For Sale by Online Auction on 13th February 2024 - Guide Price £50,000
DESCRIPTION
This two bedroomed cottage represents an excellent opportunity to acquire an investment property in this well regarded market town. The property is let on an assured shorthold tenancy with a gross rental income of £7,200pa. It forms part of block of apartments in a desirable residential area on the edge of Beverley where surrounding homes are for the main part more substantially sized and valued. The property benefits from a communal garden and off road parking and has uPVC double glazing and electric heating. A buyer will have the option to take over an application for extension of the lease.
The Molescroft Mews building is located in the northern outskirts of Beverley at the junction of Driffield Road with Woodhall Way and has quick access onto the towns by-pass roads leading to Hull, York, Driffield and the east coast. The town is renowned for its highly regarded schools, play parks and sporting facilities including golf and horse racing courses on the Westwood common pastures. It is a little over a mile into the town centre and an array of shops, cafe bars and restaurants. There are also bus and railway stations.
ACCOMMODATION
Ground Floor: Lounge, Kitchen
First Floor: Bedroom 1, Bedroom 2, Bathroom with shower & WC
Services
Understood to be connected to mains electric, water, and drainage but the services have not been tested.
Tenure
Leasehold. The current lease has approx. 82 years to run with a current ground rent of £500 per annum. The seller has served a Section 42 Notice and the purchaser will have the option to extend the lease for a further 90 years, with the ground rent reduced to zero, for a further consideration of £24,450 plus Section 60 costs . Service charges are currently £330.19 per quarter. Full details of the lease are available in the legal pack.
Council Tax Band
Council Tax is payable to the East Riding of Yorkshire Council. The property is shown on the Council Tax Property Bandings List in Valuation Band A.
Viewing
Strictly by appointment with the Auctioneers on 01482 866844
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 12th February 2024 and closing on Tuesday 13th 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 on-line at auctionhouse.co.uk/hullandeastyorkshire prior to the date of the auction.
Solicitors
Hetts Solicitors, 11 Wells Street, Scunthorpe, DN15 6HW 01724 843287 apidd@hetts.co.uk
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus 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 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.
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 : 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 |
© 2025 Dee Atkinson & Harrison, All Rights Reserved.
