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ON LINE AUCTION from 9th APRIL-11th APRIL
For sale is the freehold of a block of eight flats.
The purchaser for this lot will secure the freehold, subject to a lease being in place. A number of the flats have short leases and may wish to extend their lease within the next few years. If the lease expires and no action is taken by the lessee, the property will revert to the freeholder. If between now and the expiration of the lease, the lessee exercises his/her right to request a lease extension, a substantial cost will be paid to the freeholder.
The property is currently collecting the following income:
Service charge £9,600 per annum
Ground rent: £800 per annum
The building is situated in a desirable area in the City of Newport and is a short distance from the city centre. Newport bus and train station are both approximately a 10 minute drive.
Column 1 | Column 2 | Column 3 |
---|---|---|
PROPERTY | FLOOR | LEASE TERM |
Flat 1 | Ground Floor | 99 years from 01.01.1985 |
Flat 2 | Ground Floor | Start 01.01.1985 - End 31.12.2174 |
Flat 3 | Ground Floor | 99 years from 01.01.1985 |
Flat 4 | Ground Floor | Start 01.01.1985 - End 31.12.2174 |
Flat 5 | First Floor | 99 years from 12.07.1991 |
Flat 6 | First Floor | Start 01.01.1985 - End 31.12.2174 |
Flat 7 | First Floor | 132 years from 16.06.2017 |
Flat 8 | First Floor | 132 years from 16.06.2017 |
Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £1,200) including VAT unless otherwise stated.
Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
As a trusted partner of Paul Fosh Auctions, Together could offer the auction finance you need, when you need it. Visit togethermoney.com for more information.
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