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" Sold for £27,500. Guide Price = £30,000+ **For Sale By Public Auction 22nd May 2024 10:00 AM To inspect the legal documents for this property go to our website www.auctionhouselondon.co.uk to download the legal pack** A Vacant Second Floor One Bedroom Flat Tenure Leasehold. The property is held on a 79 year lease from 24th June 1948 (thus approximately 2 years unexpired). Location The property is situated on a residential road close to local shops and amenities. The open spaces of Dane Park are within easy reach. Transport links are provided by Margate rail station. Description The property comprises a Second floor one bedroom flat situated within an end of terrace building arranged over lower ground, ground and three upper floors. Accommodation Second Floor Reception Room Kitchen Bedroom Bathroom Loft Room 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 Viewing Schedule (No Booking Required) - Video Walkthrough Available Saturday 11 May 11:00 - 11:30 Wednesday 15 May 11:00 - 11:30 Saturday 18 May 11:00 - 11:30 Addendum Buyers are advised that the property is not being sold with the benefit of a section 42 notice as previously stated within the particulars. We have however been advised by the vendor that the freeholder is open to negotiating a lease extension on an informal basis. "