Lot 79 Head Lease Ground Rent Investment Secured On 12 Residential Flats And Associated GaragesAuction Date:
20th September 2023
Flats 1-12, Wolsey Court, Court Road, Eltham, London, SE9 5AE
Currently let at £250 per annum
A purpose-built block of 12 self-contained flats with garages, two of which have been sold on ground leases for a term of 99 years (less 10 days) from 5th July 1959 at a current rental of £35 per annum. The remaining flats have had their leases extended, five of which continue to pay a ground rent totalling £180 per annum. The other five flats do not pay ground rent to the Head Leaseholder.
The Lessees have formed a â€right to manage’ company and are responsible for the insurance, maintenance and management of the building.
It is considered there may be development potential at the site which would require the co-operation of the Freeholder, subject to all necessary consents being obtainable.
Auctioneer’s Note 1
We understand from the Seller a share of the premium from the Freeholder granting and extending new leases, has been received. The latest extension, completed in May 2020 provided a share of £2,500 to the Head Leaseholder. Other miscellaneous income streams are received, for example, Notice of Assignment fees.
The net income for the Head Leaseholder for the year ended 31st March 2023, was £627.50.
Further details will be available in the legal pack, which will be available to download from the
Clive Emson website.
Tenure
Head Leasehold interest for a term of 99 years from 5th July 1959 at an original ground rental paid to the Freeholder of £240 per annum.
As a result of lease extensions, the current ground rental has been reduced to £100 per annum.
Local Planning Authority
Royal Borough of Greenwich. Website: royalgreenwich.gov.uk. Tel: 020 8854 8888.
Auctioneer’s Note 2
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
