Apartment for sale in Tannery Drive, Bury St. Edmunds, Suffolk, IP33

Description

A two-bedroom apartment presenting an attractive opportunity for investors. Requiring minor improvement, the property offers scope for straightforward cosmetic updating and benefits from a long lease of approximately 965 years.

With an anticipated rental value of around £850 per calendar month, it also provides an appealing buy-to-let opportunity, subject to purchase price and letting costs.

Situated within easy reach of the historic centre of Bury St Edmunds, the property is well placed for the town's excellent range of shopping, restaurants, cafés, schooling, leisure and cultural facilities. Bury St Edmunds is a popular Suffolk market town offering a strong combination of historic character and modern amenities.

The combination of a long lease, modest improvement requirements and potential rental income makes this an appealing auction opportunity.

Council Tax Band B

Room Details

Auction

To be sold by online auction (unconditional) on Wednesday 30th September with a 6 WEEK COMPLETION, bidding will open at 10.00.

To view

Viewings will be conducted prior to the auction, please visit our website to book an appointment at firstforauctions.co.uk

Registration

All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.

Tenure

Leasehold with vacant possession.

Lease

999 years from 1st January 1993 - 965 years remaining.

Ground rent and service charge

Please see legal pack for further details.

EPC rating

Council tax band

B - West Suffolk

Legal pack

For each lot there are Special Conditions of Sale and other documentation provided by the vendor's solicitors. If you wish to receive the Legal Pack, you will be able to register for this via the link on our website. You will receive notification by email once the Legal Pack is received from the solicitor. The documents may not tell you everything you need to know about the property and you are required to complete your own due diligence before bidding.

Guide prices

Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which 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 lot during the auction) which we expect will be set within the Guide Range, or no more than 10% above a single figure Guide Price.

Additional fees

A buyers charge of £1,650 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.

Deposit

If you are the highest bidder when the auction ends, contracts are exchanged between you and the seller. Both parties are legally bound to complete the transaction as per the special conditions in the legal pack. Your card will be automatically debited for the bidder security amount of £6,000 and we'll require the remaining balance for a 10% non-refundable deposit. We will contact you after the auction has finished to make these arrangements.

Pre-auction offers

These must be made in writing and will only be considered if the Legal Pack has been inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are only considered on an auction basis in accordance with the “Terms & Conditions - Unconditional Auction".

Mortgage finance

We advise all bidders who require a mortgage to confirm with their Financial Advisor as to whether or not the lot you are interested in would be suitable security to borrow finance against, prior to bidding. If you need to arrange a mortgage it is important that you obtain an offer from your lender before the day of the auction. Most building societies and banks will instruct a surveyor to prepare a valuation report before making a mortgage offer.