Lot 62

FREEHOLD GROUND RENT INVESTMENT

Ground Rents, 37 Kingsnorth Gardens, Folkestone, Kent, CT20 2QP
Ground Rents, 37 Kingsnorth Gardens, Folkestone, Kent, CT20 2QP
Withdrawn Prior

Currently let at £375 per annum

A freehold block of three flats, all sold on 999 year leases from 25th March 1960.

Flat 1(A) has a current ground rental of £125 per annum and increases by £65 every 21 years. The next increase to £190 per annum is due on 25th March 2038; Flat 2 has a current ground rental of £5 per annum and Flat 3 has a current ground rental of £245 per annum which doubles every 21 years until 2123. The next increase to £490 per annum is due on 26th March 2039.

We understand the freeholder insures, maintains and manages the block, recovering the cost from the leaseholders by way of a service charge.

Auctioneer's Note

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

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