A vacant 1 bedroom second floor apartment in need of refurbishment, conveniently located between Holloway Road (Piccadilly) and Highbury & Islington (Victoria) underground stations. Ideal for investment with an estimated rental value of £1,600 pcm, equivalent to a gross yield of 9.14% per annum, based on the guide price. The term of the lease will be extended by the sellers prior to completion.
Please Note: Due to internal the condition of the property, please exercise extra caution when viewing. All viewings are conducted entirely at the individuals own risk.
Auction
To be sold by online auction with a 6 WEEK COMPLETION, bidding will open at 10.00.
Registration
All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.
Tenure
Leasehold with vacant possession
Lease
A new lease will be created on completion. The term will be 215 years from the original start date (18 February 1980). 90 years will be added to the original 125 year term – so the lease will have 171 years remaining on the term from completion. The annual ground rent will be reduced to a peppercorn from completion.
Ground rent and service charge
Please see legal pack for further details.
EPC rating
E
Council tax band
C - Islington
Please note
We advise bidders who require a mortgage to confirm with their Financial Advisor as to the suitability of securing finance against this property prior to bidding.
Legal pack
For each lot there are Special Conditions of Sale and other documentation provided by the vendor's solicitors. If you wish to receive the Legal Pack, you will be able to register for this via the link on our website. You will receive notification by email once the Legal Pack is received from the solicitor.
Additional fees
A buyers charge of £1,200 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
Pre-auction offers
These must be made in writing and will only be considered if the Legal Pack has been inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are only considered on an auction basis in accordance with the “Terms & Conditions - Unconditional Auction".
* 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.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
Whether you’re looking to sell or let your property, we can provide you with a free, accurate valuation based on our expert knowledge and the latest trends in your local area.
Call 01344 753120
enquiries@firstforauctions.co.uk
