Lot 76: FREEHOLD GROUND RENT INVESTMENT

Sold £13,000

A freehold block divided to provide six flats, all sold on 999 year leases from 24th June 1966. Flat 1 has a current ground rent of £195 per annum, the ground rent increases by £75 every 21 years, the next increase to £260 is due on 24th June 2024; Flat 2 has a current ground rent of £70 per annum; Flat 3 has a current ground rent of £245 per annum, which doubles every 21 years until 2121, next increase to £490 is due on 24th June 2037; Flat 4 has a current ground rental of £10 per annum; Flat 5 has a current ground rent of £50 per annum and Flat 6 has a current ground rent of £75 per annum.

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

Auctioneer’s Note

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have reserved their rights under the legislation.