2 Bedroom Ground Floor Maisonette, 10 Ivy Gardens, Mitcham, CR4 1BR

Overview

Hammer Price Homes are delighted to present for sale by online auction this 2 bedroom ground floor maisonette in Mitcham. The property has a short lease (37 years remaining) and as such is deemed unmortgageable, for this reason this auction is open to cash buyers only.

The property, which is accessed via a private entrance to the side of the property, briefly comprises: To the ground floor is an entrance hallway leading to a living room, kitchen, bathroom and two bedrooms.

Outside there are designated gardens to the front and rear of the property. There is also a garage at the rear which gives an option for off street parking or provides useful storage space. For boundary details, please view the land registry document which includes a title plan, this is available for download from the Hammer price homes website.

The property is in need of enhancement throughout and presents a good opportunity for those looking for a 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 is conveniently located, within walking distance to the amenities on offer in both Mitcham and Norbury. Croydon town centre is less than 3 miles away and provides easy access to an extensive range of shopping and leisure facilities. Croydon Hospital is just a 7 minutes drive from the property and there are also a number of green open spaces close by including Mitcham common which is just a short stroll from here.

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 37 years remaining (99 years from 25^th December 1960). Lease is available for download from the Hammer Price Homes website.

Ground rent – £12.60 per annum

Service charge – The flats are maintained privately by the owners and as such there is no maintenance / service charges payable.

Short Lease / Freeholder – Please note that the new buyer will be responsible for extending the lease, post completion, if they wish to do so. The freeholder is the Alan Mattey Group, who have verbally advised that they do not require a leaseholder to own the flat for 2 years and would enter negotiations post completion with the new buyer. The vendor’s solicitor has advised however that they 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.

The freeholders have not given an indication of lease extension costs. There are a number of lease extension calculators online that can give a rough figure, from reviewing those; we anticipate that the cost to extend the lease will be in the region of £75,000 – £85,000 (Costs can vary depending on how negotiations go with the freeholder).  There may be other fees connected to extending the lease, such as the freeholder’s legal fees to consider. Please do you 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 14^h April 2022 at 1pm (Subject to anti-sniping)

Bidding Window Opens – Tuesday 12^th April 2022 (Bidding will not be possible until this time)

Starting price – £138,000 (Reserve price is higher & unpublished, typically the starting price will be 15 – 20% below the Reserve figure as per our Buyer Terms)

Viewings

Bidding is only permitted for those who have viewed. Please register as a buyer on the Hammer Price Homes website and book in for an open day.

We will continue to keep abreast of Government guidelines re Covid-19. This property is vacant which means we are comfortably be able to conduct viewings whereby safe distancing is adhered to.  Viewers must to 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 is a probate property and is sold as seen. The vendors / solicitor may not be able to answer the usual pre-contract questions