The entire property is subject to a single lease in favour of the management company for a term of 250 years from 1 January 2016 at a current ground rent of £13,000 per annum rising every 25 years by RPI.

The property comprise 44 living spaces with six retail/commercial units on the ground floor.

The entire property is subject to a single lease in favour of the management company for a term of 250 years from 1 January 2016 at a current ground rent of £13,000 per annum rising every 25 years by RPI.

PLEASE NOTE

• The rent payable under the management company lease is the aggregate of the yearly rent reserved under the “flat leases” as reviewed from time to time.
• The “flat leases” are defined as those leases set out in Schedule 1 to the lease, a copy of which is included in the legal pack. The schedule lists all of the residential flat leases and the commercial leases. In respect of the latter, however, the schedule lists specific commercial leases, some or all of which have now expired.  Therefore, there is a question as to whether the rent of any new commercial leases forms part of the rent payable under the management company lease.   
• The residential flat leases are subject to review every 25 years from the commencement of each lease term. As all lease terms commence on or after 1 January 2016, no rents have yet been subject to review. 
• The freeholder insures and manages the property.