2nd Floor Studio Flat, 41 Radlett Close, Forest Gate, E7 9JF
Overview
Hammer Price Homes are pleased to present for sale by online auction this vacant & chain free, 2nd floor, studio flat in Forest Gate.
The property has a short lease (57 years remaining) which makes it unmortgageable with most lenders, for this reason this is auction is open to cash buyers only. See other information section for further details.
The property briefly comprises: To the second floor there is an entrance hallway leading to a living / bedroom, kitchen and a bathroom.
Outside there are communal gardens off street parking.
The property is in need of enhancement and would be suited to those looking for a modernisation project.
To view this property please visit the Hammer Price Homes website, register as a buyer and book your place on an open day.
Location
Radlett Close is located just off Romford road, and is just a 20 minutes’ walk to the buzzing shopping and leisure hub of Stratford. Green open spaces can be found close-by, including the popular West Ham Park, which is just a short walk from here. The property is also well placed for commuters, with Forrest Gate Train station located less than a 15 minutes’ walk from here and Stratford Underground Station just a 20 minutes’ walk.
Special conditions
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 the ability to finance the purchase or for reasons surrounding the short lease or the lease extension, see the other information section for more details.
Other Information
Tenure – Leasehold (57 years remaining) – please be advised that a copy of the lease is available for download above
Lease extension costs have not been attained prior to marketing. Any attempt to extend the lease should be agreed / negotiated with the freeholder (believed to be Forestmere Properties Limited) post completion. The vendors are willing to issue a section 42 and assign the benefit on to the new buyer if required; the buyer would be responsible for paying all the vendors associated legal fees surrounding a section 42. There are a number of lease extension calculators available online with costs to extend the lease expected to be in the region of £20,000 – £23,000 (excluding legal fees). Please do your own research in regards to possible costs and consult with surveyors / solicitors if necessary.
Maintenance charges: The maintenance charge for the 12 months from the 1st April 2020 was £666.45, the breakdown can be downloaded from the Hammer Price Homes website.
Ground rent: £80 per annum, rising to £120 in 2045
Auction Details
** Open to cash buyers only. 90 days to complete, no deposit payable**
Please note that there is a Reservation fee (2.4% Inc. VAT subject to a minimum of £3,000 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 – Wednesday 22nd September 2021 at 1pm
Bidding Window Opens – Monday 20th September 2021 (Bidding will not be possible until this time)
Starting price – £90,000 (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.
We will continue to keep abreast of Government guidelines re Covid-19. This property is vacant which means we should comfortably be able to conduct viewings whereby safe distancing is adhered to. We allow a maximum of 2 bookings per 15 minute time slot. Viewers must to stick to their time precisely.
Please try and maintain a safe distance if you are in the property at the same time as another viewer who is not from your household.
The wearing of face masks whilst currently not mandatory is advisable.
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
