Homes Under the Hammer, 03/03/08

PasturesNew

SouthCoast wrote: »

Just an anecdote concerning auctions, flipping and estate agents from a friend who was sitting behind the purchaser at the auction.

This property was sold at auction for £42,000 in July last year and the purchasers intention was to get planning permission to turn it into a holiday home:

http://archive.theargus.co.uk/2007/7/12/238062.html

I guess that after the auction the purchasers actually read and understood the planning restrictions. It has been on the market since then at £85,000 and the original ads included the disclosure of an interest under The Estate Agents Act.

http://uk.businessesforsale.com/uk/Unusual-Unique-Development-Opportunity-For-Sale.aspx

Couple of questions:
1) So why didn't he turn it into a holiday home?
2) Why does it say lease and freehold? Which is it?

SouthCoast

1) No planning permission.

2) Leasehold.

Listing here:
http://www.vebra.com/home/search/vdetails.asp?src=agent&fd=772&bd=1&db=5&cl=2910&pid=12588738

Agents Note: Under the Estate Agents Act 1979, we would confirm that an employee of

Flude Commercial has an interest in the property.

PasturesNew

I see the usable space on each of the three floors is 63'
It looks bigger.

For the price the original bloke bought it at, it'd make a great beach hut. Loos/wet room on the ground floor, storage/kitchenette on the first floor, comfy lookout chairs on the top. I presume water in/out wouldn't be too much of an issue, there must be mains to the bit it adjoins.

Even that would have a good/high beach hut rental yield. Although at that price it's worth keeping it just for yourself. A traditional beach hut can cost you more, without the comfort of loos/showers.

But I'd only want it freehold. And only at the price he paid for it at auction.

merlinthehappypig

owitemisermusa wrote: »

This thread has had me in stitches all evening. Your comments are just top dollar!




Imagine that, a property you actually thought of buying appearing on TV and then still on sale after several months!

This from the rightmove website really cracked me up:

"....with views across towards Tenby and, we are informed, the entire grounds amount to approximately 2 acres or thereabouts....."

I thought EAs were supposed to be sure about stuff like that before selling?

As you said 'wasteland'

I have to confess that we did actually see it on TV first (well, my wife recorded it and kept playing it back to me........) , but we were going out to Pembrokeshire to look anyway.

The house was really nice, but we wanted land for the rag tag of tiny ponies that we have and this was mainly reeds, not grass.

As for EA's checking - we have seen all manner of sizes of 'acres'. The EA's don't usually have a clue, especially for irregular shaped fields and normally rely on the owners estimates. We have the last four estate agents details going back to 1982 for the house we sold last year and each time it's sold the land has got bigger (that is until we sold as we had an accurate survey).

The house has been for sale for a year now - she has just changed the price to 'offers in the region of' £450000 rather than 'offers over'.

ukjoel

I saw one the other day where a guy paid over 3 times the estimate for a plot of land.

He then said he had come in for another property but missed out and thought that the land was a fair price as he could build 2 houses and sell them.

Only issue was land was Greenbelt and council said no chance whatsoever of building on it.

He didnt know that so spend 40k for a plot he cant do anything with.
Some people are idiots.