1 bedroom flat for sale

This property is for sale by Modern Method of Auction powered by IAMSOLD LTD - Starting Bid £60,000 + Reservation Fee

A modern and well-presented one-bedroom first floor studio flat, ideally located within close proximity to Redditch town centre. This property offers an excellent rental opportunity for landlord investors, with a tenant currently in situ. Available to cash buyers only.

This modern and well-presented one-bedroom first floor studio flat is accessed via a secure intercom entry system, with stairs rising to all floors. Inside, the accommodation comprises an open-plan living space with a fitted kitchen offering a range of modern wall and base units, a double bedroom, and a separate shower room with corner enclosure.

The property is being sold with a tenant in situ, currently paying £550 per calendar month and generating a potential yield of approximately 9.4%, making this an excellent opportunity for landlord investors. Available to cash buyers only.

Agent’s Note: Please be advised that this property is suitable for cash buyers only due to its limited square footage, which may not meet standard mortgage lending criteria.

Leasehold - approximately 116 years remaining
Annual service charge - £1825.67

Auctioneer Comments

This property is for sale by the Modern Method of Auction. Should you view, offer, or bid on the property, your information will be shared with the Auctioneer, iamsold Limited This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyer’s solicitor (for standard Grade 1 properties). This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability, and survey). The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.5% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded. This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the preparation cost of the pack, where it has been provided by iamsold. The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangement

The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services, and you should always consider your options before services are accepted. Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.

Agent Disclaimer

Please read the following: These particulars are for general guidance only and are based on information supplied and approved by the seller. Complete accuracy cannot be guaranteed and may be subject to errors and/or omissions. They do not constitute a contract or part of a contract in any way. We are not surveyors or conveyancing experts therefore we cannot and do not comment on the condition, issues relating to title or other legal issues that may affect this property. Interested parties should employ their own professionals to make enquiries before carrying out any transactional decisions. Photographs are provided for illustrative purposes only and the items shown in these are not necessarily included in the sale, unless specifically stated. The mention of any fixtures, fittings and/or appliances does not imply that they are in full efficient working order, and they have not been tested. All dimensions are approximate. We are not liable for any loss arising from the use of these details.

Regulations require us to conduct identity and AML checks and gather information about every buyer's financial circumstances. These checks are essential in fulfilling our Customer Due Diligence obligations, which must be done before any property can be marked as sold subject to contract. The rules are set by law and enforced by trading standards.

We will start these checks once you have made a provisionally agreeable offer on a property. The cost is £30 (including VAT) per property transaction. This fee covers the expense of obtaining relevant data and any necessary manual checks and monitoring. It's paid in advance via our onboarding system.