A Vacant Second Floor One Bedroom Flat. Estimated Rental Value: £4,069 Per Annum (Source: LHA Rate).

The property comprises a second floor one bedroom flat situated within a purpose built block arranged over ground and two upper floors.

Tenure

Leasehold. The property is held on a 99 year lease from 1st December 1989 (thus approximately 64 years unexpired).

Location

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

Accommodation

Second Floor Reception Room with Open-Plan Kitchen Bedroom Bathroom

Exterior

The property benefits from communal gardens and off street parking.

Tenancy

The LHA rate for a one bedroom property in the area is £78.25 per week (£4,069 per annum) (source: lha-direct.voa.gov.uk).

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.

Energy Efficiency Rating (EPC)

Current Rating D

Services

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

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

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