For sale by our joint auctioneers NALC Auctions in their 9th February auction, online or in person at our Newark office at 5pm
For sale by Auction – Terms & Conditions Apply, Enquire for more details.
Considering offers prior to auction.
Leasehold Two Bedroom Flat Investment
Washington is a town in the City of Sunderland district of Tyne and Wear, England. Historically part of County Durham, it is the ancestral settlement of the Washington family, which George Washington descended from.
It is located between Chester-le-Street, Gateshead and Sunderland.
Spacious reception room, Kitchen, Bathroom, Two bedrooms
Leasehold – 125 years from April 1986 (89 Years Remaining)
Ground Rent – £10 per annum
Service Charge – £1000 per annum
AST, Achieving £5160 P.A.
Council Tax Band:
Applies under the fall of the hammer. The purchaser shall pay 10% deposit. Plus, in addition a buyer’s premium of £ 4,000 + VAT upon exchange of the contract.
Please feel free to contact our sales and enquiries team on 02070789755 or Email us at [email protected]
Important Notice to all Buyers & Bidders
• A guide price (to include a range of prices), is not an indication of the anticipated eventual selling price or a valuation; it is an indication of the minimum price ( “the Reserve” ) at which (or range of prices within which) the seller might be prepared to sell. The eventual sale price can and frequently does, exceed the guide price.
• Where a range is given, the Reserve will sit within that range and will not exceed the top end of the range. Where a single figure Guide Price is given, the Reserve will be within 10%, upwards or downwards, of that figure.
• The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you should check the website regularly for updates and on the day of the auction.
• All guide prices are quoted "subject to contract".
• Please note the guide price for the Lot does not include:
- any Buyers' Fee charged by the auctioneers;
- VAT on the sale price;
- SDLT or any other Government taxes;
- additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers.
• The reserve price is the minimum price at which the Lot can be sold.
• Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale and you should check the website regularly for updates and on the day of the auction.
• Buyers should note that some sellers will require the buyer to contribute towards the sellers costs. This information is always shown within the individual Special Conditions of sale for each lot where applicable. Buyers/bidders at the auction will be expected to bid and purchase in full knowledge of this information, which is readily available from within the legal pack or upon request from the auction team present.
• The buyer of each lot is deemed to purchase with full knowledge of the important notice to bidders, the Common Auction Conditions where applicable, the special conditions of sale and the addendum – Please do your due diligence, it is your responsibility to be fully aware of additional fees and charges. If you are unsure, please continue reading.
• The purchaser of each lot is deemed to have inspected the property and have verified the accuracy of all information given in the particulars including the extent of the premises to be sold.
• Additionally, the purchaser is deemed to have read the legal documentation.
• The boundary plans in the auction catalogue are for identification only. The correct title plan showing the boundaries of the properties are available for inspection and the purchaser will be deemed to have purchased with full knowledge of them, prior to bidding or placing an offer.
• A 2% buyers’ premium fee shall be set and agreed by the auctioneer at the time of sale subject to a minimum of £5000+VAT, payable by the buyer to the auctioneer. The buyer’s premium is payable in addition to the sale price (hammer price) and becomes payable upon either the signing of the memorandum by the buyer and the auctioneer or by the auctioneer if empowered to do so, irrespective of whether the sales proceeds to completion or not. The buyer’s premium fee is non-refundable in any circumstances.
• Each successful buyer will be required to pay a searches charge of £600+ VAT where applicable.
• Please note that vendors may require a supplementary amount to be paid by the purchaser to the vendor over and above the purchase price. Please check the special conditions of sale to ascertain whether this applies to the property for which you are bidding.
• Under the AML Regulations, London City Auctions is legally required to immediately undertake customer due diligence checks on the buyer and related parties.
• The auctioneers will need to receive identification documents that satisfy the regulations for the bidder and the buyer (if different from the bidder).
• Each successful buyer will be required to pay to the London City Auctions Buyers Administration fee of £850+ VAT on exchange of contracts for each lot purchased.
• The following amendments to the catalogue particulars and conditions of sale should be noted:
• Copies of the Special Conditions of Sale for each Lot are available from the Auction enquiries team and will be attached to the contracts.
• Revisions to guide prices printed in the catalogue are available upon application.
• On the fall of the gavel a legally binding contract is created. A representative from London City Auctions will contact each successful bidder to complete a Buyer’s form. They will then sign the Memorandum of Contract and pay the deposit.
• A 10% deposit transfer or a personal debit card (minimum of £5,000 if property sells below £20,000) will be required together with identification: UK photo card driver’s license or a passport.
• There will be a legal pack fee charged to successful buyers of £500+VAT where applicable.
• In the event of a Lot being unsold, prospective purchasers are advised to immediately register their interest with the Auctioneers, by coming forward to the Auctioneers and speaking to one of the team.
• Please take note that the Auction may be filmed or photographed by us or an independent company and any person attending does so with full knowledge.
• Please note that Lots may be sold or withdrawn at any time prior to auction.
• Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer's Fee may each be varied from the standard amounts quoted. Please refer to the addendum, the Particulars and/or the conditions of sale.
• The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing. The Auctioneers do not warrant or represent that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs.