A Vacant Lower Ground Floor One Bedroom Flat

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

Tenure

Leasehold. The property is held on a 125 year lease from 29th September 1983 (thus approximately 85 years unexpired). A section 42 notice to extend the lease has been served on the freeholder, the rights of which will be assigned to the incoming buyer.

6 Week Completion Available

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Cleveland Square are within easy reach. Transport links are provided by Paddington underground station (Bakerloo, District and Circle lines).

Accommodation

Lower Ground Floor Reception Room Kitchen Bedroom Bathroom GIA approx. 503 sq. ft

Exterior

The property benefits from a rear patio garden.

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 C

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 £1,800 inc VAT

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