Lot 127 Freehold Ground RentsAuction Date:
20th March 2024
Ground Rents, 1-11 The Havens, Main Road, Havenstreet, Ryde, Isle Of Wight, PO33 4AE
Currently let at £2,500 per annum
An attractive freehold property situated in the heart of the village of Havenstreet and previously in use as a school and, more recently, as a care home, before conversion into eleven self-contained flats, all of which are sold on long leases.
Each flat is sold on a 125-year lease from varying commencement dates in 2018 and 2019, with six at a current ground rental of £250 per annum and five at £200 per annum. All flats have 10-yearly RPI based reviews.
We understand the leases provide for the freeholder to insure, maintain and manage the building, recovering the costs from the leaseholders by way of a service charge.
Auctioneer's Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served on the residential leaseholders who 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
