FOR SALE by ONLINE AUCTION on WEDNESDAY, 22nd May 2024, at 1:00 pm - GUIDE PRICE £140,000 - £160,000
East Lea is an individual detached house that stands at the back of a good sized gaeden in a quiet part of this conveniently located Wolds Village. The property offers an exciting opportunity for a purchaser to fully modernise and possibly extend the accommodation to create a bespoke family home. Although it currently benefits from uPVC double glazing and economy 7 storage heating, it does require a comprehensive program of updating and restoration. The property also provides a large single garage/workshop that is located at the front of the site. Interested parties should note that part of the existing site has planning approval for a single detached house and that site is being offered as a separate lot.
Location
Located in a quiet part of the popular Wolds Village of Langtoft which itself is approximately 6 miles from the market town of Driffield and within easy commuting distance of Bridlington, Scarborough, and Malton.
Accommodation
Ground Floor
Entrance Hall
With uPVC front entrance door and staircase leading off.
Living Room
With storage heater and open fireplace.
Sitting Room
With open fire set in a tiled fireplace, TV aerial point and storage heater.
Kitchen
With stainless steel sink, base and wall units, electric cooker point and uPVC rear entrance door.
Pantry
with fitted shelving
Lobby
with understairs storage area
WC
With low level WC.
First Floor
Landing
Bedroom One
With original cast iron fire grate and storage heater.
Bedroom Two
With storage heater.
Bedroom Three
With storage heater and door giving access to:
Bathroom
With an enamel bath, pedestal wash hand basin, airing cupboard and electric heated towel rail.
Outside
Adjoining the property is a single storey workshop with power and light and a small coal shed.
To the front of the plot is a large detached single garage/workshop 214" x 129". There is also ample off street parking for several cars.
The gardens lie mainly to the front although there is a small area of overgrown garden to the rear.
Access and Fencing Liability
The purchaser of the neighbouring building plot will be responsible for the erection of a 0.9m fence between points A-B and a 1.8m close-boarded timber fence between points B-C, as shown on the included plan, within three months of the completion of the purchase. The owners of East Lea must agree upon any variation to the type of construction of the fence.
The purchaser of East Lea will be responsible for the creation of the new access alongside the garage/workshop that will serve East Lea.
Solicitor
Mr D E Lundy, Lundys Solicitors, 17 Exchange Street, Driffield, YO25 6LA. Tel: 01377 252831.
Viewing
Strictly by appointment with the auctioneers on 0845 400 9900
EPC rating: TBC
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12.00 pm on Monday 20th May 2024 and closing on Wednesday 22nd May at 1.00pm. To register to bid and further legal information relating to this lot please go to auctionhouse.co.uk/hullandeastyorkshire.
Conditions of Sale
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and online at auctionhouse.co.uk/hullandeastyorkshire, before the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures which a property will sell for and may change at any time before the auction. Each 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.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c
To register to bid please visit : auctionhouse.co.uk/hullandeastyorkshire
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
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