One Bedroom Flat for Auction London SE25 UNSOLD, CONTACT AUCTIONEER FOR RESERVE PRICE/AVAILABILITY STATUS

Guide Price £100,000+. The property comprises a first floor one bedroom flat situated within an end of terrace building arranged over the ground and two upper floors. The property is held on a 99 year lease from 25th March 1983 (thus approximately 57 years unexpired). Requiring refurbishment throughout. 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.