A great opportunity has come up to purchase an apartment in Birmingham – and it could be yours for the price of a second-hand car. The studio apartment, Flat 37, College House, Bridge Road, Alum Rock, is up for auction with a guide price of £13,500 plus fees.
The property is currently a first-floor student studio apartment in Alum Rock and within walking distance to Adderley Park train station.
The property has an open plan living/bedroom with a kitchenette and shower room.
The property is currently being rented out and produces rent of £455 per calendar month. Prospective buyers are advised to check the legal pack for further information.
The auctioneers are warning people that they have not inspected the property internally themselves. The property is leasehold and it is being auctioned off by SDL Property Auctions.
The auction is taking place on Thursday, March 31 at 10am. For further details click the link here There is some general advice for people looking to buy a property at an auction.
Should you view the property before bidding?
Some buyers don’t always physically look at a property before the auction, but experts would recommend that you do. Even in the last 18 months, with pandemic restrictions, this has been possible via virtual tours, where you can effectively ‘walk around’ a property, zooming in on any area that you want to see in more detail
What finances do you need in place before you bid?
Experts recommend that you have all your finance in place before you bid. As a priority, you must have the 10 per cent deposit available, as you will be legally bound to pay that immediately if you are successful. Have all your funds or a mortgage in principle so that you are then ready to complete in 28 days.
What is a legal pack?
The legal pack is a set of documents prepared by the seller’s solicitor, which you can view or download and that pack is physically available in the auction room on the day. It contains things like official copies of the property’s title and land registry details, completion documents of previous sales, and details of any legal fees or search fees that are included in the special conditions.
It will also contain a property information form, detailing things like fixtures and fittings, and any relevant tenant leases or planning permissions. Importantly, this legal pack is entirely free to bidders and is usually available a week to ten days ahead of the auction to give people the maximum chance to read and have it checked beforehand.
When should you instruct a solicitor and surveyor?
You should instruct a solicitor before the auction, as soon as you are interested in a property, so that they can view and advise on the legal pack for you ahead of your bidding. You should then appoint a surveyor if you’re going to get a mortgage or finance from a third party for your purchase so that you can get them to view the property before you start bidding.