Lot 5 Freehold Ground RentsAuction Date:
7th February 2024
Ground Rents, 65 Wear Bay Crescent, Folkestone, Kent, CT19 6BA
Currently let at £595 per annum
An attractive mid-terrace property arranged as three flats, all sold on long leases.
Flat A has been sold on a 125-year lease from 1st August 2014 at a current ground rental of £275 per annum, increasing by £75 every 21 years (the next increase to £350 per annum is due August 2035).
Flat B has been sold on a 125-year lease from 24th May 2023 at a current ground rental of £75 per annum, reducing to a peppercorn on and from 29th September 2076.
Flat C has been sold on a 125-year lease from 23rd June 2023 at a current ground rental of £245 per annum, reducing to a peppercorn on and from 23rd March 2110.
We understand the leases provide for the freeholder to insure, maintain and manage the block, recovering the costs from the leaseholders by way of a service charge.
Additionally, there is included in the sale a parcel of land at the rear of the building which is currently undemised.
Auctioneer's Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have 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
