A Ground Floor One Bedroom Flat

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

Tenure

Leasehold. The property is held on a 99 year lease from 24 June 2006 (thus approximately 80 years unexpired).

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of King Edwards Memorial Park are within easy reach. Transport links are provided by Stepney Green underground station (Hammersmith & City line) and Limehouse rail station.

Accommodation

Ground Floor Reception Room with Open-Plan Kitchen Bedroom Bathroom

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.

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.