Head lease ground rents equivalent to £450 pa secured against 3 apartments

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Description/Location

The flats are situated on the second and third floors. Each flat is held on a lease for 125 years less 3 days from 29/09/2001 and pays ground rent to the head lessor of £150 pa. 12% gross yield based on the guide price. The head lease ground rent due to the freeholder is a peppercorn. We refer bidders to the S5B Notices within the legal pack, the lessees have not taken up their rights.

Tenure

Leasehold: 125 years from 29/09/2001 (103 years unexpired), ground rent one peppercorn.
The ground rent payable to the head lessee equates to £46,350 over the term of the head lease (£450 x 103 yrs).

Office Contact

Please contact Ground Rent Auctions on 020 3987 0139.

Accommodation

Flat 22: 125 years less 2 days from 29/09/2001, ground rent £150 pa. Flat 25: 125 years less 2 days from 29/09/2001, ground rent £150 pa. Flat 26: 125 years less 3 days from 29/09/2001, ground rent £150 pa.

Rent

Ground rent: £450 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.