This two-double-bedroom, two-bathroom, third-floor apartment in a lift-serviced modern building provides an excellent opportunity to investors and anyone looking for a small renovation project to flip for profit. The well-maintained building and grounds include lawned communal gardens and an allocated parking space. The apartment features an open-plan lounge/kitchen/dining room, which provides a living area with a bright and spacious feel. A good clean, a lick of paint, new floor coverings and a touch of style will completely transform this slightly tired apartment.
Location
The property is conveniently situated within walking distance of the city centre, with Yorks city walls just 0.7 miles to the north.
Communal Entrance
Lift and stairs giving access to all the floors.
Entrance Hall
Doors to:
Open Plan Sitting Room/Kitchen
Large open plan space. The fitted kitchen has a range of wall and base units, integrated appliances including an oven and hob, fridge and freezer and an automatic washing machine (not tested). The living area has 3x double glazed window to the front aspect, TV aerial point and an electric heater.
Bedroom One
Double bedroom and electric wall heater. fitted wardrobe and a double glazed window.
En- Suite Shower Room
With walk in shower cubical, wash hand basin and low level w/c.
Bedroom Two
Another double bedroom with electric wall heater and duble glazed window.
Bathroom
With a three piece suite comprising: panelled bath with shower over, vanity wash hand basin and low level w/c. Tiled flooring.
Externally
Outside are communal grounds, a dedicated parking space, secure bike store and bin store.
Council Tax
Local Authority - City of York Council Council Tax Band D
Tenure
Leasehold. The lease has 980 Years Remaining. Service Charge TBA - Full details will be included in the legal pack.
EPC
Grade C
Services: Mains water, electricity and drainage are connected to the property. None of the services or appliances have been tested.
Viewing: Strictly by appointment with the auctioneers. Tel 0845 400 9900.
Method of Sale
The property will be offered for sale by online auction with bidding commencing on Monday 20th May 2024 at 12 noon and closing at 1pm on Wednesday 22nd May 2024. 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 £1,020 (£850 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.
Solicitor
TBC
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 : Leasehold
Council Tax Band : C
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 |
© 2024 Dee Atkinson & Harrison, All Rights Reserved.
