E609: Union Street, Barnsley, South Yorkshire S70
Fifteen Purpose built Apartments
sold on 125-year Leases from 1st January 2009
at a combined (rising) ground rent of £3,000 per annum.
The ground rents increase by £50 every 25 years until 2159
THE NEXT REVIEW IS IN TWELVE YEARS’ TIME
(and then remains fixed at £400 per flat, per annum, throughout the remainder of the Term)
The Lessees have formed an RTM
thus there is no Management for the Landlord.
The Landlord owns everything above the ceilings, below the floors and the building envelope and can Develop as they see fit.
There is opportunity for the Landlord to generate additional premium income in the rectification of defective lease provisions (defective in the Landlord’s favour). Clause 4.2(d)(ii)(b) renders each lease is defective by being in contravention to the requirements of the UK Finance (formerly CML) Lender’s handbook (see paragraph 5.14.14 of the UK Finance Lenders Handbook (Part 1)). This means that leaseholder solicitors (when becoming aware of the lease defect) are obliged to notify such defect to any Lender who, in turn, will often require that the defect is rectified.
Lessees cannot alter their premises without the written consent of the Landlord.
None of the fifteen defected Leases have yet been rectified.
Section V Notices have not yet been served.
Copy documents held electronically: Executed Lease; 2019 Service Charge Accounts; Lease Defect Information.
GUIDE PRICE: £56,000