Being sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid £70,000. This property will be legally prepared enabling any interested buyer to secure the property immediately once their bid/offer has been accepted. Ultimately a transparent process which provides speed, security and certainty for all parties.
Three-bedroom 2 reception rooms family bathroom and ensuite shower room. Ideally located close to City Centre and all amenities. Please note the photographs were taken at the start of the tenancy and may not accurately represent the current condition of the property, viewing is essential.
Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.
This
auction lot is being sold either under conditional (Modern) or unconditional
(Traditional) auction terms and overseen by the auctioneer in partnership with
the marketing agent.
The property is available to be viewed strictly by appointment only via the
Marketing Agent or The Auctioneer. Bids can be made via the Marketing Agents or
via The Auctioneers website.
Please be aware that any enquiry, bid or viewing of the subject property will
require your details being shared between both any marketing agent and The
Auctioneer in order that all matters can be dealt with effectively.
The property is being sold via a transparent online auction.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.
Our verification process is in place to ensure that AML procedure are carried out in accordance with the law.
A Legal Pack associated with this particular property is available to
view upon request and contains details relevant to the legal documentation
enabling all interested parties to make an informed decision prior to bidding.
The Legal Pack will also outline the buyers’ obligations and sellers’ commitments.
It is strongly advised that you seek the counsel of a solicitor prior to
proceeding with any property and/or Land Title purchase.
Auctioneers
Additional Comments
In
order to secure the property and ensure commitment from the seller, upon
exchange of contracts the successful bidder will be expected to pay a
non-refundable deposit equivalent to 5% of the purchase price of the property.
The deposit will be a contribution to the purchase price. A non-refundable
reservation fee of up to 6% inc VAT (subject to a minimum of 6,000 inc VAT) is
also required to be paid upon agreement of sale. The Reservation Fee is in
addition to the agreed purchase price and consideration should be made by the
purchaser in relation to any Stamp Duty Land Tax liability associated with
overall purchase costs.
Both the Marketing Agent and The Auctioneer may believe necessary or beneficial
to the customer to pass their details to third party service suppliers, from
which a referral fee may be obtained. There is no requirement or indeed
obligation to use these recommended suppliers or services.
Tenure : Freehold
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Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
