1 Bedroom, Ground Floor Flat, 26 Gilling Court, Belsize Grove, London, NW3 4UY

Overview

Hammer Price Homes are delighted to present for sale by online auction this vacant & chain free, 1 bedroom ground floor flat in the popular area of Belsize Park.

This characterful property, which maintains some original features briefly comprises: There is an entrance hallway leading to a kitchen, bathroom, reception room and bedroom.

There are communal gardens to the front, side and rear and there is also a caretaker service as part of the service charge.

Please note that the property has a short lease (45 years, 10 months remaining) and is in need of a full renovation therefore open to cash buyers only. (See other information for more details in regards to the short lease / lease extension and the surveyor’s comments in regards to the cracking in the property)

To view this property please visit the Hammer Price Homes website, register your details, and book in for an open day.

Location

Gilling Court is very well placed just a short walk from a host of local amenities including a good selection of shops, bars and restaurants. The Royal Free Hospital is less than a 10 minutes’ walk from here and Belsize Park underground station is just a few minutes away providing easy access to various locations throughout the City. Green open spaces can be found close by including the popular Hampstead Heath, which is less than a mile away.

Special conditions

This auction is open to cash buyers only. Please note that there will be no grounds to exit the sale with a return of the reservation fee if you withdraw for any reasons surrounding issues securing lending on the property or the lease extension, see the other information section for more details. Terms and conditions apply.

Other Information

Tenure: Leasehold (45 years, 10 months remaining).

Short lease and lease extension costs: The vendors made contact with the freeholders in November 2018 who provided the below options / costs for extending the lease:

1. fee for a share of freehold and lease extension to 999 years would be £91,000
2. A statutory lease extension under the 1993 Act would be £89,000.

This was a price quoted over 2 years ago and so the extension costs may have increased, more recent costings have not been provided. Any attempt to extend the lease by the new buyer should be agreed with the freeholders post completion however the vendors are willing to issue a section 42 and pass the extension rights on to the new buyer if required; the buyer would be responsible for paying all the vendors associated legal fees surrounding a section 42. This is a probate property and the Grant of Probate was issued on the 10th October 2018.

Cracking: A chartered surveyor was commissioned to provide a report and valuation on the property in 2018. The report confirmed that the property has been affected by some minor structural movement in the past as evidenced by general minor cracking and distortions seen to the external masonry, brickwork and finishes, internal walls, floors and finishes due to long term settlement, seasonal and some differential movement and shrinkages. However they were of the opinion that this movement is long standing in nature.

Service charge: £3,150 per annum (Paid in half yearly amounts of £1,575)  Please see the attached document labelled Annual service charge and also the attached Section 20 notice

Ground rent: £25 per annum

Auction Details

** Open to cash buyers only. 90 Days to complete and no deposit payable**

Please note that there is a Reservation fee (2.4% 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.

To view the property you must register and book on one of the open days as detailed on the website. Please note: Entrance will be refused if you are not on the list so please make sure you book your place using the online system. Open days are being operated on a safe basis with a maximum of 1 booking per time slot and attendees will asked to respect social distancing guidelines if in the property at the same time as another viewer. Attendees are allowed to bring one other person with them to a viewing provided that they are within the same household /support bubble. The wearing of face masks is required whilst in the property. Lists close 24 hours before the open day starts so book in plenty of time.

Auction ends – Thursday 4^th February 2021 at 1pm (please read anti-sniping rules which may extend the auction)

Bidding Window Opens – Tuesday 2nd February 2021 (Please note bidding won’t be possible until this time)

Starting price – £208,000 (Reserve price is higher & unpublished)

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 and the buyer honoured to pay it. 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 being sold as part of a deceased estate with vacant possession and is sold as seen. The administrator and solicitor may not be able to answer the usual pre-contract questions.