Studio Flat For Sale £20,000
Chelsea Manor Street, London

FOR SALE BY AUCTION: To be sold by public auction on the instruction of the attorney on Friday, 23 June 2023. A purpose-built first-floor studio apartment in Chelsea, London, in need of modernisation and with less than five years remaining on the lease. Located on Chelsea Manor Street and near St Luke's Gardens this property is a unique opportunity to buy a studio apartment in a popular location.

Auctioneer's comments: "This Lot offers the winning bidder the potential to force the appreciation by both modernising the studio and extending the lease. There will be no Section 42 offered in the legal pack and bidders are to make their own estimation of the possible lease renewal costs."

Auction Date - The property is to be sold by public auction on Friday 23 June 2023 via a 2-hour online bidding window.

To View - The property can be viewed by booking onto one of the advertised managed block viewings. Once you have registered to bid by setting up your online bidding account, you will be emailed a Calendly link to do this. Each block viewing is strictly 30 minutes, and no ad hoc viewings will be available. In most cases, a video tour will be available.

Description - Low lease, studio apartment, first floor, purpose-built, in need of modernisation

Outside - Communal gardens

Location - Chelsea, London

Accommodation - First floor: entrance hall, bathroom, kitchen, studio

Epc Rating - To be confirmed

Tenure - Leasehold with vacant possession
Term: 16.12.1982 to 20.3.2028

Local Authority And Council Tax Band - The Royal Borough of Kensington and Chelsea
Council tax band: D

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 '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, you, the bidder, will be noted as the buyer 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 on the property, and the V4 Special Conditions will detail the completion date and any additional fees to be paid.

Pay The Security Deposit - To bid on the day during the 2-hour online bidding window, and you will need to pay a security deposit of £5,000. Once your ID is confirmed, you will be sent the relevant details to pay the security deposit. This will be paid into our client account using a FASTER PAYMENT /CHAPS (BACS is unacceptable) via a link we will email you or by card over the phone. This deposit will be returned should the Lot withdraw, you withdraw, or you are unsuccessful. If you are the winning bidder, you will be invoiced for the balance of the 10% deposit and auction fees immediately. There is a £49 incl. VAT processing fee if the security deposit is paid by card via the link or over the phone.

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 to be more than 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.

Auction Fees - In addition to the 10% deposit (min. £5,000) of your winning bid, you must pay an auction buying commission of 3.5% plus VAT (min. of £7,000 plus VAT) of the purchase price and auction buying fee of £1,900 plus VAT. Please be aware that additional fees may be payable on completion, including disbursements in the legal pack. Check the legal pack for each lot you are interested in before bidding.

2-Hour Online Bidding Window - The 2-hour online bidding is the modern version of the auction saleroom. Our process is public and transparent. Once your bidding account is set up, your ID is confirmed, and you have paid a security deposit, you will be able to bid once the auction opens. We will offer 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.

A Note On Guide Prices - Guide Prices are provided to indicate each seller's minimum expectation. They do not necessarily set the figure that a lot will sell for and may change at any time before 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 no date is 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 except by accredited and insured surveyors, as requested and arranged through us. Upon 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.