Lot 95

42-65 & 76-94 Monarch Parade, London Road, Mitcham, CR4 3HB

£46,000 Result

Images Map view Street view

Lot 95

42-65 & 76-94 Monarch Parade, London Road, Mitcham, CR4 3HB

How to bid?

Our system has detected that JavaScript is disabled. JavaScript is required for this website to display bidding information properly. Please enable JavaScript on your browser to receive live bidding information or to be able to bid.

.bidding-frame { display: none; }

Loading the bidding panel...

Legal documents

You are advised to download and read the legal documentation prior to bidding.

Agreement Documents

Additional Documents

Legal documents

You are advised to download and read the legal documentation prior to bidding.

Head Leasehold Ground Rents and Six Lock-Up Garages

Local Authority

London Borough of Merton

Description

Situated on London Road, close to local shopping/travelling facilities including Mitcham Eastfields and Tooting Train Stations. Mitcham Common is also nearby.

The property comprises a Head Leasehold Ground Rent Investment secured upon 42 Flats and Six Garages with schedule as follows:

Flats (42,43,46,47,49,50,51,52,53,54,55,57,58,59,
60,61,62,63,64,65,77,80,81,82,83,84,85,86,
87,88,90,91,92,93,94).

Each on a 999 year lease from 1991/1992/1993 at a ground rent of £50 per annum rising. (please see legal pack for exact lease schedules).

Flat 44. 99 years from 30th June 2010 at a ground rent of £100 per annum rising. Valuable reversion in approximately 83 years

Flat 45. 99 years from 28th May 2013 at a ground rent of £100 per annum rising. Valuable reversion in approximately 86 years

Flat 48. 99 years from 27th May 2009 at a ground rent of £100 per annum rising. Valuable reversion in approximately 82 years

Flat 56. 189 years from 8th May 2000 at a peppercorn ground rent.

Flat 78. 99 years from 12th May 2006 at a ground rent of £100 per annum rising. Valuable reversion in approximately 79 years

Flat 79. 99 years from 25th February 2005 at a ground rent of £100 per annum rising. Valuable reversion in approximately 78 years

Flat 89. 125 years from 1st July 2022 at a ground rent of £200 per annum rising.

Six Lock-Up Garages

Garage 7 – Vacant Possession

Garage 11 – Let at £60 per calendar month

Garage 11(D) - Vacant Possession

Garage 19 - Let at £30 per calendar month

Garage 24 - Vacant Possession

Garage 26 - Let at £50 per calendar month

Head Leasehold. The property is held on a lease for a term of 250 years from 11th March 1997 (thus having approximately 221 years unexpired) at a peppercorn ground rent.

Producing a Total of £5,180 per annum and in addition Three Vacant Lock-Up Garages

In accordance with Section 5(B) of the Landlord and Tenant Act 1987 notices have been served on the lessees. The lessees have not reserved their rights of first refusal.

Lease Start Date

11/03/1997

Lease Duration

250 years (221 years unexpired)

Important Information

Additional Fees

Each successful bidder will be required to pay the Auctioneers McHugh & Co., a non-refundable buyer's fee of £1,500 inclusive of VAT. Lots sold for less than £10,000 the buyer’s fee will be £500 inclusive of VAT.
The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the special conditions of sale. Buyers are deemed to bid in full knowledge of this.

Viewing property

Each lot is sold in its actual condition and state of repair and the buyer shall be deemed to have surveyed and inspected the lot prior to the auction. For the avoidance of doubt, purchasers shall raise no objection or recourse to McHugh & Co as to the structure or condition of a property and its state of repair. McHugh & Co give no warranty or guarantee as to the structure, condition or issues of a property. This is in reference to (a) the state of the structure of any property or the working condition of any fixtures, fittings, heating systems, appliances or other items included in the sale of any property and (b) the type of the structure or whether such structure is adequate or property constructed. For purchasers requiring funding by mortgage or other means, they are advised to organise this in advance of the auction and shall raise no objection or recourse to McHugh & Co over whether a property is suitable for their lenders criteria.

Buying at auction

The successful bidder is under a Binding contract as soon as the Auctioneer's electronic gavel falls on his/her Bid. Upon a successful bid, the bidder’s card will be automatically debited for the bidder security amount, which is considered as a whole or contribution towards the deposit. The bidder security amount is non-refundable upon a successful bid. The bidder/purchaser will be required to pay the balance for the 10% deposit of the purchase price subject to a minimum deposit of £5,000 whichever is greater and buyers fee within 24 hours of the auction date. The completion date is set usually within 20 working days of the auction date. The timeframe for completion on individual lots may vary, please read the special conditions of sale within the legal documentation.

Guide price and Reserve price

Guides prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide. Guide prices will be continually updated on our website up until the day of the auction.

Legal Documents

Each purchaser shall be deemed to have read the legal documents or provided the legal documents to their legal representatives for advice on the lot they are intending on purchasing which has been made available on our website. The purchaser shall be deemed to have raised any enquiries with the vendors solicitors that a prudent purchaser would make. The purchaser is deemed to have read the special conditions of sale associated with the sale of the lot and bid in full knowledge of this and the legal documents prior to bidding.

How do I bid?