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''For Sale By Public Auction 26th June 2024 09:30 AM To inspect the legal documents for this property go to our website to download the legal pack''
A Vacant First Floor Two Bedroom Flat. ERV if Fully Let is £14,958 Per Annum (Reflecting a Gross Initial Yield of 15.7%)
Tenure
Leasehold. The property is held on a 77 year lease from 2nd December 1987 (thus approximately 40 years unexpired). At the buyer‘s request and costs a section 42 notice to extend the lease will be served prior to completion, the rights of which would 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 Old Dagenham Park are within easy reach. Transport links are provided by Dagenham Dock rail station.
Description
The property comprises a first floor two bedroom flat situated within a mid terrace building arranged over ground and two upper floors.
Accommodation
First Floor
Reception Room
Kitchen
Two Bedrooms
Bathroom
Tenancy
The LHA rate for a two bedroom property in the area is £287.67 per week (£14,958.84 per annum) (source: lha-direct.voa.gov.uk).
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.
Open House Viewings:
Viewing Schedule (No Booking Required)
Thursday 13 June 12:15 - 12:45
Saturday 15 June 12:00 - 12:30
Monday 17 June 12:15 - 12:45
Wednesday 19 June 12:15 - 12:45
Friday 21 June 12:15 - 12:45
Saturday 22 June 12:00 - 12:30
Tuesday 25 June 12:15 - 12:45 Back to listing
Full details for 2 Bedroom Flat For Sale in Dagenham
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Description
Guide Price = £95,000+''For Sale By Public Auction 26th June 2024 09:30 AM To inspect the legal documents for this property go to our website to download the legal pack''
A Vacant First Floor Two Bedroom Flat. ERV if Fully Let is £14,958 Per Annum (Reflecting a Gross Initial Yield of 15.7%)
Tenure
Leasehold. The property is held on a 77 year lease from 2nd December 1987 (thus approximately 40 years unexpired). At the buyer‘s request and costs a section 42 notice to extend the lease will be served prior to completion, the rights of which would 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 Old Dagenham Park are within easy reach. Transport links are provided by Dagenham Dock rail station.
Description
The property comprises a first floor two bedroom flat situated within a mid terrace building arranged over ground and two upper floors.
Accommodation
First Floor
Reception Room
Kitchen
Two Bedrooms
Bathroom
Tenancy
The LHA rate for a two bedroom property in the area is £287.67 per week (£14,958.84 per annum) (source: lha-direct.voa.gov.uk).
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.
Open House Viewings:
Viewing Schedule (No Booking Required)
Thursday 13 June 12:15 - 12:45
Saturday 15 June 12:00 - 12:30
Monday 17 June 12:15 - 12:45
Wednesday 19 June 12:15 - 12:45
Friday 21 June 12:15 - 12:45
Saturday 22 June 12:00 - 12:30
Tuesday 25 June 12:15 - 12:45 Back to listing
