Six bedroom licenced house of multiple occupancy in North Hykeham, fully let with an income of £36,600 per annum. Comprising of six rooms, three of which have kitchenettes and ensuites, cloakroom, utility, kitchen, dining room and a bathroom. Offered for sale through the Modern Method of Auction.

Six bedroom licenced house of multiple occupancy in North Hykeham, fully let with an income of £36,600 per annum. Comprising of six rooms, three of which have kitchenettes and ensuites, downstairs cloakroom, utility room, kitchen, dining room and a family bathroom. Externally benefitting from a gated rear garden and driveway parking. Property is offered for sale through the Modern Method of Auction which is operated by iamsold Limited. Sold with no onward chain.

North Hykeham is situated to the south of Lincoln, benefitting from local schooling and amenities plus easy access to the A46 bypass.

EPC Rating - C
Council Tax Band - D
Tenure - Freehold

Auctioneer Comments - This property is for sale by Modern Method of Auction allowing the buyer and seller to complete within a 56 Day Reservation Period.
Interested parties' personal data will be shared with the Auctioneer (iamsold Ltd).

If considering a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information
Pack is provided, which you must view before bidding. The buyer will pay £300 inc VAT for this pack.

The buyer signs a Reservation Agreement and makes payment of a Non-Refundable Reservation Fee of 4.5% of the purchase
price inc VAT, subject to a minimum of £6,600 inc VAT. This Fee is paid to reserve the property to the buyer during the
Reservation Period and is paid in addition to the purchase price. The Fee is considered within calculations for stamp duty.

Services may be recommended by the Agent/Auctioneer in which they will receive payment from the service provider if the
service is taken. Payment varies but will be no more than £450. These services are optional.

EPC Rating - C
Council Tax Band - D
Tenure - Freehold

Investment Opportunity - GROSS YIELD SELF MANAGED (based on auction starting guide of £250,000) - 14.6%
GROSS YIELD WITH ESTATE MANAGER RETAINED (based on auction starting guide of £250,000) - 5.7%

House of multiple occupancy with six filled rooms. Presently there is an estate manager in place whom holds the HMO licence in their name which was most recently issued by North Kesteven District Council on 13/01/2022 and runs until 12/01/2027. Presently the current owner is paid a set fee of £1200PCM and the estate manager maintains the property and fills the rooms if and when they come available. The estate manager would be happy to stay on as part of the property sale under a similar R2R scheme they have with the current owner however should the new owner wish to self manage, they would need to seek an independent licence through the council.

Detail below provided by the estate manager and is correct as of January 2024:
Room rates are as follows -
Double with ensuite & kitchenette - £600pcm
Double with ensuite - £550pcm
Double with ensuite - £550pcm
Large double - £500pcm
Double - £450pcm
Small single - £400pcm
-Total - £3050pcm-

Length of current tenancies -
Room 1 - 18 months
Room 2 - 17 months
Room 3 - 15 months
Room 4 - 1 month
Room 5 - 1 month
Room 6 - 13 months

All tenants are working professionals on minimum 6 month AST moving to a 30 day rolling contract.

Monthly outgoings for the operation of the house (not including lease payments to owner) - £1200pcm

Bills inclusive includes -
Gas
Electric
Water
Council tax
Internet
Netflix
Fortnightly cleaner

Entrance Hall - Composite front door, laminate flooring, spot lit ceiling, radiator, mains consumer unit, Honeywell thermostatic control and stairs rising to the first floor.

Room 1 - 5.9 x 3.1 (max measurements). (19'4" x 10'2" (max - Carpet and vinyl flooring, two radiators, PVC windows to the front and rear, two pendant fittings and a worksurface in the kitchen area.

Ensuite Shower - 2.3 x 1.5 (7'6" x 4'11") - Low level WC, vanity sink and a mains fed double shower cubicle. Tile flooring and low level wall tiling, heated towel rail, PVC window to the rear, spot lit ceiling and extractor.

Cloakroom - 1.4 x 0.8 (4'7" x 2'7") - Low level WC, pedestal wash basin, radiator, tiled flooring, light and extractor.

Utility Room - 1.7 x 1.7 (5'6" x 5'6") - Composite door and PVC window to the rear, tiled flooring, radiator, Baxi boiler with controls, light and extractor. Base units, roll edge worksurfaces, space and plumbing for a washing machine and a tumble dryer.

Room 6 - 5.9 x 3.0 (max measurements). (19'4" x 9'10" (max - Self contained room and independently fused having been converted from an integral garage and is accessed via the rear garden only. PVC window to the front aspect, composite door to the rear, laminate flooring, spot lit ceiling, wall extractor and an electric panel heater. Base and eye level units with roll edge worksurfaces and matching upstand, stainless steel sink, integrated microwave, fridge, hob and extractor over.

Ensuite Shower - 2.3 x 1.5 (7'6" x 4'11") - Low level WC, vanity sink, electric fed shower cubicle, PVC window to the rear, laminate flooring, spot lit ceiling and an extractor.

Stairs / Landing - PVC window to the rear aspect, radiator, carpet flooring and a pendant fitting.

Room 2 - 5.9 x 3.2 (19'4" x 10'5") - PVC window to the front and rear aspect, two radiators, laminate flooring and a spot lit ceiling.

Kitchen - 3.1 x 2.9 (10'2" x 9'6") - Base and eye level units with a roll edge worksurface, tiled splashback and an inset stainless steel sink and drainer. Integrated fridge freezer, dishwasher, oven, hob and extractor over. Tiled flooring, radiator, spot lit ceiling and a PVC window to the rear aspect.

Dining Room - 3.1 x 2.9 (10'2" x 9'6") - PVC window to the front aspect, laminate flooring, radiator, spot lit ceiling and a storage room with a PVC window to the front, radiator and an understairs storage cupboard.

Stairs / Landing - PVC window to the front, carpet flooring, pendant fitting, radiator, loft hatch access and an airing cupboard housing the hot water cylinder.

Room 3 - 4.0 x 3.2 (13'1" x 10'5") - PVC window to the front, carpet flooring, pendant fitting and a radiator.

Kitchen Area - 1.7 x 1.5 (5'6" x 4'11") - PVC window to the rear, radiator, vinyl flooring, pendant fitting and a worksurface.

Ensuite Shower - 1.7 x 1.6 (5'6" x 5'2") - Low level WC, vanity sink and a mains fed shower cubicle. Tile flooring, radiator, PVC window to the rear, spot lit ceiling and extractor.

Room 4 - 3.2 x 2.1 (10'5" x 6'10") - PVC window to the front aspect, carpet flooring, radiator and a pendant fitting.

Room 5 - 3.6 x 3.2 (max measurements). (11'9" x 10'5" (max - PVC window to the rear aspect, carpet flooring, radiator and a pendant fitting.

Bathroom - 2.1 x 1.8 (6'10" x 5'10") - Low level WC, vanity sink, panel bath with head and hose attachment, low level wall tiling, tiled flooring, PVC window to the rear, spot lit ceiling and an extractor.

Outside - To the front is a low maintenance gravel garden with wrought iron fencing and a pathway to the front door. The rear offers a gated block paved parking area suitable for multiple vehicles to park off road, fully enclosed garden with laid lawn, gravelled area and a water supply. Shed is included within the sale.

Fixtures & Fittings. - Please Note : Items described in these particulars are included in the sale, all other items are specifically excluded. We cannot verify that they are in working order, or fit for their purpose. The buyer is advised to obtain verification from their solicitor or surveyor. Measurements shown in these particulars are approximate and as room guides only. They must not be relied upon or taken as accurate. Purchasers must satisfy themselves in this respect.