Instantly find listings for sale in your area

" Guide Price £110,000

For Sale By Public Auction 17th April 2024 08 45 AM To inspect the legal documents for this property go to our website to download the legal pack

A Second Floor Two Bedroom Flat Subject to an Assured Shorthold Tenancy Producing £16,800 Per Annum

Tenure
Leasehold. The property is held on a 99 year lease from 25th March 1975 thus approximately 50 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 Valence Park are within easy reach. Transport links are provided by Chadwell Heath rail station.

Description
The property comprises a second floor two bedroom flat situated within an end of terrace building arranged over ground and two upper floors.

Accommodation
Second Floor
Reception Room
Kitchen
Two Bedrooms
Bathroom

Tenancy
The property is subject to an Assured Shorthold Tenancy at a rent of £1,400 per calendar month.

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.

Open House Viewings To Be Confirmed "