House of Multiple Occupation
A freehold mid-terraced property of brick elevations with pitched tiled roof coverings. The freehold property is operating as a HMO (house of multiple occupation) and provides the buyer with an immediate income and the ability to increase with renting the empty
space. Current gross income £18,180pa with scope to increase to circa £25,000pa fully let at current market rates.
The HMO consists of a ground floor studio flat including lounge/bedroom, kitchen, conservatory and bathroom and its own private entrance from the rear. Additionally on the ground floor is an en-suite bedroom. On the first floor are two further en-suite bedrooms plus a shared kitchen.
The property benefits from gas powered central heating throughout and UPVC windows.
The apartment currently generates £575 per calendar month, with Room 1 let at £460 pcm and Room 2 at £480 pcm. The remaining bedroom is currently vacant, with an anticipated rental value of approximately £500 pcm.
Location
The location is suitable for use as a House in Multiple Occupation (HMO), with good connectivity for residents commuting to nearby employment centres such as the Royal Stoke University Hospital (approximately 1 mile away), Staffordshire University (approximately 1.5 miles away), and the bet365 headquarters (approximately 2 miles away).
Services
Mains water, electricity and drains are connected. Gas fired central heating by way of a combi boiler. Please note that no services have been tested by the agents.
VAT
Not payable on the freehold sale.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
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 auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price (subject to a minimum of £6,000 inc. VAT).
The Buyers 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 Price
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.
