2 bedroom flat for sale

Overview

Guide Price = £200,000+ **For Sale By Public Auction 11th September 2024 09:30 AM To inspect the legal documents for this property go to our website to download the legal pack** A First Floor Two Bedroom Flat Subject to an Assured Shorthold Tenancy Producing £20,700 Per Annum Tenure Leasehold. The property is held on a 125 year lease from 24th November 1986 (thus approximately 87 years unexpired). Location The property is situated on a residential road close to local shops and amenities. The open spaces of Hackney Downs Park are within easy reach. Transport links are provided by Hackney Downs overground and rail stations. Description The property comprises a first floor two bedroom flat situated within a mid terrace building arranged over ground and three upper floors. Accommodation First Floor Reception Room Kitchen Two Bedrooms Bathroom Tenancy The property is subject to an Assured Shorthold Tenancy at a rent of £1,725 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.