Lot 41 - FREEHOLD GROUND RENT INVESTMENT

Sold £38,000

Currently let at £2,400 per annum

A modern development of 18 flats, 12 of which are sold on 125-year leases, from 9th October 1989, at a current ground rent of £200 per annum, per flat (increasing every 25 years). Each flat has associated parking to the rear of the building.

We understand from the freeholder that they have responsibilities to maintain and insure the building and recover the cost from the leaseholders by way of a service charge.

In addition six flats (numbers 7-12 inclusive) are sold off on one 999-year lease, from 9th October 1989, to Dartford Borough Council for which they do not pay a ground rent but do pay 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.

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/