#sellforfree

Tutis Estates presents this excellent investment opportunity on Gun Lane, Coventry.

The property has been converted into 2 x 1 bedroom flats. The current rental is £1,175 per month. The market rental for a 1-bedroom flat in this area is £750 per month. Therefore, the combined monthly rental can potentially be increased to £1,500 per month. In turn, this would provide an annual income of £18,000 and if agreed at a purchase price of £200,000, this will give an investor a 8.4% rental yield.

Consent for the conversion into two flats has been approved by Coventry City Council, which can be found on the Coventry City Council planning portal. Application Reference Number: FUL/2019/0253.

Ground Floor Flat:
EPC Rating D
Council Tax Band A

First Floor Flat:
EPC rating C
Council Tax Band A

Online Auction - Being Sold by Tutis Auction

Starting Bids from: £170,000

Buy it now option available.

Please call or visit Online Auctions for more information.

This property is for sale by Online Auction. The Online Modern Method of Auction is a flexible buyer friendly method of purchase. The purchaser will have 56 working days to exchange and complete once the draft contract has been issued by the vendors solicitor. Allowing the additional time to exchange and complete on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer with be required to put down a non-refundable reservation fee. The fee will be a fixed fee including the Vat, this secures the transaction and takes the property off the market. The buyer will be required to agree to our terms and conditions prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found on the online Auction website or requested from our Auction Department.

Please note this property is subject to an undisclosed Reserve Price which is typically no more than 10% in excess of the Starting Bid. Both the Starting Bid and Reserve Price can be subject to change. Our primary duty of care is to the vendor. Terms and conditions apply to the Modern Method of Auction, which is operated by Tutis Auctions.

Viewings - To book a viewing please arrange with Tutis Estates.

Buyer Administration Charge - If the Buyer Information Pack has been produced and provided by Tutis Estates any successful purchaser will be required to pay £354.00 (including VAT) towards the cost of the preparation of the pack. These can then be used by your solicitor to progress the sale.

General Information - Auctioneer's Comments

This property is for sale by Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be exchanging contracts on the fall of the virtual hammer, but will be given 56 working days in which to complete the transaction, from the date the Draft Contract are issued by the seller's solicitor. By giving a buyer time to exchange contracts on the property, means normal residential finance can be arranged.

The Buyer's Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Info Pack which can be downloaded for free from our website or requested from our Auction Department.

Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Buyers Premium of £6600 including VAT plus an administration charge of £354 including VAT, a total of £6954. This secures the transaction and takes the property off the market.

The Buyer's Premium and administration charge are in addition to the final negotiated selling price.

Buyers Fees - There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:
. You will need a Solicitor to act for you during the conveyancing and your Solicitor will advise you in relation to the associated costs. If you do not have a Solicitor, we can recommend the services of one of our Panel Solicitors who are all selected for their expertise in Auction Transactions. Please call the number below for more information.
. Stamp Duty Land Tax (SDLT) is applicable if you buy a property or land over a certain price in England, Wales or Northern Ireland. Please click here for more information.