A block of four flats and one commercial unit situated on the west of the island. Each flat is sold on a 125 year lease, from 1st January 2016, at a ground rent of £125 per annum. The commercial unit is sold under a lease of the same date but with a ground rent of £100 per annum. There are incremental increases due in the ground rent, every 25 years, and during the last 25 years of the leases the income will be at a level of £3,100 per annum.
We understand the freeholder is responsible for the maintenance, management and insurance of the building, recovering the costs from the leaseholders by way of a service charge/insurance rent.
Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under this legislation.