A freehold semi-detached building of two flats producing a total ground rental of £100 per annum, rising throughout the term. The property is located in an established residential area of Romford, close to the town centre with its shopping facilities and public transport.
Flat 7 has been sold on a 189 year lease, from 17th February 1986, at a current ground rental of £50 per annum and Flat 7A has been sold on a 99 year lease, from 17th December 1986, at a current ground rental of £50 per annum.
The leases provide for the freeholder to insure and repair the building recovering the costs from the leaseholders, however we understand from the seller's solicitors that this has not been enforced on the leaseholders and they have been allowed to insure individually.
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 the legislation.