Lot 54 Freehold Ground RentsAuction Date:
1st November 2023
Ground Rents, 1-7 The Old Engineering Works, Underdown Road, Herne Bay, Kent, CT6 5BP
Currently let at £1,540 per annum
A newly converted freehold block, arranged as seven flats, located in Herne Bay town centre. Five of the flats have been sold on 125-year leases, from and including 1st January 2020; one flat is sold on a 125-year lease, from and including the 16th December 2021, and another is sold on a 126-year lease from and including 1st January 2020.
We understand the freeholder insures, maintains and manages the block, recovering the costs from the leaseholders by way of a service charge.
Auctioneer’s Note 1
We have been informed the ground rental increases every five years in line with the RPI with a first review on 1st January 2025.
Auctioneer's Note 2
Section 5B Notices under the Landlord and 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
