image_pdfimage_print

G133: Woodseats Road, Sheffield, South Yorkshire, S8

image_pdfimage_print

Sixty-four Apartments in a GATED PURPOSE-BUILT DEVELOPMENT of five detached buildings

 

sold on 200-year leases from 1st January 2006 at a combined (rising) ground rent of £6,600 per annum,

sixty-two £100 Rents rising by £50, two Rents £200 rising by RPI, each review every 25 years.

 

WITH THE NEXT REVIEW IN SEVEN YEARS (January 2031) – likely to be in region of £10,750.

 

The National Grid is offering a sixty-year Lease on an existing electricity sub-station

at a Ground Rent of £318.18 reviewed every ten years to RPI.

 

Which would increase the current Rent to £6,918.28 per annum.

 

A Lessee owned Management Company Insures and Manages, Lease Covenants provide for

the Landlord… to carry out the Management Company’s obligations under this lease”.

 

EACH LEASE REQUIRES A DEED OF VARIATION as each Lease breaches paragraph 5.14.14 of the CML Handbook (Part 1) – a Lease termination removing the value of land being shared amongst the Lessees. Covenanting “if a start on rebuilding or repair is not possible within three years after damage by an Insured Risk… this lease… automatically ends.”.

Four Leases have been Varied, two at a premium of £2,750 with the ground rent remaining the same, two Varied with no premium but the Ground Rents increasing.

A fifth Variation is going through at £2,750.

 FIFTY EIGHT LEASES REQUIRE A DEED OF VARIATION.

 

The Landlord retains ownership of everything above the ceilings, everything below the floors, the entire building envelope and can Develop as they may think fit.

The Lessees cannot make any alterations without the prior written consent of the Landlord and the Management Company.

 

Section V Notices have not yet been served.

 

Copy documents held electronically:

Executed Lease and Notice of Lease defect information sheet.

Law Society Gazette: Setting the Precedent – Lease defect.

Office Copy Entries & Title Plan.

Certificate of Incorporation for the Management Company.

Proposed Deed of Variation.

 

GUIDE PRICE £150,000

Share This Story, Choose Your Platform!