House For Sale £25,000
Reversionary freehold interest only.
Subject to long Leases of three separately owned flats
Situation
Hunderton Road lies approximately 2 miles south of Hereford City Centre.
Description
76 Hunderton Road is a property that is sub-divided into three self-contained flats all of which are individually owned on long Leases. Our Client owns the freehold reversionary interest. The Freeholder is entitled to receive an annual ground rent. Their obligations are to insure the property, carry out all maintenance and repair and re-charge the costs to the three Leaseholders.
Each of the three flats will at some stage require extension to their Leasehold interest. They are entitled to apply for extension and negotiate the premium with the Freeholder. The Freeholder cannot deny them the right as long as they are qualifying Leaseholders.
Tenure
As mentioned it is only the freehold interest that we are offering for sale. The following is the schedules of Leases based upon Land Registry entry.
Title documents for each are available on request.
Management Company
There is no Management Company established at the moment. Our Client administers the ground rents, insurance and service charge although recently he has not apportioned costs.
That being said, the right exists within the Leases granted to the Leaseholders to recover insurance monies, ground rent, maintenance to common areas and any repair, by way of a service charge. The fact that it has not been charged in the past does not prevent it being charged going forward. The Purchaser must make up their own minds whether they need to create a Management Company or administer as individual Freehold owner.
Leasehold Enfranchisement
Statutory provisions exist under the Leasehold Reform, Housing and Urban Development Act 1993 which would permit Leaseholders to collectively acquire the freehold interest.
Our understanding is that the Leaseholders in this case do not wish to acquire the freehold, indeed two of the Leasehold interests are currently available for sale.
However, it will be necessary for the Freeholder to serve Notice upon the Leaseholders granting them first option to acquire. In the likely event that they do not elect to take that option the Freeholder is free to dispose of the property on the open market.
Viewing
No access is required to the Leasehold flats as they are not part of the sale. Potential Purchasers are welcome to carry out any external inspection but should first register with us and also respect the right to privacy of the occupiers.
Purchase Price
Offers in the region of £25,000.
Vendor's Solicitors
Andrew Johnson, Humfrys and Symonds, 1 Saint John Street, Hereford, HR1 1nd. Telephone: ; email:
Further details and all negotiations contact John Dillon at Sunderlands llp. Telephone: ; email:
Subject to long Leases of three separately owned flats
Situation
Hunderton Road lies approximately 2 miles south of Hereford City Centre.
Description
76 Hunderton Road is a property that is sub-divided into three self-contained flats all of which are individually owned on long Leases. Our Client owns the freehold reversionary interest. The Freeholder is entitled to receive an annual ground rent. Their obligations are to insure the property, carry out all maintenance and repair and re-charge the costs to the three Leaseholders.
Each of the three flats will at some stage require extension to their Leasehold interest. They are entitled to apply for extension and negotiate the premium with the Freeholder. The Freeholder cannot deny them the right as long as they are qualifying Leaseholders.
Tenure
As mentioned it is only the freehold interest that we are offering for sale. The following is the schedules of Leases based upon Land Registry entry.
Title documents for each are available on request.
Management Company
There is no Management Company established at the moment. Our Client administers the ground rents, insurance and service charge although recently he has not apportioned costs.
That being said, the right exists within the Leases granted to the Leaseholders to recover insurance monies, ground rent, maintenance to common areas and any repair, by way of a service charge. The fact that it has not been charged in the past does not prevent it being charged going forward. The Purchaser must make up their own minds whether they need to create a Management Company or administer as individual Freehold owner.
Leasehold Enfranchisement
Statutory provisions exist under the Leasehold Reform, Housing and Urban Development Act 1993 which would permit Leaseholders to collectively acquire the freehold interest.
Our understanding is that the Leaseholders in this case do not wish to acquire the freehold, indeed two of the Leasehold interests are currently available for sale.
However, it will be necessary for the Freeholder to serve Notice upon the Leaseholders granting them first option to acquire. In the likely event that they do not elect to take that option the Freeholder is free to dispose of the property on the open market.
Viewing
No access is required to the Leasehold flats as they are not part of the sale. Potential Purchasers are welcome to carry out any external inspection but should first register with us and also respect the right to privacy of the occupiers.
Purchase Price
Offers in the region of £25,000.
Vendor's Solicitors
Andrew Johnson, Humfrys and Symonds, 1 Saint John Street, Hereford, HR1 1nd. Telephone: ; email:
Further details and all negotiations contact John Dillon at Sunderlands llp. Telephone: ; email:
