Lot 109

FREEHOLD GROUND RENTS

Ground Rents, 39-43 West Hill Road, St. Leonards-on-Sea, East Sussex, TN38 0NA
Guide Price £80,000 – £85,000 * + Fees

Currently let at £4,325 per annum

Applicants may view the lot externally only

A substantial five storey property comprising two blocks situated in an elevated position in St. Leonards-on-Sea, and currently undergoing routine cyclical external Major Works due for completion shortly. There are 15 self-contained flats currently producing £4,325 per annum, increasing
to £8,300 per annum, in just over four years.

Five of the flats have been sold on 125-year leases from
1st January 2001, each paying a current ground rental of £225 per annum, increasing to £500 after 25 years, then £750 after a further 25 years for the remainder of the term.

Three of the flats are sold on 215-year leases, from
1st January 2001, each paying a ground rental of £350 per annum, increasing to £500 after 25 years, then £750 after a further 25 years and a peppercorn from 1st January 2126 for the remainder of the term.

Four flats are sold on 125-year leases from 1st January 2001 at a current ground rental of £350 per annum, increasing to £700 after 25 years, then £950 after a further 25 years for the remainder of the term.

The remaining three flats are sold on 125-year leases from 1st January 2001 at a current ground rental of £250 per annum, doubling after 25 years, then increasing to £750 after a further 25 years for the remainder of the term.

Auctioneer’s Note

Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.

Ground Rents, 39-43 West Hill Road, St. Leonards-on-Sea, East Sussex
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Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/