Property for Auction in London - [Print Version]

Auction Date:

Wed 11/12/2024

Start Time

09:00

Property Type:

Other

The property comprises four single storey lock up garages.

6 Week Completion Available

Location

The garages are situated on a residential road close to local shops and amenities. The open spaces of Gladstone Park are within easy reach. Transport links are provided by Neasden underground station (Jubilee line) and Wembley Stadium rail station.

Tenancy

Garage 2 is subject to a tenancy commencing 29th November 2023 at a rent of £198 per calendar month. Garage 6 is subject to a tenancy for a term of 1 year commencing 28th October 2024 at a rent of £180 per calendar month. Garage 7 is subject to a tenancy for a term of 1 year commencing 23rd November 2024 at a rent of £180 per calendar month. Garage 8 is subject to a tenancy for a term of 1 year commencing 30th September 2024 at a rent of £180 per calendar month.

Further Information

When purchasing a property 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.

Tenure

Leasehold. Each garage is held on a 120 year lease from 25th December 1971 (thus approximately <b>67 years unexpired</b>).

Location Map