Situated a short distance from the centre of Bognor Regis this purpose built block comprises 11 apartments. Each flat has been sold under the terms of a long lease for a term of 125-years, from 1st April 2007, with each flat currently paying a ground rental of £120 per annum - a sum which doubles every 25th Anniversary of the lease start date.
We understand that the leases provide for the freeholder to insure, maintain and manage the building, recovering the costs from the leaseholders by way of a service charge.
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.