Auction disaster advice

Smalltownhypocrite

Catonthemoon said:

Is this property in the UK? I’d be interested to know where you can get a property (habitable), for £55k these days!
Regarding the rent, which, no doubt, you will clarify… achieving that level of rental income (£750 pm) from a property valued @ circa £55k is a hell of a return - it doesn’t seem to stack up!!

You can up here in the north east, might have downsides (example: short leasehold, rougher area, very small, dated doer up etc...) but definitely 'habitable'. To be habitable it just has to be safe enough (no serious structal issues or rampant damp/mold etc...) and have a kitchen and bathroom.

If your looking for say a 1 bed flat or a small 2/3 bed terrace in a less desirable area it would be pretty easy to fine. Just the first ones up on rightmove when I searched:

https://www.rightmove.co.uk/properties/164793089#/?channel=RES_BUY

or

https://www.rightmove.co.uk/properties/164788634#/?channel=RES_BUY

or

https://www.rightmove.co.uk/properties/155892014#/?channel=RES_BUY

or

https://www.rightmove.co.uk/properties/164773778#/?channel=RES_BUY

theres many more, obviously can't post all.

MysteryMe

OP sounds like someone who needs in person advice from a solicitor. 

GDB2222

MysteryMe said:

OP sounds like someone who needs in person advice from a solicitor. 

^ This. 

This may be a scam, but the op may be locked in, with a binding contract. If so, he needs to face up to it. 

HonestJohn

Homes Under the Hammer viewers will be smiling

purplevamp

HonestJohn said:

Homes Under the Hammer viewers will be smiling

I can hear Martin Roberts now "so you didn't read the legal pack or view the property??!!"

JackJacobs

We complete the purchase tomorrow.
i will disclose all the figures and updated situation then.
It has been interesting to read all of the feedback.

I will openly admit we have been incredibly stupid and reckless. 

However I will still provide updated situation in the coming week with figures as well……… 

QrizB

Thank you for coming back to the thread! I look forward to hearing your report on how it all worked out.

WIAWSNB

Hopefully, even if it turns out not to be the amazing bargain you first thought, it'll still - once all the unexpected bills have been paid - be 'value for money'.