A Lower Ground Floor Two Bedroom Flat Subject to a Unknown Tenancy Believed to be Producing £8,556 Per Annum

The property comprises a lower ground floor two bedroom flat situated within a end of terrace building arranged over lower ground and three upper floors.

Tenure

Leasehold. The property is held on a 99 year lease from June 1982 (thus approximately 57 years unexpired). Assumed Accommodation First Floor Reception Room Kitchen Two Bedrooms Bathroom

By Order of the Mortgagees NOT in Possession

Location

The property is located on a mixed use road close to local shops and amenities. There are numerous green open spaces within easy reach. Transport links are provided by Folkestone West rail station and the M20 motorway (J12) is within very easy reach.

Tenancy

The property is believed to be subject to unknown Tenancy producing an estimated amount of £713 per calendar month.

The property has not been inspected by Auction House London nor the Receivers. All information has been supplied by the Receivers from previous investigations. However, all buyers are to rely on their own enquiries.

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.

EPC Rating

The buyers attention is drawn to the fact that the seller has been unable to obtain an EPC. By exchanging contracts the buyer warrants to the seller that they unequivocally indemnify the seller against any future claim or financial penalty relating to the lack of a EPC/or grant which would show on an EPC and shall raise no requisitions in this regard and completion shall not be delayed.

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.