Lot 97 Freehold Ground RentsAuction Date:
12th June 2024
Ground Rents, 46-48 King Street, Stanford-le-Hope, Essex, SS17 0HH
Current income £500 per annum, Rising to £1,000 from 31st December 2024
This freehold ground rent investment is situated on the principal road in Stanford Le Hope town centre, just a short distance from local shopping along the high street and Stanford Le Hope Mainline Railway station (regular C2C services to London Fenchurch Street). There are three flats within the building, two located at ground floor and one other on the first floor.
46 King Street
Tenure
Sold on a 125-year lease, from 1st January 2016, at an initial ground rent of £250 per annum, rising to £500 per annum from 31st December 2024 and doubling every 20 years thereafter.
48 King Street
Tenure
Sold on a 99-year lease from 1st January 2016 at an initial ground rent of £250 per annum, rising to £500 per annum from 31st December 2024 and doubling every 20 years thereafter.
48A King Street
Tenure
Sold on a 150-year lease from 8th May 1988 at a peppercorn ground rent.
We understand from the Seller that the leases provide for the freeholder to arrange for maintenance, management and insurance of 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 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
