E977: Hoyland, Barnsley, South Yorkshire, S74
Fourteen Apartments in a modern Development
sold on 125-year Leases from 1st January 2005
at a combined (rising) ground rent of £1,502.05 per annum
Thirteen Rents are reviewed every 25 years by the Halifax Price Index linked to 2005
One Rent is reviewed to RPI every TEN years
ONE REVIEW IS DUE IN TWO YEARS
THIRTEEN REVIEWS ARE DUE IN SEVEN YEARS
The Landlord Insures, Manages and recovers all costs
Sum Insured: £2,015,550. Premium: £1,029.02. Renewal: 28th January 2023
Two Leases Varied, one for a Premium of £2,000 one with a new Rent Review to RPI.
There is opportunity for the Landlord to generate additional premium income in the rectification of defective lease provisions (defective in the Landlord’s favour), 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.
The Landlord owns everything above the ceilings, below the floors and the building envelope
Section V Notices have not yet been served.
Copy documents: Executed Lease; 2 Deeds of Variation; Office Copies; Insurance Summary of Cover: Explanation of Deed of Variation.
GUIDE PRICE £37,500
