A pair of flats situated in the centre of Portsmouth. Each flat is sold on a 125-year lease, from 1st August 2004, with a ground rent of £150 per flat per annum currently payable. The ground rent increases at intervals throughout the lease term.
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 reserved their rights under this legislation.