Ward and Partners Auctions, Kent

Auction of 11th Feb 2008, lot 22

Flat 10, Richmond House, 9-10 The Parade, Folkestone, Kent CT20 1SL

spacious one bedroom top floor flat property with some period features available at £37,000, currently rented out at £4,160.00 per annum

Hi

Great Find - It must the short lease length putting purchasers off:

Kitchen with wall and floor units, sink and drainer

Lease: 51 years from 25th March 1968

Expires in 2019 so only 11 years left. Not sure what the procedures / cost is for extending the lease. Some investigation might pay off for someone.

Regards

M21er

Presumbly it is this place?
http://www.rightmove.co.uk/viewdetails-166...=1&tr_t=buy

Seems to have a nice roof terrace, with good views.

Wonder why this is cash buyer only .. ah, yes, short lease. Lenders don't like those.

Lenders are generally reluctant to lend if the lease has less than 60 years to run or less than 30 years left to run at the end of the mortgage term. The leasehold and commonhold reform act allows for people purchasing property to extend the lease back to the original term of the lease, and leases are generally issued on a 99 125 or 999 year basis, the question is how much will it cost? This can differ dramatically depending on what services come with the leasehold property - it may be as little as a couple of grand but it could be substantially higher.

best regards
Carrington

The auctioneers are having another go at selling this flat:-

Lot 3, Ward and Partners auction 31st March

for a guide of £27,000

It *could* be a bargain for someone if they can arrange the lease to be extended for a good rate.

But I imagine its up for auction because the current owner can't extend the lease from the lease holder for a reasonable sum.

Nice little hilltop area but parking is impossible. Three minutes walk from the alcoholics pubs and drinking rooms. You are trapped on top of a hill and Folkestone is a den of junkies chavs and a***oles. Rightmove are full of carp. Notice they are getting worse lately.
This will get worse with the rail link opening soon.

Hi

Flat 14 is also for sale in the same block.

Lot 4 - Flat 14, Richmond House

Same problem with the short lease though:

The flat is a spacious three bedroom first floor flat with potential to split to make two flats, subject to all the necessary consents being obtainable.



The accommodation comprises:

Hallway with access to the loft

Lounge with kitchenette

Double bedroom

Double bedroom

Third bedroom

Study recess

Bathroom with pedestal wash hand basin, low level W.C, bath with shower

Lease: 51 years from 25th March 1968



M21er