For sale by online auction on 24th January 2024 - Guide Price £125,000 - £150,000
This exciting development opportunity comprises a former Village School premises that stands in a prominent elevated location on the outskirts of the village affording open views over the surrounding Wolds countryside. Full planning consent has been approved for the Change of use and alterations to school and outbuildings to form 2no. three-bedroom residential dwellings/ holiday cottages with associated landscaping, parking and store area following the removal of a mobile classroom. This unique project enables developers and private buyers the opportunity to create two individual properties in a rural location that can be used for either holiday accommodation or permanent homes for qualifying local residents (see below the planning restrictions paragraph).
Location
Weaverthorpe is a renowned village nestled in the heart of the Yorkshire Wolds Valley. It has the benefit of two public houses and a Post Office. Ideally located 4 miles from the A64, within comfortable commuting distance of Malton, Driffield, Bridlington and Scarborough as well as the larger Cities of Hull and York.
Planning Consent
Full planning consent was granted by North Yorkshire Council on 13th November 2023 under application number ZE23/01597/FUL for Change of use and alterations to school and outbuildings to form 2no. three-bedroom residential dwellings/ holiday cottages with associated landscaping, parking and store area following the removal of a mobile classroom. A copy of the notice of decision and associated plans will be included within the legal pack and are available for download on the planning public access website.
Planning Restrictions
The 2no. units of accommodation hereby approved shall only be used as
(i) A dwellinghouse, subject to the requirements below under condition 4.
(ii) A holiday cottage, subject to the requirements below under condition 5
Condition 4: When in use as a dwelling, the dwelling hereby approved shall only be occupied by a person(s) together with his/her spouse and dependents, or a widow/widower of such a person, who:
or
or
Condition 5: When in use as holiday accommodation, the holiday accommodation hereby permitted shall be occupied for holiday purposes only; and not as a persons sole or main place of residence.
No period of occupancy must exceed a total of 31 days in any one calendar year;
The owners/operators of the holiday accommodation hereby permitted shall maintain an up-to-date register of lettings/occupation and advertising will be maintained at all times and shall be made available for inspection to an officer of the Local Planning Authority on request. The register shall include full details of the following:
Services
Understood to be connected to mains electric, water, and drainage but the services have not been tested. The property is full double glazed and benefits from electric radiator heating.
Tenure
The property is understood to be freehold and offered with the benefit of vacant possession upon completion.
Business Rates
Business Rates are currently payable to North Yorkshire Council. The property has a current rateable value of £6,600.
Viewing
Strictly by appointment with the Auctioneers on 0845 400 9900
Energy Performance Certificate
The EPC will follow.
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 22nd January 2024 and closing on Wednesday 24th January at 1.00pm. 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 auctionhouse.co.uk/hullandeastyorkshire, prior to the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
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.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want 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
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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