For sale by online auction on 20th March 2024 - Guide Price £190,000.
A three/four-bedroom mid-terrace house in need of some attention.
This extended three-bedroom mid-terrace property is situated in a popular and convienient residential area and offers an opportunity for developers and investors to acquire excellent property to renovate and add to their portfolio or flip for profit. The property has previously been let as an HMO and the addition of a single storey room to the rear provides a good communal living space. The property benefits from gas fired central heating and uPVC double glazing to most windows. The property would benefit from some TLC but is considered to be a maneageable project.
LocationSituated in a highly sought-after location, this property benefits from being within close proximity to the East Parade shops and cafes, allowing for easy access to a range of amenities. Families will appreciate the nearby Heworth Primary, Tang Hall Primary, and Archbishop Holgate Secondary school, ensuring a quality education for children of all ages. For those commuting or seeking vibrant city living, the walking distance to the City Centre is a notable feature.
Accommodation
Ground Floor
Entrance Hall
With radiator and staircase leading off.
WC
With low level WC, wash hand basin and extractor fan.
Living Room/Bedroom Four
With double radiator, coving to the ceiling and TV aerial point.
Kitchen
A good sized kitchen fitted with a range of base, wall and drawer units, electric single oven and four ring ceramic hob, one and a half bowl ink with mixer tap, wall mounted gas central heating boiler (not tested), rear entrance door, and single radiator. Utility cupboard with plumbing for an automatic washing machine.
Sitting Room
With French doors and double radiator.
First Floor
Landing
Bedroom One
With single radiator
Bedroom Two
With single radiator and TV aerial point.
Bedroom Three
With single radiator and built in cupboard.
Shower Room
With corner shower cubicle, low level WC, pedestal wash hand basin, chrome heated towel rail and over stairs storage cupboard.
Outside
To the front of the property is an off street parking space and to the rear is a good sized garden.
Services
All main services are connected to the property but have not been tested. The property also benefits from solar panels but these have not been tested. Please refer to the legal pack for more information.
Tenure
Freehold with vacant possession upon completion.
EPC rating: B (87)
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12.00 pm on Monday 18th March 2024 and closing on Wednesday 20th March 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 online at auctionhouse.co.uk/hullandeastyorkshire, before the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £900 (£750 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 before 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
Council Tax Band : B
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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