A Lower Ground and Ground Floor Two Bedroom Split Level Flat Subject to an Assured Shorthold Tenancy Producing £10,200 Per Annum

The property comprises a lower ground and ground floor two bedroom split level flat situated within a mid terrace building arranged over lower ground, ground and first floors.

Tenure

Leasehold. The property is held on a 99 year lease from 25th March 1988 (thus approximately 62 years unexpired).

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Hilly Fields Community Park are within easy reach. Transport links are provided by Rainham rail station.

Accommodation

Lower Ground Floor Bedroom Ground Floor Reception Room Kitchen Bedroom Bathroom

Exterior

The property benefits from a rear garden.

Tenancy

The property is subject to an Assured Shorthold Tenancy at a rent of £850 per calendar month.

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.