Twelve Apartments and twenty four Houses
The Twelve two bed Apartments were sold on 99 year leases from 1st July 2003
with the ground rents tripling every 33 years
Two of the leases have been extended under Statutory Terms to Peppercorns
The remaining ten leases pay a combined (rising) ground rent income of £2,250 per annum
(WITH 81 YEARS REMAINING ON THE TEN LEASES)
The Twenty Four Houses are Freehold each paying a dual Estate Rent Charge, a contribution to the services and a £40 Rent Charge each to the Landlord per annum
Making a total combined income of £3,210 per annum
THE GROUND RENTS TRIPLE TO £6,750 PER ANNUM IN FIFTEEN YEARS TIME
The Landlord Covenants to Insure and Manage
recovering costs by way of Service Charge from the Lessees AS ADDITIONAL RENT
Sum insured: £3,057,233; Premium: £2,746.39; Renewal Date: 31st October 2021
The Vendor includes their peppercorn 999 year Leasehold Interest of a bin and cycle store in the Development along with the Freehold Reversion.
The Landlord retains ownership of everything above the ceilings, below the floors, the building envelopes as well as all common parts and with the right to develop any part of the Property as they may think fit.
The Lessees covenant not to make any alterations or additions without the prior written consent of the Landlord.
The Lessees covenant to notify the Landlord of any assignment paying the Landlord’s reasonable fees.
Copy documents held: Executed Apartment Leases; Freehold OCE & Plan; Leasehold OCE; Insurance Summary of Cover
GUIDE PRICE: £90,000