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A one bedroom home in London has gone up for auction for just £10,000.
The cheap as chips house might be the cheapest flat in the capital – costing less than the average price of a deposit for a home.
Located in the trendy east of London, the property can be found in Leyton close to public transport amenities which provide useful connections to the rest of the capital.
It boasts a large living room and bedroom as well as a kitchen with access to an outdoor space.
The house is in need of a lick of paint and plenty of fixing up and modernising. However, with such an affordable guide price – the buyer will probably have plenty of spare change to spend renovating the property.
The cheap as chips house might be the cheapest flat in the capital – costing less than the average price of a deposit for a home
Located in the trendy east of London, the property can be found in Leyton close to public transport amenities which provide useful connections to the rest of the capital
The house is in need of a lick of paint and plenty of fixing up and modernising. However, with such an affordable guide price – the buyer will probably have plenty of spare change to spend renovating the property
However, there’s a pretty big catch.
The flat has a 60-year lease that began on 12 November 1964 – meaning there is just over a month before the lease expires.
A Section 42 Notice has been granted to extend the lease. This a formal request from a leaseholder to the freeholder typically asking for a lease extension of 90 years and a ground rent reduced to zero.
After the notice has been served the freeholder, the owner of the property, have two months to respond with a Counter Notice which will either accept or reject the claim and the price offer.
The estate agent has warned that the freeholder may not accept the offer and potential new owners should be aware of costs likely to incur as a result of this – such as potentially costly legal fees.
Auction House London said: ‘It’s going to be down to the skills and the negotiating powers of whoever ends up buying this,’ said the auction house.
‘As to what deal they can do with the freeholder bearing in mind the freeholder has the right to just ignore them and let the lease expire
It boasts a large living room and bedroom as well as a kitchen with access to an outdoor space
However, there’s a pretty big catch. The flat has a 60-year lease that began on 12 November 1964 – meaning there is just over a month before the lease expires
‘It’s an exciting one. It’ll be fascinating to see what it goes for and whether the person who buys it manages to then succeed in extending the lease at a sensible cost.’
So if you’re not afraid of a challenge and are willing to accept that this may be a roll of the dice the home could be quite the steal.
The bargain buy is set to go to public auction on 11 September, starting at 9.30am, facilitated by Auction House London, Hampstead.
There are also some open house viewings taking place during the first week of September.
