A 1 bedroom ground floor flat (424 sq ft) requiring complete refurbishment. Development potential, vacant.

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Description/Location

Ideally situated in the city centre, we estimate the current rental value is circa £650 pm / £7800 pa.

There is a formal agreement in place that the lease may be extended to a new term of 110 years for a premium of £6,850 plus the freeholders legals costs of £750 plus VAT, subject to the buyer giving notice prior to the sellers solicitor prior to 3pm on Friday the 15th of December 2023 and with completion of the deed of variation to take place concurrently with the purchase of the current leasehold.

Tenure

Leasehold: 99 years from 01/01/2002 (77 years unexpired), ground rent £50 pa
Energy Rating: D
Council Tax: Not registered

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*Guide Price & Reserves

Generally speaking Guide 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. Virtually every 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.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.