Freehold Victorian terrace, configured as 2-flats
SOLD BY AUCTION FOR £290,000: The auction guide price range is £220,000 to £250,000. A freehold Victorian terrace house over 3-floors and configured as 2-flats, an upper 3-bedroom flat and a ground floor 1-bedroom flat with a courtyard garden. The property is in need of improvement and would suit investors for yield or to be returned to a single-dwelling.
Auctioneers comments: "This property offers a healthy annual income as well as the potential capital gain after improvement with an eye on returning it to a single-family 4-bedroom terrace house "
Auction date:
To be sold by public auction via a 2-hour online bidding window on Friday 1 July 2022, bidding will open at 11.00 AM and close at 1.00 PM.
To view:
There will be 3-managed block viewings of 30-minutes each, in order to book please first set up your online bidding account and you will be emailed a Calendly link to book into one of the viewing blocks. These bookings are subject to being granted access by the tenants. The planned managed block viewing dates are * Thursday 23 June 2022 at 11.00 AM * Tuesday 28 June 2022 at 1.00 PM * Thursday 30 June 2022 at 3.00 PM.
Registration:
All bidders are required to register in order to be approved to bid. This can be done via the lot listing on our website via the 'Traditional Auction Lots' page. Once registered you will be able to view and download the legal pack (when available), please note that in order to bid you will need to complete our Credas ID check (sent once you register) and have provided a payment card the week of the auction. Only the bidder needs to register, after the auction, the bidder can nominate additional buyers or a company to be the buyer, please note that if the ID checks for these nominated persons are not received within 2-hours of the auction, the bidder will be noted as the buyer on the contract.
Description:
* Victorian terrace house * Freehold * 2-Flats * Tenanted
Accommodation:
Ground floor flat: kitchen, shower room, bedroom, living room. Approx 625 sqft.
First floor flat: 3-bedrooms, kitchen, bathroom, living room. Approx 1,075 sqft.
Outside:
Front yard, rear courtyard garden
EPC rating:
D
Tenure:
Freehold
A note on the current tenancies: both flats are occupied by tenants, the upper flat is managed directly by the current owners and the tenant pays £850 PCM, the lower flat is managed by Leaders Bognor Regis and the tenant pays £750 PCM. The tenants have not been served notice and their tenancies are both on a rolling periodic renewal which means the notice period will be 2-months should they be given notice.
Local authority:
West Sussex County Council
Arun District Council
Council tax band:
A - Ground floor flat
C - First floor flat
Legal pack:
For each traditional auction lot, there are special conditions of sale and other documentation provided by the sellers’ conveyancer. If you wish to view and download the legal pack, you will need to register an online bidding account via the link on our website. Once you have set up your online bidding account you will receive a notification by email when the legal pack is received from the conveyancer.
Guide prices:
Guide Prices are provided as an indication of each seller's minimum expectation. They do not necessarily set the figure that a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a reserve, (a figure below which the auctioneer cannot sell the lot during the auction) which will be set within a reasonable bidding range of the stated guide price.
Pre-auction bids:
These must be made in writing by email and will only be considered when an online bidding account has been set up, including the ID confirmation and a payment card uploaded to the account. Pre-auction bids are on the basis of the terms of the auction, this means an immediate exchange of contracts upon acceptance with a 10% deposit as well as the buyer's fee listed.
Auction fees:
A buyer’s fee of £2,500 plus VAT is payable on each lot you buy, in addition to the sale price. Please be aware there may be additional fees, including disbursements in the legal pack payable on completion. Please ensure that you check the legal pack for each lot you are interested in before bidding.
Online bidding:
In order to bid when the lot opens at 11.00 AM on Friday the 1 July 2022 (closes at 1.00 PM the same day) you will need to set up your online bidding account through the specific lot on our website under 'Current Auction Lots'. Ensure you read our 'Auction Buying Guide' carefully. In order to be approved to bid you will need to complete your online bidding account, you will need to confirm your ID and residency through a Credas link that will be emailed to texted to you, and within a week of the auction you will need to upload a valid payment card and a hold will be placed on the security deposit amount which is £5,000 for this lot (please note that when you win the bidding you are required to pay the 10% deposit and the buyers fee of £2,500 plus VAT, once the £5,000 is taken you will be invoiced by email for the immediate payment of the balance).
Method of sale:
Please note that the method of sale is by auction, with the immediate and unconditional exchange of contracts when the auction ends under the terms of the V4 Common Auction Conditions.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.
Lot 12 - 6 Highfield Road, Bognor Regis, West Sussex, PO22 8BG
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Agreement Documents
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