Property for Auction in London - 283B Malden Road, Cheam, Sutton

A First and Second Floor Five Room Split Level Flat Subject to a Guaranteed Rent Agreement Producing £17,940 Per Annum The property comprises a first and second floor five room split level flat situated within a mid terrace building arranged over ground and two upper floors. Tenure Leasehold. The property is held on a 99 year lease from 25th March 1978 (thus approximately 51 years unexpired ). At the buyer's request a section 42 notice to extend the lease will be served prior to completion, the rights of which would be assigned to the incoming buyer. Location The property is situated on a residential road close to local shops and amenities. The open spaces of Fairlands Park are within easy reach. Transport links are provided by West Sutton rail station. Accommodation First Floor Two Reception Rooms Kitchen Second Floor Three Bedrooms Bathroom Exterior The property benefits from front and rear access. Planning A planning application has been submitted for the property to be converted into two flats. A decision for this application is pending. Auction House London make no representations or warranties with regard to this scheme and/or the validity of the aforementioned application. Buyers must rely on their own enquiries with regard to any development potential, permissions required and previous planning history in respect of this site. Tenancy The property is subject to a guaranteed rental agreement to the council at a rent of £1,495 per calendar month. G.I.A: 933 Sq Ft Further Information 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. If you do not fully understand this process, please ask the auctioneers or a solicitor. Energy Efficiency Rating (EPC) Current Rating C Services Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services. Important Notice to Prospective Buyers: We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others. Additional Fees Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.