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    Auction House London
    Lot 85
    7-9 Lower Borough Walls
    Bath, Avon, BA1 1QR
    Sold for £30,000.
     
    All
    Number 1
    A Head Leasehold Ground Rent Investment Secured Upon a Substantial Mid-Terrace Building Producing £2,000 per annum.
    By Order of the LPA Receivers

    Description

    The property comprises a head leasehold ground rent investment secured upon 8 self-contained flats (all sold off).

    Tenure

    Head Leasehold. The property is held on a 250 year lease from 22nd February 2021 (thus approximately 248 years unexpired) at a peppercorn ground rent.

    Location

    The property is situated in Bath City Centre close to local shops and amenities. The open spaces of Parade Gardens are within easy reach. Transport links are provided by Bath Spa rail station.

    Tenancy

    The ground rent for each unit is subject to review in line with RPI on each 25th anniversary of the term commencement date (being 21st February 2021).

    Note

    The provisions of the Landlord and Tenant Act 1987 apply to the proposed disposal and notices under S5(b) of that Act have been served.

    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

    For the avoidance of doubt, the address of the property, the income and the lease schedule on our website is correct, and not as previously stated within the catalogue.

    Column 1 Column 2 Column 3
    Property Tenancy Annual Ground Rent
    6 Hope Chapel Apartments, 7-9 Lower Borough Walls, Bath, BA1 1QS 250 years, less three days from 22nd February 2021 £250
    The Penthouse, 7-9 Lower Borough Walls, Bath, BA1 1QS 250 years, less three days from 22nd February 2021 £500
    Flat 5, 8 Lower Borough Walls, Bath, BA1 1QR 250 years, less three days from 22nd February 2021 £250
    1 St James's Passage, Bath, Somerset, BA1 1QS 250 years, less three days from 22nd February 2021 £250
    2 St James's Passage, Bath, Somerset, BA1 1QS 250 years, less three days from 22nd February 2021 £250
    4 Hope Chapel Apartments, 8 Lower Borough Walls, Bath, BA1 1QR 250 years, less three days from 22nd February 2021 £0
    Flat 1, 8 Lower Borough Walls, Bath, BA1 1QS 250 years, less three days from 22nd February 2021 £250
    Flat 2, 8 Lower Borough Walls, Bath, BA1 1QR 250 years, less three days from 22nd February 2021 £250
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    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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