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Harry Monk

Could I Have Some Comments On This Flat?

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Right, here is a flat in my home town of Margate which is for sale at £25,000 on eBay...

http://cgi.ebay.co.uk/Marine-Gardens-Margate-Kent-2-bedroom-flat-sale-/170532518267?pt=UK_HG_Property_RL&hash=item27b487b97b

Now, I don't need telling that Margate is a dump full of druggy chavs and I don't need telling that the flat is poky and poorly located. But I am not working at the mo and paying £525 a month in rent so am rapidly depleting my STR fund so it might be more viable over the medium term than renting.

These flats (there are several of them) have been on sale with local EAs for around two months now and started out at £50,000. They have dropped sharply ever since then. They are always advertised as "cash buyers only".

Couple of questions...

Why is it not mortgageable? There are plenty of converted flats around which are mortgageable. Is there a "usual reason"?

What is that metal stuff across the windows?

Any pitfalls, potential problems, anything constructive anyone can say is welcome. Ta!

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Don't know why - ring and ask.

It's close to the sea.

Yes, I do intend to phone the agent tomorrow but it will be helpful to get some feedback from my HPC buddies before dealing with the snake-oil salesmen, to ward off any EA BS they are likely to give me.

It is close to the sea, about 50 yards maybe but with no sea view.

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I do not believe you will be able to buy for 25K. Probably more like 40 or 50K. They are going to auction and that is the guide price. I reckon they are just trying to get some publicity going...especially by putting on E bay

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<snip>

Any pitfalls, potential problems, anything constructive anyone can say is welcome. Ta!

Obvious comment - but would check what the service charge and ground rent requirements are. One reason for not being mortgageable could be that there is a large debt outstanding to the freeholder for structural repair or similar.

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I do not believe you will be able to buy for 25K. Probably more like 40 or 50K. They are going to auction and that is the guide price. I reckon they are just trying to get some publicity going...especially by putting on E bay

Mmm, yes on looking further there is not an option to buy, other than by attending their auction. I will keep an eye on it and see what happens.

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You can have a good look around it on google streeview.

Margate was on Newsnight a few weeks back as one of the most economically troubled towns in the UK IIRC so perhaps there simply is not the money available.

If you look on streetview there looks like a rear of a shop opposite with a big skip full of rubbish - no idea how often that is there. If you zoom in on the gateway you can see red graffiti on the walls.

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I do not believe you will be able to buy for 25K. Probably more like 40 or 50K. They are going to auction and that is the guide price. I reckon they are just trying to get some publicity going...especially by putting on E bay

Yup.

The bars are what the metal security shutters get attached to to keep out squatters. I think.

Don't know why unmortgageable.

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My link

theres a Margate flat for £24,995 on rightmove. And the one above for £30kish..........no bidding necassary.

The metal on the windows is probably some cheapskates idea of security.

Margate is a bit run down at the moment, shops closing down etc . thats why the prices are so low.

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You can have a good look around it on google streeview.

Margate was on Newsnight a few weeks back as one of the most economically troubled towns in the UK IIRC so perhaps there simply is not the money available.

If you look on streetview there looks like a rear of a shop opposite with a big skip full of rubbish - no idea how often that is there. If you zoom in on the gateway you can see red graffiti on the walls.

Yea, Margate is pretty dire but I am sort of tied to the local area, would far prefer Ramsgate but Margate is full of this type of development where the developer just seems to have run out of steam.

Perhaps in the longer term the new high speed trains we have running to London now might make a difference but the last time I caught a train they wanted about £12 more for a return ticket compared to the normal trains and I wasn't in such a hurry that 30 minutes each way was worth it.

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I do not believe you will be able to buy for 25K. Probably more like 40 or 50K. They are going to auction and that is the guide price. I reckon they are just trying to get some publicity going...especially by putting on E bay

Its an Ebay classified advert, not an auction?

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Its an Ebay classified advert, not an auction?

No, that caught me, I hadn't ever seen an eBay listing with a scroll-down part but I did see it on a further visit.

