A block of 5 flats located in the heart of Scarborough town. The property currently leasehold with a term of 74 years remaining on the lease which can be extended at a cost via the Leasehold Reform Act to 164 years.The flats are mostly tenanted and have recently undergone improvements inline with new regulations. The property has further potential including a possible penthouse with sea views subject to obtaining the necessary planning permissions. In brief the accommodation comprises of five flats ; four one bedroom units plus a generous two bedroom flat. The flats are laid out over three floors and the second and third floors benefit from some sea and castle views. Fully let the property could generate in excess of 25k per annum. The property does require some refurbishment, great potential for the right investor.
*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 powered by IAM Sold.
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 buyer to exchange contracts immediately; however, from the date the draft contract for sale is received by the Buyer's solicitor, the buyer has 56 DAYS in which to complete the transaction; whilst using every endeavour to exchange contracts within the first 28 days. Allowing the additional time to exchange contracts 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 make payment of:
Energy Performance Certificates (EPCs) give information on how to make your home more energy efficient and reduce your energy costs. All homes bought, sold or rented require an EPC. EPCs carry ratings that compare the current energy efficiency and estimated costs of energy use with potential figures that your home could achieve. Potential figures are calculated by estimating what the energy efficiency and energy costs could be if energy saving measures were put in place. The rating measures the energy efficiency of your home using a grade from ‘A’ to ‘G’. An ‘A’ rating is the most efficient, while ‘G’ is the least efficient. The average efficiency grade to date is ‘D’. All homes are measured using the same calculations, so you can compare the energy efficiency of different properties.
Entrance A shared private gated entrance to the block is located back from St Thomas Street First Floor Flat 1 LOUNGE/KITCHEN with window, corner cupboard, TV point, electric fire, kitchen area with a range of base and wall units, stainless steel sink unit and spotlights. BEDROOM with electric wall heater and window BATHROOM shower cubicle with electric shower, hand basin and W.C Flat 2 LOUNGE/KITCHEN with bay window and two side windows, tiled fireplace, electric fire, TV point, kitchen area divider with a range of base and wall units, and enamel sink unit BEDROOM with electric wall heater and window BATHROOM shower cubicle and electric shower, hand basin and W.C Second Floor Flat 3 LOUNGE/KITCHEN with bay window, TV point, kitchen area divider with a range of base and wall units BEDROOM with electric wall heater and window BATHROOM shower cubicle with electric shower, hand basin and W.C Flat 4 LOUNGE with three windows, fire place and TV point KITCHEN with a range of base and wall units, electric oven and hob, stainless steel sink unit, plumbing for dishwasher and plumbing for automatic washing machine BEDROOM ONE with window and electric wall heater BEDROOM TWO with window and electric wall heater BATHROOM with corner bath, electric shower over bath, hand basin and W.C Third Floor Flat 5 Comprises a lounge, kitchen, bedroom and bathroom, potential to create a Sea View dormer penthouse subject to planning
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This property is sold subject to payment of a non-refundable reservation fee of 4.2% to a minimum of £6,000.00 including VAT.
Any successful purchaser will pay this to secure the sale. The reservation fee is in addition to the purchase price. Please take this into account when bidding.
A reservation fee is payable by the buyer only when the seller pays no fees to sell. As sellers pay no fees to sell, this is usually taken into account with a lower reserve price.
This property is being sold under the Modern Method of Auction, which requires the completion of the purchase to be within 56 days, although all reasonable endeavours must be made to exchange contracts within 28 days following the Draft Contract being received by the Buyer's Solicitor.
A non-refundable Reservation fee must be paid by the buyer within 2 hours following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the auctioneer who will issue an acknowledgement of reservation and purchase agreement In the 28 day period following the auction or the date of acceptance of the offer.
If the Buyer Information Pack Pack has been produced and provided by IAM Sold any successful purchaser will be required to pay £220.00 (including VAT) towards the cost of the preparation of the pack. These can then be used by your solicitor to progress the sale.
There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:
For further information or to speak to one of our team, please call 01482 238 824.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property.