Tamarisk, Manor Road, East Preston – Success Story
% of asking price achieved: 100 %
Sold Price: £250,000 – Full asking price
Received an offer in: 5 days
Number of viewings: 12
Number of offers: 2
Address: Manor Road, East Preston
Property type: A two bedroom apartment
Owner’s reaction: Overjoyed
If you need to sell or let your apartment – speak to us first.
We’ve sold many in this development in the past including No.3, 7, 8, 9 & 19
East Preston Film Night sponsored by Cooper Adams Estate Agents presents – The Imitation Game
Benedict Cumberbatch stars in the suspenseful true story of wartime code-breaker Alan Turing. During WWII, the German Enigma machine successfully encrypts Nazi messages. Brilliant mathematician Alan Turing (Benedict Cumberbatch) is recruited by MI6 boss Stewart Menzies (Mark Strong) to join Britain’s top-secret Government Code and Cypher School at Bletchley Park. Together with a motley crew that includes his friend and fellow cryptanalyst Joan Clarke (Keira Knightley), he races against time to crack the code. It’s a vital task, with thousands of Allied lives at stake. ‘Headhunters’ director Morten Tyldum ratchets up the tension as the code-breakers set to work. He also traces other key events in Turing’s life, from his unhappy boarding school years to his later persecution by the British establishment. This is a fascinating insight into the work and complex life of the man credited with significantly shortening the war. The excellent supporting cast includes Charles Dance and Matthew Goode.
What is a Ground Rent?
A Ground Rent is the annual sum of money paid by the leaseholder to the landlord after the leaseholder has been granted a lease allowing possession of a physical space in the landlord’s building.
In layman’s term the physical space would normally be a flat in a residential building and the lease a one inch thick legal document signed by both landlord and lessee.
You are in effect paying a small yearly rent for your building on someone’s land. Some freeholders do not collect the payment and if you are asked to pay back payments the maximum by law is the last six years.
The lease which is normally for 99 or 125 years outlines the obligations for both parties and will usually state the price originally paid for the flat.
The lessee will be legally obliged to pay the ground rent strictly in accordance with the terms of the lease.
The amount of Ground Rent due can vary in each property. For example a 2 bedroom flat held on a 99 year lease granted in 1962 may have a ground rent due of only £10 per annum paid annually in arrears. However, a 2 bedroom flat held on a 99 year lease granted in 2003 could easily have a ground rent of £200 per annum paid annually in advance.
On a newly built block of flats the developer will decide what annual ground rent to impose on each flat together with an asking price.
All flat buyers would therefore be well advised to take detailed legal advice on their leasehold obligations before purchasing a flat in a residential development.
Information courtesy of sinclairproperty.co.uk
The value of a leasehold apartment or flat can vastly vary according to the length of your lease. All buyers and their solicitors prefer a longer lease.
Many times the value can be increased more than the cost of the lease. Some lenders will not deal with leases less than 80 years remaining, this will reduce your amount of potential buyers together with their offers and therefore a lower final price.
If you ask your managing agents or freeholder directly for a price to extend or a new lease the fees could be sky high.
Each year that passes by, the revised lease cost increases at a steeper angle.
At Cooper Adams we work alongside a Chartered surveyor who specialises in this and covers the whole of Sussex. Their fee will easily outweigh what they can save you.
Their job is to get a longer lease for you at the best price, they will advise you the likely total cost including the fee compared the total cost going directly to the freeholder before they commence any work.
Their areas of expertise are Worthing, Goring, Littlehampton, Rustington, Lancing, Shoreham, Ferring, East Worthing, Broadwater, Angmering, East Preston, Durrington, Findon, West Worthing and many areas around.
Please contact us for a free no obligation chat and how we can help – 01903 770055. We will need the value of the property, term left on the lease and current ground rent cost.