A residential investment opportunity in central Ryde. This property consists of a significant vacant freehold period building, currently configured as 2 x 1-bedroom apartments, 4 x 2-bedroom apartments, a studio, and additional cellar space with potential for conversion. Requiring improvement, the building offers the potential for subdivision or redevelopment (subject to planning permission). The property is for sale as a single lot and is suitable for cash buyers.
Please note apartment 2 has been sold off on a long lease of 2015 years from 1988.
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
Freehold with vacant possession.
EPC rating
Flat 1 D, Flat 3 D, Flat 4 C, Flat 5 C, Flat 6 C, Flat 7 D, Flat 8 D
Council tax band
Flat 1 B, Flat 3 A, Flat 4 A, Flat 5 A, Flat 6 A, Flat 7 B
Flat 8 B - Isle of Wight
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 £1,500 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.
Deposit
If you are the highest bidder when the auction ends, contracts are exchanged between you and the seller. Both parties are legally bound to complete the transaction as per the special conditions in the legal pack. Your card will be automatically debited for the bidder security amount of £6,000 and we'll require the remaining balance for a 10% non-refundable deposit. We will contact you after the auction has finished to make these arrangements.
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".
Mortgage finance
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.
Please note
All plans are strictly for identification purposes only and should not be relied upon. Please refer to the legal pack for the Land Registry plan of each lot. Any plans are reproduced from Ordnance Survey maps with kind permission of the Controller of Her Majesty's Stationery Office @ Crown copyright. All rights reserved, Licence no: 100020449.
* 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
