Lot 54 - Freehold Ground Rents
Ground Rents, 1-7 The Old Engineering Works, Kent, CT6 5BP
Guide Price: *
£1
Fees apply
Buyer's fee:Check legal pack
All fees include VAT at 20%
Holding Deposit: *£5,000
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£23,960Bid history
158 bidsSThis is an automatic bid as the bidder has set a maximum bid for this lot
01/11/2023 13:01:10 - £23,960
TThis is an automatic bid as the bidder has set a maximum bid for this lot
01/11/2023 13:01:10 - £23,950
SThis is an automatic bid as the bidder has set a maximum bid for this lot
01/11/2023 13:00:42 - £23,760
See all 158 bids â–¾
Guide Price* : £Nil
Currently let at £1,540 per annum
A newly converted freehold block, arranged as seven flats, located in Herne Bay town centre. Five of the flats have been sold on 125-year leases, from and including 1st January 2020; one flat is sold on a 125-year lease, from and including the 16th December 2021, and another is sold on a 126-year lease from and including 1st January 2020.
We understand the freeholder insures, maintains and manages the block, recovering the costs from the leaseholders by way of a service charge.
Auctioneer’s Note 1
We have been informed the ground rental increases every five years in line with the RPI with a first review on 1st January 2025.
Auctioneer's Note 2
Section 5B Notices under the Landlord and Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
Summary
- Lot number
- 54
- Auction end
- 1st Nov at 13:06
- Property type
- Ground Rent
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 54
- Auction end
- 1st Nov at 13:06
- Property type
- Ground Rent
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
This property is being sold by:
Clive Emson Auctioneers
0345 8500333
Rocky Hill, London Road, Maidstone, Kent, ME16 8PY
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Clive Emson Auctioneers shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Clive Emson Auctioneers. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.