Willoughby Mews, Willoughby Lane, London, N17 0YH - Online Auctions

The property comprises a first floor studio flat situated within a purpose built building arranged over ground and two upper floors. The property requires a program of refurbishment. First Floor Studio Room Kitchen Bathroom Leasehold. The property is held on a 99 year lease from 25th March 1984 (thus approximately 58 years unexpired ). 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. D £1,560 INCL VAT £1,500 INCL VAT