For sale by National Online Auction on 6th February 2024 - Guide Price £49,000
A mid-terraced property requiring a full programme of modernisation and improvement which is suitable for a developer/investor to create a first-time buyer home or retain after renovation, as an excellent investment property. The internal accommodation has two reception areas, a kitchen, and a ground floor WC to the rear. At the first floor level, there are two double bedrooms and a large bathroom. Outside there is a forecourted garden to the front and an enclosed garden to the rear with pedestrian access.
Location
Located on the western side of Albert Avenue in this established residential location, having excellent shopping facilities on Anlaby Road together with further local amenities including West Park, the home of the KC Stadium, a variety of public houses, and the Albert Avenue Swimming Pool. There are regular public transport links to Hull City Centre which lies to the east and the area has proved popular with both first-time buyers and investors, having a good mix of each.
Accommodation
Ground Floor
Entrance Hall
With a staircase leading to the first floor.
Living Room
With gas fire and bay window.
Dining Area
With rear box window.
Kitchen
With a range of units including a sink, base, and wall units, and wall wall-mounted gas-fired multipoint water heater.
Rear Lobby
With rear entrance door.
WC
On the First Floor
Bedroom One
With fitted alcove wardrobes.
Bedroom Two
Bathroom
With a piece suite including a panelled bath, pedestal wash hand basin and low-level WC.
Outside
Front forecourt garden and enclosed rear garden.
Viewing
Strictly by appointment with the auctioneers on 0845 400 9900
EPC rating: E.
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 1.00 pm on Monday 5th February 2024 and closing on Tuesday 5th February 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 £1,200 (£1,000 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £1,560 (£1,300 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 : A
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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