SHORT DESCRIPTION
For sale by auction on 19th January 2022. Guide Price £40,000 - £45,000.
A top floor two bedroomed apartment situated in Hull City Centre.
DESCRIPTION
ATTENTION INVESTORS! This spacious top floor apartment requiring a programme of internal refurbishment is being offered to the market with vacant possession. The property briefly comprises an entrance hall together with a light and airy open plan living area/kitchen featuring a Juliet balcony which overlooks St. Stephen's Shopping Centre. There are two bedrooms with an en suite shower room to the master, and a bathroom.LOCATION
Within walking distance of all LOCAL AMENITIES including ST. STEPHENS Shopping and Leisure Centre, Railway Station, Hull Royal Infirmary Hospital and the Hull Marina.
ACCOMMODATION
Entrance Hall
Lounge / Kitchen
Bedroom One
En Suite Shower Room
Bedroom Two
Bathroom
Outside
Secured gated parking.
TENURE
We understand the property to be leasehold with 125 years remaining (subject to confirmation by the vendor's solicitors). Ground rent £221 per annum Management fees £407 per quater.
COUNCIL TAX
Council Tax is payable to the Kingston-upon-Hull City Council. The property is shown in the Council Tax Property Bandings List in Valuation Band 'A'. (Verbal enquiry only).
SERVICES
All mains services are connected to the property. None of the services or installations have been tested.
SOLICITORS
To be confirmed.
METHOD OF SALE
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 17th January 2022 and closing on Wednesday 19th January 2022 at 3.00pm. For further legal information relating to this lot please log on to auctionhouse.co.uk/hullandeastyorkshire
CONDITIONS OF SALE
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer's offices, with the solicitors and on-line at www.auctionhouse.uk.net/hullandeastyorkshire prior to the date of the auction.
VIEWINGS:
Strictly by appointment through Auction House Hull & East Yorkshire. Telephone: 01482 866844.
ADDITIONAL FEES
Additional Fees (Including VAT):
Administration Charge - £750
Buyer's premium - £480
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion
ONLINE BIDDING
If you are wanting to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process:
youtube.com/watch?v=ImXr4HXR36c
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 |
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