2 bed flat for sale

42 Summerhill Way, Mitcham, Surrey CR4

Guide Price = £160,000+

**For Sale By Public Auction 15th October 2024 08:45 am. To inspect the legal documents for this property go to our website to download the legal pack**

A First Floor One Bedroom Flat

Tenure
Leasehold. The property is held on a 99 year lease from 1st August 1990 (thus approximately 64 years unexpired).

Location
The property is situated on a residential road close to local shops and amenities. The open spaces of Figges Marsh are within easy reach. Transport links are provided by Mitcham Eastfields rail station.

Description
The property comprises a first floor one bedroom flat situated within a purpose built building arranged over ground and two upper floors.

Accommodation
First Floor
Reception Room
Kitchen
Bedroom
Bathroom

Exterior
The property benefits from a parking space.

Further Information
When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. In most cases, the leaseholder must have owned the property for at least 2 years in order to serve a S42 notice. If you do not fully understand this process, please ask the auctioneers or a solicitor.

Addendum
Please note that this property is subject to a Buyers Premium of £1,540 inc VAT. This is in addition to the buyer's admin fee of £1,500 inc VAT charged by the auctioneers. Both fees are payable to the auctioneers.