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" Guide Price £90,000

For Sale By Public Auction 21st May 2024 09 30 AM To inspect the legal documents for this property go to our website to download the legal pack

A Vacant Second Floor One Bedroom Flat

Tenure
Leasehold. The property is held on a 90 year lease from 25th June 1996 thus approximately 62 years unexpired .

Location
The property is situated on a residential road close to local shops and amenities. The open spaces of Grangewood Park are within easy reach. Transport links are provided by Norwood Junction overground and rail stations.

Description
The property comprises a second floor one bedroom flat situated within a mid terrace building arranged over lower ground, raised ground and two upper floors.

Accommodation
Second Floor
Reception Room Kitchen
Bedroom
Bathroom

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.

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