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motch

Cheap As Chips £35K

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Flat near me for sale that would of been double this 5-6 years ago.

http://www.rightmove.co.uk/property-for-sale/property-37353688.html

Leasehold, so not sure if that's the issue with any high service charges.

That building wouldn't look out of place in Belgravia. One assumes that the locals are a bit less genteel; more inclined to track suit bottoms, gobbing on the pavement and burping as loud as possible as you pass them....if not the price is ludicrously cheap.

Edited by crashmonitor

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Seems like a decent price. 999 yr lease granted in 2006 also. :)

Noticed that it appears to be a repo so maybe the mortgage provider wants to clear the shortfall asap? :unsure: Or maybe the building is about to undergo some expensive works?

Details of the sale needs checking with a fine tooth comb.

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That building wouldn't look out of place in Belgravia. One assumes that the locals are a bit less genteel; more inclined to track suit bottoms, gobbing on the pavement and burping as loud as possible as you pass them....if not the price is ludicrously cheap.

You must know the area :D

isn't this the case with a lot of areas though crash?

It's not too bad, bit rough and ready, some of those buildings have been kept as single 4 storey residencies, some converted to flats years ago, about half and half split approx. A few herberts live in them, but not too many.

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Picture 3. Note sticker on cooker and bowl on floor. Ceiling leaking?

sticker on cooker classsic sign of a reposession, will probably be on the toilet pan and shower too.

Not sure about the bowl on the floor though.

Edited by motch

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81 minutes into London Liverpool St (with one change). Not bad I guess if you can take the commute.

£5100pa season ticket to Liverpool St only, £6016pa with a travelcard. Season tickets are now on RPI+3%. RPI is currently 3.3%, so expect that season ticket to increase 6.3%pa. Five years of 6.3% increases will make that season ticket £6922, after ten years £9395.

Better to rent a room in London.

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Flat near me for sale that would of been double this 5-6 years ago.

http://www.rightmove.co.uk/property-for-sale/property-37353688.html

Leasehold, so not sure if that's the issue with any high service charges.

Very long lease, peppercorn rent, there's got to be something wrong with it! What's that bowl on the floor in pic 3, also another bowl thing on the floor in 2 (?)? Catching drips coming through the roof?

Maybe the roof needs fixing and there's an absentee freeholder, or the freeholder won't do it? Absentee f/holders can cause all sorts of headaches.

Have you been to look at it?

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Very long lease, peppercorn rent, there's got to be something wrong with it! What's that bowl on the floor in pic 3, also another bowl thing on the floor in 2 (?)? Catching drips coming through the roof?

Maybe the roof needs fixing and there's an absentee freeholder, or the freeholder won't do it? Absentee f/holders can cause all sorts of headaches.

Have you been to look at it?

Had a look on rightmove, another listing with a different agent, is on at £45k, with some more photos.

http://www.rightmove...y-38287642.html

The freeholder/leaseholder/who does the work questions probably hold the key to whether it's a bargain or not.

The owner might be a BTL'er who ******ed up in recent years. If there's no issues with roof, or not too high a service charge it would be a bargain (@£35k especially)

I haven't been to look at it.

Edited by motch

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Hmmm..... bowls everywhere and photos framed to not show any of the ceilings. I think you're right - the roof is shot.

they have high ceilings around 10 or 11 feet high. (which could be why not seen in the photos taken)

*** I've added a topic description - cheaper properties starting to crash ??

Originally I posted this with the view cheaper/rougher/smaller places start to drop first in a housing crash and are the last to increase in price in a Housing boom period. - compared to bigger/nicer places.

There are other 1/2 bed flats/ masionettes around nearby reducing in price. Some around £50-£60K which would of sold around the £80k-£100k mark in 2005-2007

Edited by motch

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Seems like a decent price. 999 yr lease granted in 2006 also. :)

Noticed that it appears to be a repo so maybe the mortgage provider wants to clear the shortfall asap? :unsure: Or maybe the building is about to undergo some expensive works?

Details of the sale needs checking with a fine tooth comb.

I know someone whose flat started suffering from severe subsidence. It was in a large apartment block and large cracks appeared in the walls with gaps in the cracks. The freeholders made some sort of repair and I think it got covered over to look normal.

I was astonished to find afterward she had managed to sell it. I suspect the buyers didn't know of the subsidence.

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Knock on the neighbours doors, have a little chat. ;)

Don't knock too hard, for God's sake...

Edited by juvenal

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No subsidence in Harwich I'd say, same as where I live, it's unheard of. More a London problem because houses built on clay, Harwich is built on chalk.

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Here's your HPC.

Deffo a repo,i bought a repo, had that sticky do not use tape everywhere.

Flat is

12 Orwell Rd

Harwich

Essex

C012 3LD

LAST SOLD 29.10.1999 for £77,000

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Here's your HPC.

Deffo a repo,i bought a repo, had that sticky do not use tape everywhere.

Flat is

12 Orwell Rd

Harwich

Essex

C012 3LD

LAST SOLD 29.10.1999 for £77,000

I'd say that was for the whole terrace house, £77k back in 1999 was a lot of cash for Harwich, would equate to around £200k today

(or at least around the peak)

Might of been converted early 2000's when the prices rose a lot, and this listing will be for 1or2 levels rather than 4 storey.

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http://www.rightmove...country=england

Here's details of sale in 1999.

Pictures match the flat for sale today.

the pictures in the recent listing are exactly the same as in 1999. The recent pictures have been added to the old listing.

the sale from 1999 says terrace, which will be the whole height of 4 levels. The one for sale will be for a flat, which will likely be just 1 level. These buildings as 4 level terrace are BIG.

Lots of these have been converted from big terraces to flats over the years. This is partly why the Rd is considered a bit rough and prices cheap. But it's an ok sort of area with no hassles.

edited to add: 999 year lease from 2006. Would of been converted then.

Edited by motch

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Go to the end of the road on Street view and you can still see the remains of the end terrace, which collapsed 15 years ago. I don't think they've been looked after too well.

Lovely big homes before they were chopped into one bed flats.

It's certainly an improvement, but £34k is still a lot of money in such a poor area.

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  • 238 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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