A block of two flats and one commercial unit situated in the centre of Ventnor.
The commercial unit is sold under a 999-year lease, from 18th November 2011, at a peppercorn ground rent. Flats 1 & 2 are both sold under the terms of 125-year leases, commencing 30th March 2012 and 17th August 2012, respectively. The ground rent for each flat is currently £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 reserved their rights under this legislation.