Ground floor, 2 bedrooms, Tenanted £425 PCM
SOLD BY PUBLIC AUCTION FOR £68,500: Offered for sale by auction on the instructions of the owner. A 2-bedroom ground floor purpose-built flat in Longton, Stoke-on-Trent. Currently tenanted, this property offers an ongoing yield to investors and Landlords. Measuring approximately 570 SQFT with allocated parking.
Auctioneer's comments: "This Lot offers an immediate and attractive yield with the potential for this to be increased once purchased."
Auction date:
The property will be sold by public auction on Friday, 14 October 2022, via a 2-hour online bidding window.
To view:
The Lot/property can be viewed by booking into the advertised managed block viewing. Once you have registered to bid by setting up your online bidding account you will be emailed the Calendly link to choose the date and time that suits you best. Each block viewing is strictly 30 minutes, and no ad hoc viewings will be available. In most cases, a video tour will be available. The managed block viewing for this property is Tuesday 11 October 2022 at 1300.
Description:
* Ground floor * 2 bedrooms * Leasehold, 109 years * Tenanted, £425 PCM * Allocated parking
Outside:
Allocated parking
Location:
* Longton, Stoke-on-Trent * Access to the A50 * 0.3 miles to Longton railway station
Accommodation:
Ground floor: living room/kitchen, 2 bedrooms, bathroom
EPC rating:
C
Tenure:
Leasehold
125 years from and including 1 October 2006
Local authority and council tax band:
Stoke-on-Trent City Council
Council tax band A
The method of sale:
The property is to be sold as per the V4 Common Auction Conditions. This is an immediate and unconditional exchange of contracts with the payment of a 10% deposit of the winning bid and the auction fees for the property. Completion will be confirmed in the V4 Special Conditions in the Legal Pack. It is the bidder’s responsibility to read these and understand the terms and conditions of the auction.
Set up an online bidding account:
Once you have expressed an interest in the property you will be emailed a link to set up your online bidding account (this can be found on our website under ‘View Current Auction Lots”. Setting up your bidding account is free and it is here that you will have access to the Legal Pack. Once your account is registered you will be automatically notified of any additions or changes to the legal documents or the auction date/process. Only the bidder needs to register, should you win the auction additional buyers can be nominated.
Confirm your ID:
Once you have set up your online bidding account we will send you an SMS through which you can download the Credas smartphone application to work through the remote confirmation of your ID. This will need to be done for all nominated buyers should you win the auction, please note that should your nominated buyers fail to complete the ID checks then you, the bidder, will be noted as the buyer as per the V4 Common Auction Conditions.
Read the legal documents:
Each property will have a full set of legal documents available through your online bidding account. The legal pack will contain all the information held on the property, and the V4 Special Conditions will detail the completion date and any additional fees to be paid on completion.
View the property:
The property can be viewed by booking into one of the advertised managed block viewings. Once you have registered to bid by setting up your online bidding account you will be emailed the Calendly link to choose the date and time that suits you best. Each block viewing is strictly 30 minutes, and no ad hoc viewings will be available. In most cases, a video tour will be available. Managed block viewings are the Tuesday and Thursday of the auction week.
Pay the security deposit:
In order to bid on the day during the 2-hour online bidding window, you will need to lodge a security deposit of £5,000. Once your ID is confirmed you will be sent the relevant details to pay the security deposit. This is to be paid into our client account by means of a Faster Payment. Should you not win the auction this will be returned to you immediately and in full. If you are the winning bidder you will be invoiced for the balance of the 10% deposit and auction fees.
Pre-auction bids:
These must be made in writing by email and will only be put to the client once you have set up your online bidding account and confirmed your ID as described above. The pre-auction bid will also need t to be in excess of the advertised guide price. Should your pre-auction bid be accepted you will need to make payment of the 10% deposit and the auction fees immediately.
2-Hour online bidding window:
The 2-hour online bidding is the modern version of the auction saleroom. Our process is designed to ensure a transparent process. Once your bidding account is set up, your ID is confirmed and you have lodged a security deposit you will be able to bid once the auction opens. We will offer bidding increments and you can bid higher amounts, when the auction ends the final bid will need to stand for 30 seconds. You will then need to pay the balance of the 10% deposit and auction fees in full and supply a valid conveyancer within two working days of the auction ending or the acceptance of a pre-auction bid.
Auction fees:
In addition to the 10% deposit of your winning bid, you will need to pay 2% plus VAT (min. fee of £900 plus VAT) of the purchase price and £2,500 plus VAT (the combined minimum fee is £3,400 plus VAT). Please be aware there may be additional fees, including disbursements in the legal pack payable on completion. Ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
A note on 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 property during the auction) which will be set within a reasonable bidding range of the stated guide price.
Completion:
The completion date is specified in the V4 Special Conditions contained in the Legal Pack for the property, which can be accessed through your online bidding account. If no date is mentioned in the V4 Special Conditions, the V4 Common Auction Conditions mandate that the completion will be 20 working days from the auction or sooner by agreement. There will be no access to the property allowed before completion except for accredited and insured surveyors, as requested and arranged through us. On the date of completion, once the funds are confirmed the keys will be released by post to the new owner. This can take up to 3 working days.
* 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 24 - 8 Joshua Court, Gregory Street, Stoke-on-Trent, Staffordshire, ST3 2LU
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