Freehold House split into 5 self-contained Flats and PLANNING APPROVED for an adjacent Detached Bungalow.
PLOT CAN BE SOLD SEPARATELY FOR £90,000
Current Income £24,600 pa.
3 flats sold on long leases. -Flats 1, 4 & 5 sold on long leases Ground Rent - £1,100 pa.
2 flats let on ASTs. - Flat 2 (1 bed) & Flat 3 (studio) currently let for £23,500 pa.
Ample parking
Communal garden
Adjacent Building Plot with Planning Permission for a detached bungalow.
Freehold property including three leasehold flats and two owned and let flats
Flat 1 - Lease 166 years from 1989. Ground rent £150 pa. Ground Floor
Flat 2 - Lease 125 years from 2010. Let £1,095 pcm. Ground rent £400 pa. Ground Floor with patio
Flat 3 - Held within freehold Let £875 pcm. 1st Floor
Flat 4 - Lease 172 years from 2023. Ground rent £150 pa. 1st Floor
Flat 5 - Lease 125 years from 2010. Ground rent £400 pa. 2nd Floor
Position: - Opposite Merstham train station and 100 yards from bus routes and local shops. Accessible to Victoria, Gatwick, Redhill, Croydon etc.
Notes: - Length of leases .
Flat 1. Lease 166 years from 1989. Ground rent £150 pa. G/Floor
Flat 2. Lease 125 years from 2010. Let £1,095 pcm. Ground rent £400 pa. G/Floor with patio.
Flat 3. Held within freehold Let £875 pcm. 1st Floor
Flat 4. Lease 172 years from 2023. Ground rent £150 pa. 1st Floor
Flat 5. Lease 125 years from 2010. Ground rent £400 pa. 2nd Floor
The percentage of service charges for the flats are:- Flat 1 – 35% Flat 4 – 25% Flat 5 – 20% Landlord makes up balance from Flats 2 & 3 Studio flat let @ £925 pcm
Managing agent is freeholder. The leaseholders are jointly responsible for all works. The flats have their own Titles as does the Freehold. Leaseholders are responsible for their own windows.
I’ve outlined below what is included in the sale 1. The Freehold of the house split into 5 self-contained flats and large garden. Income is around £1,100 per annum from ground rent.
2. 2 of the flats Flat 2 (1 bed) & Flat 3 (studio) are owned by our client, the freeholder. Together they would fetch around £300,000 and can be let for around £27,000 pa.
3. Part of the garden (and double garage) has Planning Permission for a detached bungalow