The property comprises a second floor studio flat situated within a semi detached building arranged over ground and two upper floors.

Tenure

Leasehold. The property is held on a 99 year lease from 1st November 2003 (thus approximately 77 years unexpired).

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Wardown Park are within easy reach. Transport links are provided by Luton rail station and the M1.

Accommodation

Second Floor Studio Room Kitchen Bathroom

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. We understand that the potential rental income for this property is circa £750 pcm (£9,000 pa). Buyers should rely on their own enquiries.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - £1,500 INCL VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.