Fantastic investment opportunity, requires full refurbishment but ideal purchase for a buy to let property.
For sale by Modern Method of Auction; Starting Bid Price £25,000 plus Reservation Fee of £6,000. A flat located off Front Street in Hetton with great amenities close by including Tesco and Heron Foods. The flat offers a great opportunity for an investor or someone looking for a project to restore the flat to prime condition. Comprising of an entrance hallway, bathroom, large bedroom, living room and kitchen area.
This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, granting 56 days for completion with an aim to exchange contracts 28 days from the date the buyer’s solicitor is in receipt of the draft contracts. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable Reservation Fee of £3.5% +vat subject to a minimum of £6000 (including VAT) which secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative.
The buyer will be required to sign an ‘Acknowledgement of Reservation’ form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation from and all terms and conditions can be found in the Buyer Information Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department.
Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the Starting Bid, both the Starting Bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is operated by Great North Property Auction powered by IAM Sold. Reservation Fee is in addition to the final negotiated selling price. This property is for sale by Great North Property Auction powered by IAM Sold Ltd.
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Elvet Estates was founded in 2014 by the directors of the multi-award winning student housing provider, Bill Free Homes.
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