A rare opportunity to acquire a property for renovation/ redevelopment on a plot of over 2.3 acres in a rural yet very accessible location to the west of the city of Hull. Ivy Cottage is a detached house providing 3 bedroomed accommodation of about 900 sq ft/ 84 sq m + attached outhouses which is understood to have been developed from a pair of semi-houses in the mid 1950s and now requires extensive repair and improvement. Mature gardens of about half an acre are both private and secluded and include a static home which could provide accommodation pending works being completed on the house. Grass paddocks adjacent are ideal for equestrian or hobby farming use and enjoy aspects overlooking surrounding countryside.
LOCATION
The property set in undulating countryside within the southern part of the Yorkshire Wolds, about 1.5 miles from the A164 which provides excellent road links to areas in Haltemprice, west of Hull, to the Humber Bridge and A63/M62 (approx 5 miles) and to Beverley and York. A wide range of shopping, schools and other amenities are available within the suburban areas of Cottingham and Willerby, whilst it is about 7.5 miles to the city centre.
THE ACCOMMODATION COMPRISES:
GROUND FLOOR
Storm Porch, Entrance Hall, Living Room, Kitchen, Utility/Store, Garage.
FIRST FLOOR
Landing, Two Double Bedrooms, One Single Bedroom, Bathroom, Separate WC.
EXTERNAL
Private entrance drive. Grassed gardens to the north and south of the house include trees and a block of dilapidated timber stables. Static Caravan (11.28m x 3.66m / 37.0" x 120") includes living room with kitchen area, three bedrooms, shower room and WC. Two grass paddocks totalling 1.86 acres.
Services: Mains water and electricity. Private drainage system.
Council Tax
Council Tax is payable to the East Riding of Yorkshire Council. From verbal enquiries we are advised that the property is shown in the Council Tax Property Bandings List in Valuation Band D.
Tenure
Freehold. Vacant possession upon completion.
Viewings
Strictly by appointment with the auctioneers on 01482 866844.
Solicitors
Paul Harrison, Jane Brooks Law, 112 King Street, Cottingham, HU16 5QU. Telephone: 01482 848101.
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 4th July 2022 and closing on Wednesday 6th July 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 auctioneers offices, with the solicitors and on-line at www.auctionhouse.uk.net/hullandeastyorkshire prior to the date of the auction.
Guide Price
*Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each 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.
Additional Fees:
The purchaser will be required to pay an administration charge of 0.3% of the purchase price subject to a minimum of £750 (£625 plus VAT) and a buyers premium of £480 (£400 plus VAT) in addition to the purchase price of the property. Please see the legal pack for any disbursements that may become payable by the purchaser on completion.
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 : Freehold
Council Tax Band : D
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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