I wonder what significance £25,000 has? If they aren't actually offering to sell at that price, merely providing an "invitation to treat", wouldn't they save on eBay listing fees by offering it at 99p?

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No, that caught me, I hadn't ever seen an eBay listing with a scroll-down part but I did see it on a further visit.

I wonder what significance £25,000 has? If they aren't actually offering to sell at that price, merely providing an "invitation to treat", wouldn't they save on eBay listing fees by offering it at 99p?

25K sounds almost realistic in todays climate but 99p? naah :)

Edited by tiggerthetiger

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25K sounds alomst realistic in todays climate but 99p? naah :)

Yes, but if they aren't offering to sell it for £25.000 then they might as well be not offering to sell it for 99p ;)

It's a shame that eBay has sunk to this, I have been an eBayer for many years, eBay ought to be about buying and selling, this is obviously just advertising.

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Yes, but if they aren't offering to sell it for £25.000 then they might as well be not offering to sell it for 99p ;)

It's a shame that eBay has sunk to this, I have been an eBayer for many years, eBay ought to be about buying and selling, this is obviously just advertising.

I used to like the E bay atmosphere but it`s become very commercialised and seems to be a market place mostly for shops and the professional traders nowadays. I hear people say that the overheads are still attractive in comparison to a real shop but by the time you have paid their fees and then paypals fees its around 14% taken away from anyone selling.

I think twice now about putting anything on there.

Now what were we talking about....oh yeah...house prices B)

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Right, here is a flat in my home town of Margate which is for sale at £25,000 on eBay...

http://cgi.ebay.co.uk/Marine-Gardens-Margate-Kent-2-bedroom-flat-sale-/170532518267?pt=UK_HG_Property_RL&hash=item27b487b97b

Now, I don't need telling that Margate is a dump full of druggy chavs and I don't need telling that the flat is poky and poorly located. But I am not working at the mo and paying £525 a month in rent so am rapidly depleting my STR fund so it might be more viable over the medium term than renting.

These flats (there are several of them) have been on sale with local EAs for around two months now and started out at £50,000. They have dropped sharply ever since then. They are always advertised as "cash buyers only".

Couple of questions...

Why is it not mortgageable? There are plenty of converted flats around which are mortgageable. Is there a "usual reason"?

What is that metal stuff across the windows?

Any pitfalls, potential problems, anything constructive anyone can say is welcome. Ta!

Why do you say it's poorly located. ISTM that (apart from being in Margate) it's quite well located.

I have looked at this particular flat in previous auctions (it always got pulled at the last minute). If it wasn't on the ground floor I would seriously consider bidding.

Where does it say that it's unmortgagable?

tim

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Yea, Margate is pretty dire but I am sort of tied to the local area, would far prefer Ramsgate but Margate is full of this type of development where the developer just seems to have run out of steam.

Try this:

http://www.cliveemson.co.uk/listing_view.asp?Lot=122&Auc=142

I'd like to know what you think.

This looks cheaper:

http://www.cliveemson.co.uk/listing_view.asp?Lot=123&Auc=142

but apparently needs "everything" doing to it. The flat below this sold last month for 36K,

I'm off to see this on Friday:

http://www.cliveemson.co.uk/listing_view.asp?Lot=82&Auc=142

but I think that the price is too high (for Ramsgate)

tim

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Why do you say it's poorly located. ISTM that (apart from being in Margate) it's quite well located.

I have looked at this particular flat in previous auctions (it always got pulled at the last minute). If it wasn't on the ground floor I would seriously consider bidding.

Where does it say that it's unmortgagable?

tim

It has been on Rightmove recently, in fact it still is although they have it as an auction listing now only, it did say about being unmortgageable until about a week ago.

http://www.rightmove.co.uk/property-for-sale/property-30852077.html

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Try this:

http://www.cliveemson.co.uk/listing_view.asp?Lot=122&Auc=142

I'd like to know what you think.

Well yes, it is what it is, a share of a very beautiful Victorian building, unlikely ever to suffer structural problems. It's about a minute's walk to the sea, or rather the clifftop above the sea.

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  • 259 Brexit, House prices and Summer 2020

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