of Flats 4, 5, 6, 7, and 8.
We understand the freeholder insures, maintains and manages the block, recouping the costs from the leaseholders by way of 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.