For Sale By Online Auction. Starting Bids £55,000. Terms and Conditions Apply. One bedroom apartment situated in Hull's historic old town, ideally located within walking distance of all amenities including the Paragon Interchange, popular shopping centers, museums, many popular bars/restaurants and Hull College! This property is tenanted and generarting £450.00pcm.
Features include: lounge area with fire surround, modern fitted kitchenette with appliances, double bedroom with fire surround, bathroom with bath/shower over and electric heating. The vendor has confirmed the service and maintenance charges are £95.00pcm and the lease has approximately 136 years remaining.
Auctioneers Additional CommentsPattinson Auction are working in
Partnership with the marketing agent on this online auction sale and are
referred to below as 'The Auctioneer'.
Please be aware that any enquiry, bid or viewing of the subject property will
require your details being shared between both the marketing agent and The
Auctioneer in order that all matters can be dealt with effectively.
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 Auctioneers or the
Marketing Agents website.
Auctioneers Additional Comments
Your details may be shared with
additional service providers via the marketing agent and/or The Auctioneer.
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.
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.
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 of 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 your 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 : Leasehold
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 |
