The Freehold Reversionary Interest of eighteen converted apartments in two adjacent but non-linked buildings
sold on 125 year leases from 1st October 2003
at a combined FIXED ground rent of £1,800 per annum
The Vendor is retaining all eighteen apartments letting those apartments out on AST’s
The Landlord covenants to insure, manage and recover costs by way of Service Charge from the Lessees
Section V Notices are not required.
Immediately after the completion of Phase I the Vendor will vary the eighteen existing Leases.
The varied Leases will each be for a term of 125 years from Feb/ March (TBC) 2017
at an individual ground rent of £275 per annum, making a combined (now rising) ground rent of £4,950 per annum
THE GROUND RENTS WILL BE REVIEWED EVERY FIVE YEARS, UPWARD ONLY, TO RPI.
The Landlord will covenant to insure, manage and recover all charges due under this amended lease as additional rent.
The Freeholder covenants to pay two rent charges totalling £22.50 per annum. The chief rent is redeemable at a cost of £240 per property (£960 in total)