A Vacant Well Located Third Floor Four Bedroom Flat

The property comprises a third floor four bedroom flat situated within a purpose built block arranged over lower ground, raised ground and three upper floors.

Tenure

Leasehold. The property is held on a 50 year lease from 29th September 1976 (thus approximately 2 years unexpired). A section 42 notice to extend the lease will be served prior to completion, the rights of which would be assigned to the incoming buyer.

Location

The property is situated in the highly sought after area of Paddington close to local shops and amenities. Transport links are provided by Edgware Road underground station (Circle line) and Paddington rail station.

Accommodation

Third Floor Reception Room Kitchen Four Bedrooms Two Bathrooms

Exterior

The property benefits from a private balcony.

Further Information

When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. In most cases, the leaseholder must have owned the property for at least 2 years in order to serve a S42 notice. If you do not fully understand this process, please ask the auctioneers or a solicitor.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.