1 Bedroom Second Floor Flat, 44 Jack Clow Road, West Ham, E15 3AS

Overview

Hammer Price Homes are delighted to present for sale by online auction this 1 bedroom second (top) floor flat in West Ham.

Please be advised that the property has a lease with just 70 years remaining and as such may be deemed as a short lease, and therefore unmortgageable with a number of lenders, for this reason this auction is recommended to cash buyers only

The property briefly comprises: To the second floor is an entrance hallway leading to a well sized living room, kitchen, bedroom and bathroom.

Outside there is communal parking (permits required).

The property is in need of modernisation throughout and presents a good opportunity for those looking for a small 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 recommended for cash buyers only. Should you be looking to purchase the property through a mortgage then please check with your lender prior to bidding. 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, for anything to do with the short lease / lease extension, or for issues around securing lending / financing the property.

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 well placed on a quiet residential street within walking distance from a number of local amenities and green open spaces. Jack Clow road is very well placed for commuters, just a short walk from West Ham train station and also within walking distance to Plaistow underground station.

Special Conditions

This auction is recommended for cash buyers only as due to the short lease the property is potentially unmortgageable with most lenders. You will not be able to withdraw from the purchase with a return of the reservation fee citing issues around securing lending / 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 70 years remaining (99 years from 25^th December 1993)

Ground rent – currently £160 per annum (see Lease document page 32 for ground rent increment details)

Service charge – Estimate for the year 1^st April 2022 – 31^st March 2023 is £1,540 incl Vat per annum. The flats are maintained by Classical Property services limited.

Please see a copy of the lease which is available to download from the Hammer Price Homes website

Lease Extension – Please note that the new buyer will be responsible for extending the lease if they wish to do so, post completion. As per lease extension calculators we would anticipate the costs to extend the lease to be in the region of £15,000 – £20,000.

The vendors solicitor has advised 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.

There may be other legal fees, such as the freeholders legal fees to consider. Please do you own research and if needed, seek legal advice prior to bidding.

Auction Details

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

Please note that there is a Reservation fee (3% 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 10^th August 2022 at 1pm (Subject to anti-sniping)

Bidding Window Opens – Monday 8^th August 2022 at 10am (Bidding will not be possible until this time)

Starting price – £120,000 (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 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 administrator / solicitor have never lived at the property so may not be able to answer the usual pre-contract questions.