Formerly a 3 bedroom split level flat currently configured as a 1 bedroom flat and 2 bedroom flat with private rear garden requiring refurbishment held on a single lease (119 years remaining), located in a popular residential area with good access to Thornton Heath, Crystal Palace and Croydon. The 1 bedroom flat is currently occupied with a tenant on an AST paying £900 PCM and the other is vacant. Ideal letting investment with an estimated rent in the region of £1,100 - £1,200 PCM for the 1 bedroom and £1,400 - £1,500 PCM for the small 2 bedroom, depending on condition, potential gross yield 14.28% - 15.42% PAX. Cash buyers only.
Auction date
To be sold by online auction on Friday 24th November 2023 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.
Location
* Close to local schools and amenities * Good connections to London Bridge, London Victoria and East London via the Overground lines * Good access to Thornton Heath, Crystal Palace and Croydon
Description
* Formerly a 3 bedroom split level flat * Configured as a 1 bedroom and 2 bedroom flat * Requires refurbishment * Private rear garden * Ideal letting investment
Please note
Certificate of lawfulness has been provided for the conversion. The freeholder has not provided permission for the conversion, nor have they enforced the leaseholder to change it back. The conversion was completed in 2008-2009.
EPC rating
D
Tenure
Leasehold
Lease
150 years from 25 March 1993 - 119 years remaining
Tenancies
1 bedroom: Let on a periodic AST for £900 PCM
Ground rent and service charge
Please see legal pack for further details.
Council tax band
First floor front 103 Mersham Road - B, First floor rear 103 Mersham Road - A - Croydon Croydon Borough Council
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.
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