Lot 21 Freehold Ground Rents With Garage And Parking SpaceAuction Date:
14th December 2022
Loxwood House, Middle Road, Lancing, West Sussex, BN15 9JG
Currently let at £1,200 per annum
This 1970s built modern block is arranged as eight flats over two floors and is offered with a detached garage and parking space to the rear. It produces £300 per annum from the ground rents and £900 per annum from the rental of the garage. The property is close to the comprehensive shopping facilities and amenities including mainline railway station of Lancing town centre. The property has vehicular accesses to the rear from Leconfield Road.
Flats 3,4,5,6,7 and 8 are sold on 99-year leases from the 29th May 2007 at an annual ground rent of £50. Flat 1 is sold on a 189-year lease from the 25th May 2007 at a peppercorn ground rent with Flat 2 being sold on a 999-year lease from the 29th September 2022 at a peppercorn ground rent. The total annual ground is £300 per annum.
We understand that the leases provide for the freeholder to insure, manage and maintain the building recovering the costs from the leaseholder by way of a service and management charge.
Garage
Tenancy
Let on a license at £75 per calendar month.
Parking Space - Vacant
Approached via vehicular access from Leconfield Road.
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.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
