2 bed Flat For Sale £190,000
For sale by public auction: Offered for sale by public auction on the instruction of the owner. A 2 bedroom top floor flat in Canning Town with unknown occupation and no pre-auction access. This Lot suits investors willing to vacate the property and then benefit from the subsequent capital appreciation. The property is to be sold by online bidding on Friday 30 September 2022.
Auctioneer's comments: "This Lot suits professional investors and landlords with the experience to bid and buy without pre-auction access and the ability to work through the process of vacating and modernising the property. It is important to note that access will almost assuredly not be possible before the completion which has implications for the ability to borrow against the property for purchase."
Auction Date
The property is to be sold by public auction on Friday 30 September 2022 via a 2-hour online bidding window.
To View
No access.
Description
* 2 bedrooms * Top floor flat * Leasehold, 101 years * Unknown occupation
Location
* Canning Town, London * 0.6 miles to Canning Town underground station * 1.9 miles to London City Airport
Accommodation
Second floor: 2 bedrooms, bathroom, kitchen
Epc Rating
To be confirmed
Tenure
Leasehold
125 years from 26 October 1998
Local Authority And Council Tax Band
London Borough of Newham
Council tax band B
The Method Of Sale
The property is to be sold as per the V4 Common Auction Conditions. This is an immediate and unconditional exchange of contracts with the payment of a 10% deposit of the winning bid and the auction fees for the property. Completion will be confirmed in the V4 Special Conditions in the Legal Pack. It is the bidder’s responsibility to read these and understand the terms and conditions of the auction.
Set Up An Online Bidding Account
Once you have expressed an interest in the property you will be emailed a link to set up your online bidding account (this can be found on our website under ‘View Current Auction Lots”. Setting up your bidding account is free and it is here that you will have access to the Legal Pack. Once your account is registered you will be automatically notified of any additions or changes to the legal documents or the auction date/process. Only the bidder needs to register, should you win the auction additional buyers can be nominated.
Confirm Your Id
Once you have set up your online bidding account we will send you an sms through which you can download the Credas smartphone application to work through the remote confirmation of your id. This will need to be done for all nominated buyers should you win the auction, please note that should your nominated buyers fail to complete the id checks then you, the bidder, will be noted as the buyer as per the V4 Common Auction Conditions.
Read The Legal Documents
Each property will have a full set of legal documents available through your online bidding account. The legal pack will contain all the information held on the property, and the V4 Special Conditions will detail the completion date and any additional fees to be paid on completion.
Pay The Security Deposit
In order to bid on the day during the 2-hour online bidding window, you will need to lodge a security deposit of £5,000. Once your id is confirmed you will be sent the relevant details to pay the security deposit. This is to be paid into our client account by means of a Faster Payment. Should you not win the auction this will be returned to you immediately and in full. If you are the winning bidder you will be invoiced for the balance of the 10% deposit and auction fees.
Pre-Auction Bids
These must be made in writing by email and will only be put to the client once you have set up your online bidding account and confirmed your id as described above. The pre-auction bid will also need t to be in excess of the advertised guide price. Should your pre-auction bid be accepted you will need to make payment of the 10% deposit and the auction fees immediately.
2-Hour Online Bidding Window
The 2-hour online bidding is the modern version of the auction saleroom. Our process is designed to ensure a transparent process. Once your bidding account is set up, your id is confirmed and you have lodged a security deposit you will be able to bid once the auction opens. We will offer the bidding increments and you can bid higher amounts, when the auction ends the final bid will need to stand for 30 seconds. You will then need to pay the balance of the 10% deposit and auction fees in full and supply a valid conveyancer within 2 working days of the auction ending or the acceptance of a pre-auction bid.
Auction Fees
In addition to the 10% deposit of your winning bid, you will need to pay 1% plus VAT (min. Fee of £1,750) of the purchase price and £2,500 plus VAT (the combined minimum fee is £4,2500 plus VAT). Please be aware there may be additional fees, including disbursements in the legal pack payable on completion, ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
A Note On Guide Prices
Guide Prices are provided as an indication of each seller's minimum expectation. They do not necessarily set the figure that a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a reserve, (a figure below which the auctioneer cannot sell the property during the auction) which will be set within a reasonable bidding range of the stated guide price.
Completion
The completion date is specified in the V4 Special Conditions contained in the Legal Pack for the property which can be accessed through your online bidding account. If there is no date mentioned in the V4 Special Conditions the V4 Common Auction Conditions mandate that the completion will be 20 working days from the auction or sooner by agreement. There will be no access to the property allowed before completion with the exception of accredited and insured surveyors as requested and arranged through us. On the date of completion, once the funds are confirmed the keys will be released by post to the new owner, this can take up to 3 working days.
