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.
Please maintain a safe distance if you are in the property at the same time as another viewer who is not from your household.
Please follow government guidelines re the wearing of face masks.
This auction is strictly open for cash buyers only as due to the condition and short lease, the property is not mortgageable. You will not be able to withdraw from the purchase with a return of the reservation fee citing issues around financing the property or for any reasons concerning the short lease / purchase of the freehold.
Hammer Price Homes are delighted to present for sale by online auction this 3 bedroom semi-detached house in Bury. The property has a short lease (34 years remaining) and is in poor condition throughout, for these reasons, the property is deemed unmortgageable and therefore, this auction is strictly open to cash buyers only.
The property briefly comprises: To the ground floor is an entrance hallway leading to an open plan living and dining room and a kitchen. To the first floor are 3 bedrooms and a bathroom.
Outside there is a garden to the front of the property and a well sized garden to the rear which offers pleasant views over the nearby fields. There is also a driveway to the front and side providing ample off street parking.
The property is in need of modernisation throughout and offers scope for reconfiguration and or possible extensions, subject to gaining the necessary planning and consents.
Please see the other information section regarding the short lease and the anticipated costs to purchase the freehold from Bury Council. We would recommend this property for somebody that has experience / knowledge of purchasing short lease properties.
The property is sold as seen and is strictly 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 / purchasing the freehold.
The property is positioned on a popular residential street and offers pleasant views over Parr Brook to the rear. Allendale Drive is well placed for accessing local amenities, with Bury Town Centre located less than 3 miles away, and Manchester City Centre is around a 30 minutes’ drive from here.
This auction is strictly open for cash buyers only as due to the condition and short lease, the property is not mortgageable. You will not be able to withdraw from the purchase with a return of the reservation fee citing issues around financing the property or for any reasons concerning the short lease / purchase of the freehold.
Tenure – Short lease (99 years from 21st June 1957 – 34 years remaining). Ground rent £8 per annum.
The freeholder is Bury council.
There is also a headlease which is owned by Morgoed Estates, they had purchased the right to charge the ground rent from Bury Council.
Information on purchasing the Freehold and Headlease – We have spoken with Bury council who have advised that they would work with the vendors / buyer to sell the freehold but advised that it can be a lengthy process in order to do this and would involve their legal team.
We also have engaged with a company called Nick Plotnek Associates who specialise in assisting people to purchase freeholds and have acted on behalf of neighbouring properties in purchasing their freehold from Bury Council in the past. They completed a valuation (commissioned by the vendors) and have advised that they believe that the cost to buy the Freehold will be between £14,000 and £16,000. You can see their valuation attached to the Hammer Price Homes website for reference.
There are 3 stages in order to purchase the freehold. The first stage is the valuation, which has been mentioned above and has already been done. The second stage is to serve the legal notice to the Freeholder; this is done by the vendor between exchange and completion (with the rights passed over to the buyer). The 3rd stage is the negotiation (if needed with the freeholder) until an agreement is sorted to purchase the Freehold, this is done by the buyer post completion. Nick Plotnek Associates have obviously already completed stage one, but can also complete stages 2 and 3 on behalf of the buyer should you wish. Please see the stages and associated costs for completing stages 2 and 3 attached to the Hammer Price Homes website.
Whilst Nick Plotnek Associates are confident that the Freehold purchase will be within the figures quoted, please note that you should also do your own due diligence as the figure could end up higher should it go to tribunal / dispute with bury council. If you do not wish for the vendors to issue the notice on the freeholders, then you may have to wait 2 years before you can extend the lease with Bury council.
Please also note that there will be some additional charges to consider. You will have to pay any costs for the vendor associated with serving the notice on the Freeholder (around £1,000). The Freeholders reasonable legal costs (again, assumed to be in the region of £1,000). The Freeholders Valuation costs, (assumed to be in the region of £500) and your own legal costs.
We would expect, with all fees, and the cost of the Freehold purchase, for it to be in the region of £20,000 – £25,000 in total based on the figures provided by Nick Plotnek. As mentioned above, it could of course be higher depending on what Bury Council say. The total process from start to finish in order to purchase the freehold can take up to 8 months (depending on how negotiations go). We would recommend somebody with experience buying short lease properties to buy this.
** Open 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 – Thursday 31st March 2022 at 1pm (Subject to anti-sniping)
Bidding Window Opens – Tuesday 29th March 2022 (Bidding will not be possible until this time)
Starting price – £95,000 (Reserve price is higher & unpublished, typically the starting price will be 15 – 20% below the Reserve figure as per our Buyer Terms)
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.
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
Entrance hallway leading to these rooms:
Landing leading to these rooms:
