For Sale,  

25% Share of Freehold, Flat 4, 103 Blackheath Park, London

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Features

  • Reversionary residential investment
  • 25% share of freehold for sale
  • Flat 4 lease ext. cost £225k to £245k
  • Potential profit £50,000 to £75,000
  • Payable to 25% shareholder
  • Flat 4 lease length - 37 years unexpired
  • Flat 4 lease date -19 June 1957
  • Flat 4 Ground rent - £25 per annum

Address

Flat 4, 103 Blackheath ParkLondonSE3 0EU
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Property Details

•25% share of freehold for sale
•Reversionary residential investment
•Lease extension costs payable to 25% share of freehold owner
•Flat 4 lease date -19 June 1957
•Flat 4 Ground rent – £25 per annum

A unique opportunity to purchase a 25% share of the management company, which owns the freehold of 103 Blackheath Park, London SE3 0EU.

The 25% share in the management company is associated with Flat 4, 103 Blackheath Park. The long leasehold of Flat 4, 103 Blackheath Park is currently under separate ownership.

The premium cost of extending the long leasehold interest of Flat 4, 103 Blackheath Park is payable ONLY to 25% share of freehold associated with Flat 4, 103 Blackheath Park.

The management company has the ability to extend any of the leases for a nominal amount, plus the cost of reasonable management company legal fees.

The management company is '103 Blackheath Park Property Management Company Limited'.

Cost of Lease Extension

Our calculations confirm that the cost of the lease extension will be in the region of £225,000 to £245,000.

Lease Extension Process

If the owner of the long leasehold interest of Flat 4, requires an extension of their lease, the 25% share of freehold owner, can either sell their 25% share in the management company to the long leaseholder of Flat 4, which will give them the right to extend their lease for a nominal amount, or the cost of the lease extension can be negotiated between the 25% shareholder and the owner of the long leasehold interest.

In the event that the cost of the lease extension cannot be negotiated between the 25% share of freehold owner and the long leasehold owner, the Leasehold Reform Housing and Urban Development Act 1993 sets out the procedure for a statutory lease extension, and if required, the valuation tribunal will decide on the cost of the lease extension. In any event the full amount of the cost of the lease extension will be payable to the 25% share of freehold owner associated with Flat 4.

Buyer's Premium

To be confirmed.

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