Residential Development
The property comprises a three storey mid-terraced building with the first, second and third stories being offered. There is planning consent for the creation of five apartments on the first, second and third stories. We are advised the premises will be held on a long leasehold of 999 years with a peppercorn ground rent. Interested parties are advised to inspect the planning consent via West Lindsey District Council planning portal number 139719 for more information.
The property is located along Silver Street within an area of commercial premises. There are several recently completed residential developments within the area due to the demand for lower cost housing especially from commuters to Lincoln, Doncaster and Sheffield.
We understand that VAT will not be chargeable on this transaction.
We are informed by the seller that a new 999 year will be created which will include the Landlords consent for the conversion into five flats and allow new subleases to be created out of the main 999 year.
The seller also informs us that there is a Grant Scheme of £25,000 per flat available on this property and the scheme is open to new owners as well, and currently running until the end of March 2021. For further details on this please contact Diane Leslie at West Lindsey District Council on 01427 676 631. Further information can also be found with the legal documents.
Leasehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
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