Lot 7

HEAD LEASEHOLD INTEREST

Ground Rents, 20 John Street , Ryde, PO33 2PY
Ground Rents, 20 John Street , Ryde, PO33 2PY
Sold £5,750

Currently let at £380 per annum

Held under a long lease for a term of 990 years from 1845, this building comprises four flats each sold on varying long lease terms.

Flat 1 has been sold under the terms of a 99 year lease, from April 2015, at a ground rent of £200 per annum (doubling every 20 years) and the three remaining flats are each held on 125 year lease terms with start dates ranging from May 2002 to October 2006, each paying £60 per annum ground rent.

The long leaseholder is responsible under the terms of the leases for the management and insurance of the building, which is recovered from the lessees by way of a service charge.

Auctioneer's Note

Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/