If you are buying, or have bought a residential lease, it will be for a specific period of time, which is known as the term of the lease. When that term comes to an end, the property goes back to the landlord.
Yes, that’s right, no matter how much you paid for your flat, if you are living in it when the lease expires, you will have to move out and the landlord takes over and doesn’t pay you anything for it!
In practice, it’s not nearly as bad as it sounds.
It’s very rare to buy a short lease (it’s unusual to buy a lease for less than 80 years for reasons we’ve explained in more detail below
f you’re a landlord who has been reading the news lately, you’d be forgiven for questioning your choice of career, explains Carl Finch, Senior Valuer at SDL Auctions Graham Penny.
With tax advisers urging landlords to sell up (The Daily Telegraph), almost a quarter of landlords planning to reduce their portfolios (Rightmove) and a landlord exodus (The Negotiator) – to highlight just a few recent headlines – you may be wondering if now is the time to take a break from property ownership.
Changes to taxation have certainly made earning an income from letting property more challenging for some
Bond Wolfe Auctions has smashed the record for the most lots ever sold in a Midlands auction.
The December auction held at Aston Villa FC on Wednesday 11 December saw 151 lots sold from the 159 offered – a staggering 95% success rate, the highest sale rate for a Midlands auction for 15 years.
Another packed auction room, with over 2,000 in attendance throughout the day, saw over £15.2 million raised.
First off the block was Lot 1, the former Old Hill police station sold on behalf of West Midlands Police, which sold for £250,000.
The second lot, a vacant freehold mid terraced property at 16
Network Auctions finished the year on a high with their second biggest ever sale raising a total of £5.5 million and a sales rate of 66% at their 5thDecember ballroom sale held in the Westbury Hotel, Mayfair.
Despite having to change their auction date at the last minute due to the general election being called – and with just a week to go – bidders were out in force to snap up multiple lots under the hammer.
The sale featured a variety of lots across the country, but it was the receivership sale of plots of land from a former famous building company which attracted the most attention.
Hello everyone! Just to let you know that this is the final week of auctions for this year. New catalogues for 2020 will start to be released from mid January onwards. There are still unsold lots in our database (as well as the properties under the hammer this week), so you might still find that dream property before the year is out!
We will be closed over the Festive period, from Christmas Eve to 2nd January, although some of our dedicated team will be on call to take any messages from you. Alternatively, you can drop us a line via our Contact Form, for any general enquiries.
The UK’s largest property auctioneer is reporting an improved success rate in November, despite the distraction to the sector caused by Brexit and the General Election.
The group sold 154 lots from 211 offered during the month, at a success rate of 73% - up from 71% in November last year – and raising over £11.5m (£11,596,450) in the process.
Commenting on the results, Auction House Founding Director Roger Lake said: “When you consider the current political uncertainty in the country, it’s nothing short of remarkable that we’ve been able actually to improve our success rate, year on year.
Charlie Powter from ACUITUS looks at the growing appeal to investors of retail parades and the asset management opportunities they provide.
On the face of it, parades of local shops in secondary locations might not seem attractive investments but they are becoming increasingly attractive to buyers in the auction room.
This is primarily because of the asset management opportunities they offer. Many of these parades which were built in the 1960s and 70s have a relatively large in-town footprint and often have residential accommodation above the shops. This combination of uses can give an
A chalet-style detached property tucked away on the edge of Hucknall proved to be the star of the show at SDL Auctions Graham Penny’s sixth Nottingham auction of the year at Nottingham Racecourse last month.
Despite requiring full renovation, 71 St. Marys Way in Hucknall sold for £166,500 from a guide price of £75,000+.
Auctioneer and managing director Andrew Parker said the property is an investor’s dream.
“With its overgrown garden, boarded-up windows and grass growing on the roof, this property may not look much on the surface, but it sits on a deep plot, which backs onto allotments in a
The 0.68-acre site has full planning permission from Derbyshire Dales District Council to erect two pairs of spacious semi-detached homes and three detached houses.
Robert Stone, head of auctions East Midlands at SDL Auctions Graham Penny says
Keen bidders will be excited to see family homes at bargain starting prices in Leicestershire in Bond Wolfe Auctions’ next auction in Birmingham on Wednesday 11 December.
While the UK’s average house costs more than £234,000 according to the latest official House Price Index, the auction at Villa Park has decent properties with guide prices* well under £40,000.
One of the best bargains is a two-bedroomed, end-terrace at 151 Hermitage Road in Whitwick, Coalville, with a guide price of just £25,000+.
This vacant property could be idea for families as it’s usefully located next to the Hermitage
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