A substantial detached red brick double fronted building of 20 converted flats
producing £2,850pa (rising every 25 years), with car parking to the front.
The property is situated in a prime residential location in central Hove.
NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY
Term of Leases
Flat 13 - Extended; 187 years remaining; Peppercorn rent
All other flats (19 in total); 125 years from 29.09.1994; 97 years remaining
Ground Rent Income
Grounds rents are £75pa for each of the 19 flats doubling every 25 years.
The first review was 2019 and all rents are now £150pa. Next review is 22 years.
History Sales in Block
Last sale in block registered as Flat 1 (2020) @ £220,000
A 1 Bedroom flat is currently on the market @ £285,000
Offered subject to Section 5a Notices under the Landlord & Tenant Act 1987
Leases and OCE available on request
Freeholder Manages & Insures
Administration Charge - Purchasers will be required to pay an Administration fee of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £1,200 (£1,000 plus VAT)
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.