*For Sale By Online PublicAuction 11th September 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 Maisonette
6 Week Completion Available
Tenure Leasehold. The property is held on a 25th March 1935 year lease from 99 (thus approximately 9 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 Colindale Park are within easy reach. Transport links are provided by Colindale underground station (Northern line) and Hendon rail station.
Description The property comprises a first floor two bedroom maisonette situated within an end of terrace building arranged over ground and first floors.
Accommodation First Floor Reception Room Kitchen Two Bedrooms Bathroom
Accommodation Note 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.
The Est. Mortgage is for a 25 years repayment mortgage based on a 10% deposit and a 5.5% annual interest. It is only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.
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