A mid-terrace property divided to provide three flats.
Flat A has been sold on a 125 year lease, from 1st August 2014, at a current ground rent of £275 per annum, increasing by £75 every 21 years (the next increase to £350 per annum is due August 2035). Flat B has been sold on a 99 year lease, from 29th September 1977, at a current ground rent of £75 per annum, subject to review every 20 years to one-third of the letting value of the site of the building, but subject to two-thirds rateable value cap. Flat C has been sold on a 99 year lease, from 23rd March 2011, at a current ground rent of £275 per annum, increasing to £325 per annum in June 2024, rising to £400 per annum in March 2032 and then increasing by a further £50 per annum on every 21st anniversary of June 2024 and by a further £75 per annum on every 21st anniversary of March 2032.
The leases provide for the freeholder to insure, maintain and manage the block recovering the cost from the leaseholders by way of a 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.