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One of the bedroom areas. A three-bedroom home in one of the most expensive parts of London has been put on the market for just £575,000. But the “unmodernised” maisonette in Knightsbridge comes with a catch – it only has THREE YEARS left on the lease. In what is an incredibly rare occurrence, the owner of the property has let the lease run down and the longer a lease is left, the higher a premium the freeholder can demand. So they have now put the property, in exclusive Egerton Place, on the market with Russell Simpson for £575,000. With three years left on the lease, it works out at £191,000 per year, or 15,000 per month – which is around the going rate for renting a three-bedroom flat in the area. But if any buyer decides to extend the lease, the property could be worth upwards of £6 million. *** Local Caption *** Byline Russell Simpson/swns.com
One of the bedroom areas. A three-bedroom home in one of the most expensive parts of London has been put on the market for just £575,000. But the “unmodernised” maisonette in Knightsbridge comes with a catch – it only has THREE YEARS left on the lease. In what is an incredibly rare occurrence, the owner of the property has let the lease run down and the longer a lease is left, the higher a premium the freeholder can demand. So they have now put the property, in exclusive Egerton Place, on the market with Russell Simpson for £575,000. With three years left on the lease, it works out at £191,000 per year, or 15,000 per month – which is around the going rate for renting a three-bedroom flat in the area. But if any buyer decides to extend the lease, the property could be worth upwards of £6 million.