Lot 113
    Ipsley Croft
    Mason Road, Redditch, Worcestershire, B97 5DN
    Unsold. The bidding reached £32,500. Contact the auctioneer.
     
    Number 1
    A Freehold Reversionary Ground Rent Investment Secured Upon a Semi Detached Building Comprising Four Self-Contained Flats Producing an Income of £275 per annum

    Description

    The property comprises a mid terrace building internally arranged to provide four self-contained flats over ground and first floors.

    Tenure

    Freehold

    Location

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

    Note

    S5(b) Notices have been served under the Landlord & Tenant Act 1987 and the leaseholders have not reserved their rights.

    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

    The purchaser will be entitled to collect ground rents yet to be claimed. This is applicable to every flat except 1 Beoley Croft which is up to date.

    Accommodation & Tenancy Schedule

    Property Floor Accommodation Tenancy Details Current Rent
    1 Ipsley Croft Ground Not Inspected 99 years from 29th September 1970 (46.8 years left on the lease) £25
    2 Ipsley Croft Ground Not Inspected 99 years from 29th September 1970 (46.8 years left on the lease) £25
    3 Ipsley Croft First Not Inspected 124 years from 21st April 2015 £125 rising to £250 in 2036, £500 in 2061, £1,000 in 2086, £2,000 in 2111
    4 Ipsley Croft First Not Inspected 99 years from 2nd June 2010 £100 rising to £200 in 2035 , £400 in 2060, £800 in 2085
    For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on
    Share this lot

    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.

    Contact Our Property Experts