1 bed studio flat to buy in LS2

Offered for sale by Modern Method of Auction with a starting bid of £50,000 (Terms & Conditions apply), this first-floor apartment presents an excellent opportunity for investors seeking a strong-performing city centre investment. Being sold as an investment property, it currently offers an impressive gross yield of 19%, making it an attractive addition to a rental portfolio.

Sold subject to current tenancy which is achieving £800 pcm.

Situated within Ahlux House on Millwright Street, the property enjoys a highly convenient central Leeds location, ideal for tenants wanting immediate access to the city's amenities. John Lewis, Victoria Gate, a wide selection of shops, restaurants, bars, and leisure facilities are all within easy walking distance, while nearby transport links provide excellent connectivity in and around the city.

LEASEHOLD INFORMATION Lease term: 125 years from 1st September 2006
Ground rent £230.86 pa
Service charge £1,636.36 per annum

Please note the development requires remedial work for fire safety and no EWS1 certificate is currently available. The seller is a none qualifying leaseholder. The management company have not yet released a programme of works required or any costs. For this reason the property is offered for sale at a heavily discounted price and available to cash buyers only.

AHLUX HOUSE Communal entrance with mail boxes and lift to all floors.

ENTRANCE 5' 4" x 5' 1" (1.63m x 1.56m) Carpeted entrance hall.

LIVING AREA 14' 0" x 13' 2" (4.27m x 4.02m) Open plan living area with floor to ceiling window and patio door leading to the balcony.
The room is carpeted and has electric wall mounted heater.

KITCHEN (Open Plan) The kitchen has a range of fitted units, electric oven, electric hob, undercounter washing machine and freestanding fridge / freezer.

STUDY 10' 4" x 9' 6" (3.15m x 2.91m) Please note the study room has no natural light.
Carpeted with electric wall mounted heater.

BATHROOM 7' 4" x 5' 6" (2.26m x 1.70m) The bathroom comprises; bath with shower over, hand basin, w.c. and chrome towel rail.

Please note photographs were taken pre tenancy.

AUCTIONEERS ADDITIONAL COMMENTS AUCTIONEERS ADDITIONAL COMMENTS
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.

This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.

The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via the Marketing Agents or via The Auctioneers website.

Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both any marketing agent and The Auctioneer in order that all matters can be dealt with effectively.

The property is being sold via a transparent online auction.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.
Our verification process is in place to ensure that AML procedure are carried out in accordance with the law.

The advertised price is commonly referred to as a 'Starting Bid' or 'Guide Price' and is accompanied by a 'Reserve Price'. The 'Reserve Price' is confidential to the seller and the auctioneer and will typically be within a range above or below 10% of the 'Guide Price' / 'Starting Bid'.
These prices are subject to change.

An auction can be closed at any time with the auctioneer permitting for the property (the lot) to be sold prior to the end of the auction.

A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee up to 6% inc VAT (subject to a minimum which could be up to £7,200 inc VAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.

Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer to pass their details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.

Length of Lease: 125
Annual Ground Rent Amount: £231.00
Annual Service Charge Amount: £1,636.00

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase.

Legal Pack

A legal pack is available to download. Special conditions may apply.

We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit

In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property.

The deposit is non-refundable.

Buyer Fees

This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £6,000 + VAT (£7,200 inc VAT) This does not form part of the purchase price.

A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.

More Information

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following:

My bid may be accepted by the seller at any time before the close of the auction. It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack.

If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.

Any amount payable at the close of the auction must be paid within 1 hour.

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.

Each auction will automatically stay open until there has not been a bid within the final 10 minutes. If no bid has been submitted within the final 10 minutes of the auction, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last-minute (or second) bidding and makes for a fairer auction as in a live-room auction situation.

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity.

The auctioneer is not responsible for any tech issues, power outage or error messages which hampers or eliminates an individual's opportunity to bid.

It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. It is therefore beneficial to bid on your chosen lot at your earliest opportunity.

The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice.

Minimum online bidding increments:
£50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £750,000 - £2,500 minimum bid
£750,001 to £1.5 Million - £5,000 minimum bid
£1.5 Million Plus - £10,000 minimum bid

Please note this bidding process applies specifically to online auctions.

More Information is available:

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

Please log in to view and download the legal pack files.

Heating supply: Electric
Electricity supply: National Grid
Water supply: Direct mains water

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Stamp Duty Land Tax rates are based on UK government guidelines and are subject to change. This calculator is for guidance only. Please consult a qualified professional for advice on your specific circumstances.