Auctioneer's comments: "This Lot suits professional investors and landlords with the experience to bid and buy without pre-auction access and the ability to work through the process of vacating and modernising the property. It is important to note that access will almost assuredly not be possible before the completion which has implications for the ability to borrow against the property for purchase."
Auction Date
The property is to be sold by public auction on Friday 30 September 2022 via a 2-hour online bidding window.
To View
No access.
Description
* 2 bedrooms * Top floor flat * Leasehold, 101 years * Unknown occupation
Location
* Canning Town, London * 0.6 miles to Canning Town underground station * 1.9 miles to London City Airport
Accommodation
Second floor: 2 bedrooms, bathroom, kitchen
Epc Rating
To be confirmed
Tenure
Leasehold
125 years from 26 October 1998
Local Authority And Council Tax Band
London Borough of Newham
Council tax band B
The Method Of Sale
The property is to be sold as per the V4 Common Auction Conditions. This is an immediate and unconditional exchange of contracts with the payment of a 10% deposit of the winning bid and the auction fees for the property. Completion will be confirmed in the V4 Special Conditions in the Legal Pack. It is the bidder’s responsibility to read these and understand the terms and conditions of the auction.
Set Up An Online Bidding Account
Once you have expressed an interest in the property you will be emailed a link to set up your online bidding account (this can be found on our website under ‘View Current Auction Lots”. Setting up your bidding account is free and it is here that you will have access to the Legal Pack. Once your account is registered you will be automatically notified of any additions or changes to the legal documents or the auction date/process. Only the bidder needs to register, should you win the auction additional buyers can be nominated.
Confirm Your Id
Once you have set up your online bidding account we will send you an sms through which you can download the Credas smartphone application to work through the remote confirmation of your id. This will need to be done for all nominated buyers should you win the auction, please note that should your nominated buyers fail to complete the id checks then you, the bidder, will be noted as the buyer as per the V4 Common Auction Conditions.
Read The Legal Documents
Each property will have a full set of legal documents available through your online bidding account. The legal pack will contain all the information held on the property, and the V4 Special Conditions will detail the completion date and any additional fees to be paid on completion.
Pay The Security Deposit
In order to bid on the day during the 2-hour online bidding window, you will need to lodge a security deposit of £5,000. Once your id is confirmed you will be sent the relevant details to pay the security deposit. This is to be paid into our client account by means of a Faster Payment. Should you not win the auction this will be returned to you immediately and in full. If you are the winning bidder you will be invoiced for the balance of the 10% deposit and auction fees.
Pre-Auction Bids
These must be made in writing by email and will only be put to the client once you have set up your online bidding account and confirmed your id as described above. The pre-auction bid will also need t to be in excess of the advertised guide price. Should your pre-auction bid be accepted you will need to make payment of the 10% deposit and the auction fees immediately.
2-Hour Online Bidding Window
The 2-hour online bidding is the modern version of the auction saleroom. Our process is designed to ensure a transparent process. Once your bidding account is set up, your id is confirmed and you have lodged a security deposit you will be able to bid once the auction opens. We will offer the bidding increments and you can bid higher amounts, when the auction ends the final bid will need to stand for 30 seconds. You will then need to pay the balance of the 10% deposit and auction fees in full and supply a valid conveyancer within 2 working days of the auction ending or the acceptance of a pre-auction bid.
Auction Fees
In addition to the 10% deposit of your winning bid, you will need to pay 1% plus VAT (min. Fee of £1,750) of the purchase price and £2,500 plus VAT (the combined minimum fee is £4,2500 plus VAT). Please be aware there may be additional fees, including disbursements in the legal pack payable on completion, ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
A Note On Guide Prices
Guide Prices are provided as an indication of each seller's minimum expectation. They do not necessarily set the figure that a lot will sell for and may change at any time prior to the auction. Each lot will be offered subject to a reserve, (a figure below which the auctioneer cannot sell the property during the auction) which will be set within a reasonable bidding range of the stated guide price.
Completion
The completion date is specified in the V4 Special Conditions contained in the Legal Pack for the property which can be accessed through your online bidding account. If there is no date mentioned in the V4 Special Conditions the V4 Common Auction Conditions mandate that the completion will be 20 working days from the auction or sooner by agreement. There will be no access to the property allowed before completion with the exception of accredited and insured surveyors as requested and arranged through us. On the date of completion, once the funds are confirmed the keys will be released by post to the new owner, this can take up to 3 working days.
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