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" Guide Price £25,000

For Sale By Public Auction 22nd May 2024 10 00 AM To inspect the legal documents for this property go to our website to download the legal pack

A Vacant Ground Floor One Bedroom Flat

Tenure
Leasehold. The property is held on a 79 year lease from 24th June 1948 thus approximately 2 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.

Location
The property is situated on a residential road close to local shops and amenities. The open spaces of Dane Park are within easy reach. Transport links are provided by Margate rail station.

Description
The property comprises a ground floor one bedroom flat situated within an end of terrace building arranged over lower ground, ground and three upper floors.

Accommodation
Ground Floor
Reception Room
Kitchen
Bedroom
Bathroom
Loft Room

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.

EPC Rating
C "