Lot 71

St. Johns Court, Finchley Road, Hampstead, NW3 6LL

£300,000+ Guide Price (plus fees)

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Lot 71

St. Johns Court, Finchley Road, Hampstead, NW3 6LL

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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.

Headlease Ground Rent and Porters Flat Investment

In Same Ownership for
Approximately 36 Years

Local Authority

London Borough of Camden

Description

Conveniently situated between Goldhurst Terrace and Canfield Gardens in this sought after area, close to a good range of shops and travelling facilities including Finchley Road Underground Station (Jubilee and Metropolitan Lines) and South Hampstead Overground Station.

The property comprises a Leasehold Ground Rent Investment amounting to £4,120 per annum.

The net rent is £2,611 per annum after the ground rent to the head lease is paid.

Head Leasehold. The property is held on a lease for a term of 125 years from 25th December 1981 (thus having approximately 80 years unexpired) at a current ground rent of £1,509 per annum paid to Waitrose (who have a superior lease).

The residents management company is responsible for the repair and maintenance of the building.

Flat 8 (Porter’s Flat of approx 579 sq ft) with accommodation comprising:

• Entrance Hall
• Reception Room
• Bedroom
• Kitchen
• Bathroom/WC

Held on a long lease dated 13 November 2023 for a term expiring on 1st December 2196. The use under the lease is as a porter’s flat.

Let on a tenancy to the management company at £2,094.14 per calendar month with rent reviews annually at RPI. (Equivalent to £25,129.68 per annum) expiring on 31 January 2030.

Note 1: There are currently 31 Flats with approximately 80 years remaining on the leases. A Full Ground Rent Schedule is available within the Legal Pack.

Note 2: A significant opportunity exists to unlock additional value through rooftop development, with the potential to create further accommodation, subject to obtaining the necessary planning permission and all required statutory consents.

Note 3: There is a Vodafone telecoms lease currently holding over at £16,000 rent per annum with 50% of this rent due to the head lessee subject to demand by the head lessee. The head lessee have not demanded for the last circa 2 years.

Producing £35,740.68 per annum

Lease Start Date

25/12/1981

Lease Duration

125 years (80 years unexpired)

Time left

I have read and understood the terms and conditions of business

I have taken professional advice as to the contents of the legal pack

I am in a position to exchange contracts within the prescribed time frame if my offer is accepted

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A full list of all bids placed is displayed in the bid history table.

Maximum (Proxy) Bids

You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose. You also have the option to decrease your proxy bid.

If two or more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.

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Reserve Prices

Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for). When you submit a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.

If your maximum bid is below the reserve price

The system will place an immediate bid at your maximum bid amount.

If your maximum bid is at or above the reserve price

The system will automatically increase your bid to be at the reserve, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount).

If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via email so you can place another bid.

NB : Your maximum bid is kept completely confidential – it's presence or amount are not disclosed to the auctioneer, vendor or any other bidder.

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Bidding Example

The current bid on a lot is £90,000. The reserve price has been set at £100,000 (not disclosed).

Tom wants to bid. The minimum bid amount is £91,000 but Tom decides to place a maximum bid of £97,000. This is below the reserve price, so the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at £97,000.

Jane logs on to bid. The minimum bid amount is £98,000 but Jane places a maximum bid of £105,000. The system automatically increases Jane's bid to meet the reserve and she is now the highest bidder at £100,000.

Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for £100,000.

Tom places a bid of £101,000, and Jane’s proxy bid instantaneously outbids him at £102,000 as this is the lowest bid required to make her the highest bidder.

Tom then places a maximum bid of £105,000. The current bid jumps to £105,000 with Jane as the highest bidder as she placed a proxy bid for that amount before Tom did.

Tom then places a bid at £106,000 and wins the lot as there are no other bids and it is above reserve.

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Timing and Bid Extensions

Lots will close sequentially in lot number order, with each lot scheduled to close 2 minutes after it's preceding lot. However, these times are subject to change due to the following reasons:

Withdrawn, Postponed and Sold Prior Lots

If a lot is withdrawn, postponed or sold prior before the bidding has started, the system will automatically bring forward the scheduled end times of all succeeding lots to maintain a 2 minute gap between lots closing.

Bidding Extension Window

If a bid is placed within the final 25 seconds of the auction's scheduled end time, the auction will be extended by an additional 25 seconds – known as the 'bidding extension window'.

If a bid is placed in the 'bidding extension window', the countdown clock will immediately reset to 25 seconds again, and the auction will only finish when an entire 25 second bidding extension window passes without any further bids being placed, i.e. 25 seconds of 'bidding silence'.

Changes to the Scheduled End Dates

When an extension window is in progress, the bidding software may push back the scheduled end times of subsequent lots to ensure that lots close consecutively and with a minimum 1 minute duration between each one. When this happens, an advisory note will be displayed on the affected lot(s).

NB : Do not leave placing your bid to the last few seconds. It gives you no advantage, you risk your bid not being received by the server in time and you could lose the lot to another bidder.

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NB: Please note that the way the bidding works may vary slightly from auctioneer to auctioneer. We strongly advise you to read the bidding guide for any auction you plan to bid on.

By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.

Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.

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