A Vacant First Floor Two Bedroom Flat. ERV if Fully Let is £14,958 Per Annum (Reflecting a Gross Initial Yield of 15.7%)

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

Tenure

Leasehold. The property is held on a 77 year lease from 2nd December 1987 (thus approximately 40 years unexpired). At the buyer's request and costs a section 42 notice to extend the lease will be served prior to completion, the rights of which would be assigned to the incoming buyer.

Location

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

Accommodation

First Floor Reception Room Kitchen Two Bedrooms Bathroom

Tenancy

The LHA rate for a two bedroom property in the area is £287.67 per week (£14,958.84 per annum) (source: lha-direct.voa.gov.uk).

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.