There’s a flat in London available to buy for £10,000. Yeah, I know, sounds pretty unbelievable to be honest, considering the usual horror stories of properties in the capital.
So, it’s not exactly surprising to hear this cheap price comes with a catch.
In Leyton, east London, the one-bedroom home is a bit of a steal at less than the average price of a house deposit. In need of a bit of love and a couple coats of paint, it’s the kind of place buyers would be begging for.
But whoever does get the bargain might only be able to own it for two months.
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Yeah, hardly a forever home. So basically, the flat had a 60-year lease starting from 12 November 1964 – meaning the clock is ticking down.
It’s not all doom and gloom though, as a Section 42 Notice has been granted to extend this nearly-over lease.
However, the place’s agent has warned that the freeholder may not accept the offer. You guessed it, potential new owners should therefore be aware of the costs likely to incur.
This means whoever bags the bargain will have to battle this out with the freeholder.
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"It’s going to be down to the skills and the negotiating powers of whoever ends up buying this,” said the auction house.
“As to what deal they can do with the freeholder bearing in mind the freeholder has the right to just ignore them and let the lease expire. It’s an exciting one.
"It’ll be fascinating to see what it goes for and whether the person who buys it manages to then succeed in extending the lease at a sensible cost."
But lads, if you’re up for a challenge and to be honest, a bit of a gamble, the little home could be a total steal.
It sits on the ground floor of a mid-terrace house with a living room, kitchen, bedroom and bathroom. With a back garden and potential to convert it into a two-bedroom spot, it’s a real London investment.
Luxury Property News also reports that it’s pretty well-located with stations nearby and four schools for those wanting to raise a family there.
It’s set to go to public auction on 11 September, starting at 9.30am and is facilitated by Auction House London, Hampstead.
Plus, there’s a couple of open house viewings taking place this week as interest gets drummed up for the bargain home with a battle.
Ah London property, it's never just simple is it?
Jess Battison