Auction House London

Lot 200

Flat - Flats / Apartments 

121 London Road

St Leonards-on-Sea, East Sussex, TN37 6AU

Sold for £6,000.

A Freehold Ground Rent Investment Secured Upon a Mid Terrace Building Made up of Four Flats Each (All Sold-Off) Currently Producing £300 Per Annum

Description

The property comprises a mid-terrace building four self-contained flats each arranged over lower ground, ground, first and second floor levels.

Tenure

Freehold

Location

The property is situated in the seaside town of St. Leonards-on-Sea close to local shops and amenities. The open spaces of St. Leonards-on-Sea Beach are within close proximity. Transport links are provided by St. Leonards Warrior Square rail station.

Accommodation

Lower Ground Floor
2 Bed Flat (Sold Off) 999 years from Oct 2023 ( 999 years unexpired)

Ground Floor
2 Bed Flat (Sold Off) 125 years from 23 May 2022 ( 123 years unexpired)

First Floor
2 Bed Flat (Sold Off) 125 years from 22 Nov 2018 ( 119 years unexpired)

Second Floor
2 Bed Flat (Sold Off) 125 years from 7 Aug 2019 ( 120 years unexpired)

Further Information

A Ground Rent is a nominal annual rent paid by the leaseholder to the freeholder. When you purchase a ground rent investment you are purchasing the rights to the ground rent income, not the flats themselves. When the lease terms become low, the freeholder can charge each lessee a premium for extending their lease. Further income can be derived when the freeholder has the right to manage and insure the building.

Addendum

Please note that this property is subject to a Buyers Premium of £900 inc VAT. This is in addition to the buyer's admin fee of £1,500 inc VAT charged by the auctioneers. Both fees are payable to the auctioneers.

Additional Fees and Disclaimer

Administration charge: £1,500 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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Enquire about 121 London Road, St Leonards-on-Sea, East Sussex, TN37 6AU

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