COLCHESTER ESSEX FREEHOLD 3 flats (sold on Lease) plus newly built building.

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Seller: seltygradus ✉️ (911) 100%, Location: Colchester , GB, Ships to: GB, Item: 266492778300 COLCHESTER ESSEX FREEHOLD 3 flats (sold on Lease) plus newly built building.. PLEASE READ THE FOLLOWING CAREFULLY FOR SALE all the shares of a recently formed UK LIMITED COMPANY of which the sole asset is the Freehold land, plan shown above. This consists of the flats and a recently constructed detached building. The 3 Detached flats ( 1 X 2 BEDROOM AND 2 X 1 BEDROOM) built in around 1989 were sold off then on 99 year leases. They therefore have 60 odd years left on the leases which is not very long in property terms and they will start to become difficult to mortgage shortly. If the tenants want a new longer lease then they have to apply to the Freeholder for an extension and this is usually agreed at 50% of the difference between the short and long leases.We would estimate the difference around £50k per flat. Obviously the longer time passes then the leases are getting shorter and this makes the figure larger. Alternatively the Freeholder can wait until the flats come up for sale and buy them and grant a new long lease and then sell them off. The ground rent is very small and the insurance of the building and maintenance is fully recoverable from the tenants. The roof space of the building has no lease and it may be possible to put another 1 or 2 flats there subject to planning permission. We built a nice detached building on a part of the site which is not affected by the leases of the 3 flats. We built it as a store believing that we did not need planning under permitted development. However, this was incorrect and we did. We then put in for change of use of the property to a residential bungalow. This was refused and we went to appeal but this has just been refused as well. Therefore, we are now putting in for retrospective planning consent shortly (we have 3 months to do this) for use as a lock up store. You will see that there are roller shutters and also stairs up to a mezzanine floor. In view of this we are now reducing the price of the property drastically for a no nonsense sale. So its an interesting site and is for sale due to retirement. The property will NOT be split as we then have to serve Section 5 notices on the tenants and this can take time. The sale of the shares of the Company will be dealt with through either our solicitors or accountants. There is only one half percent stamp duty payable. Please as if you have any questions. This consists of the flats and a recently constructed detached building. The roof space of the building has no lease and it may be possible to put another 1 or 2 flats there subject to planning permission.
  • Condition: New Build building and 3 Existing Flats
  • Building Feature: Detached
  • Sort By: For Sale
  • Property Type: Land
  • Private / Estate agent: Private
  • Location: Colchester Essex

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  •  Popularity - 19 watchers, 0.5 new watchers per day, 38 days for sale on eBay. Super high amount watching. 1 sold, 0 available.
  •  Best Price -
  •  Seller - 911+ items sold. 0% negative feedback. Great seller with very good positive feedback and over 50 ratings.

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