Commercial Property for sale

Orchard Lane, Ledbury

Sold STC £40,000

Property Description

Full description

Sunderlands & Thompsons have been favoured with instructions to offer for sale by Private Treaty a freehold investment opportunity comprising the freehold interest in two blocks of flats, subject to the existing long leases.
The two blocks were constructed in 1984 by the current Vendor, each flat being sold on a 99 year Lease from 11th April 1984, there is therefore currently 67 years unexpired on each property.

The Flats: - Each Flat has an obligation to pay a ground rent to the freehold owner, the details of which are as follows:-

Flats 5, 6 & 7 - £25 per annum with no provision for increase.

Flats 8, 9 & 10 currently £33 per annum increasing to £60 per annum on 11th April 2017 with a further increase to £120 per annum on 11th April 2050.

Tenure - All occupiers obviously have full security of tenure, details of individual Leases are available upon request.

Common Areas - Common areas comprise the Entrance Hall, stairways, external garden area and allocated parking.
There is no Management Company in place. The freehold owner currently undertakes any maintenance work and recharges the costs under the terms of the Lease.
The access road is within the ownership of the freehold title however there is a share of maintenance responsibility between the eleven users. The property known as Time Bank and 1-4 The Mews having 1/11th maintenance obligation.

Insurance - The current freehold owner insures the properties and re-charges the premium on a pro-rata basis to the current occupiers.

Lease Extensions - Under the Leasehold Reform Housing & Urban Development Act 1993, provision is made for tenants of properties with a long Lease (for a term of over 21 years) to extend their Lease for an addition of 90 years subject to following the valuation formula and procedures set out within the Act.

This provision is made available to all tenants to enforce and the Landlord must grant the extension. Our experience has shown that most tenants with Leases of 70 years or less will wish to go down this route at some stage and the shorter the Lease the higher the premium to be paid to the Freeholder.

The process cannot be triggered by the Freeholder and of course if it is not triggered during the term of the Lease, the property reverts to the Freeholder.

Viewing - By visiting the properties at any reasonable time, although no internal access of the flats is available as it is the freehold interest that you are purchasing.

Vendors Solicitors - Messrs Lambe Corner Solicitors, 36/38 Bridge Street, Hereford HR4 9DJ Tel: 01432 355301

None of these statements contained in these particulars are to be relied upon as statements or representations of fact. These particulars are not an offer or contract or part of one. Floor plans are provided for guidance as to the layout of the property only. Room sizes and measurements are approximate only. Please note we have not tested the equipment, appliances and services in the property and interested parties are advised to commission appropriate investigation before formulating their offer.

Sunderlands are a member of the Ombudsman for Estate Agents Scheme and therefore adhere to their Code of Practise. A copy of the Code of Practise is available on request.


More information from this agent

Nearest stations

  • Ledbury (0.3 mi)
  • Colwall (4.0 mi)
  • Great Malvern (6.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Sunderlands, Hereford

Offa House, St. Peters Square, Hereford, HR1 2PQ

01432 486022 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Ledbury (0.3 mi)
  • Colwall (4.0 mi)
  • Great Malvern (6.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Sunderlands, Hereford

Offa House, St. Peters Square, Hereford, HR1 2PQ

01432 486022 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 26382029. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Sunderlands, Hereford. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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