The Freehold Reversionary Interest of a modern gated purpose-built Development comprising sixty four Apartments in five detached buildings with parking and communal grounds
sold on 200 year leases from 1st January 2006
at a combined (rising) ground rent of £6,400 per annum, payable annually in advance
each rising by £50 every twenty five years
WITH THE NEXT REVIEW IN THIRTEEN YEARS (January 2031)
A Lessee owned ManCo insures and manages providing for “the Landlord… to carry out the Management Company’s obligations under this lease”
The Landlord retains ownership of everything above the ceilings, everything below the floors, the entire building envelope as well as all internal and external common parts and has the full and free right at any time to develop any part of the Property as they may think fit.
EACH LEASE REQUIRES A DEED OF VARIATION with each Lease covenanting “if a start on rebuilding or repair is not possible within three years after damage by an Insured Risk… this lease… automatically ends.” This breaches paragraph 5.14.14 of the CML Handbook (Part 1) as the Lease termination removes the value of land being shared amongst the Lessees. Two of the Lessees have requested Deeds of Variation, one offering a premium of £2,750 with the ground rent remaining the same, the other offering an increased ground rent of £240 without premium.
The Lessee owned Management Company has refused to sign the requested proposed Deeds of Variation – thus creating a current impasse.
The Lessees covenant not to make any alterations or additions without the prior written consent of the Landlord and the ManCo.
Section V Notices have been served and the Lessees did not respond within the statutory time limit.
Copy documents held electronically in a data room: Executed Lease; Notice of lease defect information sheet; Office Copies & Title Plan; Certificate of Incorporation for the Management Company; Local Authority Search; Proposed Deed of Variation
Guide Price £139,500