Property for saleInvestment Property - Roundham Road, Paignton
Offers in Excess of £25,000
Freehold investment subject to nine long leases (mixture of flats and houses) entitlement to management fees, insurance commissions and other costs and expenses.
Location - The property is situated in the Roundham conservation area within a short walk of Youngs Park, the boating lake, Goodrington beach and the coastal path, Paignton Harbour and the town centre and both situated within approximately 1 mile.
Description - A Freehold investment comprising 7 residential flats, 2 houses, parking and grounds.
Leases - All properties are let on leases for terms of 999 years from January 2004 with no Ground Rents payable. The lessees have covenanted to each pay 1/9 of the lessor's costs in effecting or maintaining the insurance of the building against loss or damage by fire and such other risk as the lessor thinks fit.
Sources Of Income - Under the provisions of the 4th Schedule, the lessees have covenanted to contribute towards costs, expenses and outgoings in respect of the following matters: 1) All costs and expenses incurred by the lessor for the purpose of complying with covenants contained within the lease. 2) All rates, taxes and outgoings payable by the lessor in respect of the building 3) The cost of management of the building. The leaseholders have also covenanted under clause 3F of the standard lease to pay all costs, charges and expenses including solicitors costs and surveyors fees incurred by the lessor for the purpose of preparing and serving a notice under Section 146 of the Law of Property Act 1925. The standard lease makes provision for the landlords to claim costs and expenses incurred through the enforcement of covenants contained within the lease.
Copy Documents Held - Copy lease and copy of HM Land Registry Plan under Title Number DN65236
Purchase Price - Offers in excess of £25,000 for the Freehold Interest
Legal Fees - The purchaser to pay the Vendor's reasonable legal costs in this matter.
VIEWING STRICTLY BY APPOINTMENT WITH AGENTS, IRVINE NOTT LLP. TEL: 01803 295433
These brief details should be read in conjunction with the paragraph set out below.
Irvine Nott LLP, for themselves and for the vendors or lessors of this property, note that: (i) these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract; (ii) no person in the employment of Irvine Nott LLP has any authority to make or give representation or warranty whatever in relation to this property. The fittings, equipment and services have not been tested by the agents.
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