2 Bedroom Ground Floor Flat, 1 Renton Place, Springfield Road, Windsor, SL4 3PN

Overview

Hammer Price Homes are delighted to present for sale by online auction this 2 bedroom ground floor flat in Windsor. With a short lease (42 years remaining) the property is deemed unmortgageable and therefore open to cash buyers only.

The accommodation, accessed via a communal entrance briefly comprises: To the ground floor is an entrance hallway leading to a lounge/diner, kitchen, bathroom and two bedrooms.

Outside there are pleasant communal gardens with resident permit parking close by.

The property needs some modernisation and maybe of appeal for those looking for a small modernisation project.

Please see the other information section regarding the short lease and the anticipated costs to extend the lease.

The property is sold as seen and is open for cash buyers only. There will be no grounds to withdraw from the sale with a return of the reservation fee citing issues around the condition of the property or for anything to do with the short lease / lease extension.

To view the property please visit the Hammer Price Homes website, register as a buyer and book in for a viewing.

Location

The property has a desirable location within walking distance of Windsor Town Centre with its array of shops, bars and restaurants not to mention historical landmarks like Windsor Castle. Eton is also easily accessible from Windsor just across the footbridge over the Thames. There is easy access to the motorway network with M4 junction 6 only a short drive away leading to the M25 and M3. London Waterloo can be reached in less than an hour with regular services from Windsor & Eton Riverside railway station.

Special Conditions

This auction is strictly open for cash buyers only as due to the short lease the property is considered unmortgageable. You will not be able to withdraw from the purchase with a return of the reservation fee citing issues around financing the property, for any reasons concerning the short lease / lease extension, or for any reasons around the general condition of the property.

Other Information

Tenure – Short lease with 42 years remaining (99 years from 25^th December 1965)

Ground rent – £20 per annum

Service charge (Paid by current vendor for this year) – Service charges are £2,163 for the period ending 31^st December 2022. (see breakdown for further information, Flat 1 contribution is a 3^rd of the total charge)

Reserve fund and section 20 notice (will be paid by current vendor) – There is a section 20 notice that has been issued by the management company in regards to scheduled works that are being done to Renton place. There are two documents that are available for download from the Hammer Price Homes website in regards to this. The first one is the section 20 letter which shows the amounts quoted by the contractors. The second is a document provided by the surveyors that shows the specifications and the works that are being carried out (see page 20). The costs for flat 1 are again a 3^rd of the total amount. The consultation notice expires on the 28^th August 2022 and at that point they can look to instruct the contractor. Start dates will depend on lead times.

COSTS – Please be advised that the service charge costs for this year and the costs of the works for flat 1 are being covered by the current vendor and will be settled with the management company prior to completion. This is for the service charges (£2,163) and the section 20 works (Roughly £10,000).

Building Insurance – £665 per annum this year, payable to management company.

Lease Extension – Please note that the new buyer will be responsible for extending the lease if they wish to do so, post completion. Covent Garden Limited are the freeholders and advised in March 2022 that the cost to extend the lease to 99 years would be £83,950 plus their solicitor’s costs of £950 (+VAT) and their valuer fee of £750 (no VAT), subject to contract. Lease extension costs rise with the passing of time and so this may now be higher. Such costs can be challenged/negotiated during the process with calculators available online.

The vendor’s solicitor has advised that the vendor will be willing to issue the section 42 and pass the rights over to the buyer if the buyer wishes. The buyer will be responsible for the vendor’s associated legal costs for issuing the section 42.

Buyers are advised to do their own research and if needed, seek legal advice prior to bidding.

Auction Details

** Open for cash buyers only. 90 days to complete**

Please note that there is a Reservation fee (3% Inc. VAT) payable by the buyer on winning the auction. The reservation fee does not constitute part of the sale price, this is the auctioneer’s fee and is to be paid over & above the sale price paid to the Vendor.

Auction ends – Thursday 18th August 2022 at 1pm (Subject to anti-sniping)

Bidding Window Opens – Tuesday 16^th August 2022 at 10am (Bidding will not be possible until this time)

Starting price – £135,000 (Reserve price is higher & unpublished, typically the starting price will be 15 – 20% below the Reserve figure as per our Buyer Terms)

Viewings

To view the property please visit the Hammer Price Homes website, register as a buyer and book in for a viewing. Bidding is only permitted for those who have viewed. Viewers must stick to their time precisely.

How to make an offer

Offers can only be made via the online auction in the form of a bid once the bidding window has opened. No offers will be accepted outside of the auction process.

Once a sale has been agreed (STC) and a price agreed then no further price negotiation will take place. This sale price is fixed at the winning auction price and the buyer honoured to pay it. Any subsequent attempt by the buyer to contact the vendor direct to renegotiate on price would hold the buyer in breach of our terms. Should the buyer withdraw then they may have to forfeit the reservation fee. Please read the buyer terms and FAQ’s on the site for more details.

This property is sold as seen. This is a probate sale so the solicitor / administrator may not be able to answer the usual pre-contract questions.