Tenant in situ producing £5,400 per year
Lease approx. 63 years — mortgage risk and lease-extension likely needed
Service charge about £1,760 annually; ground rent £1 (nominal)
Sold at online auction with no reserve; buyer’s premium and 5% deposit apply
Allocated off-street parking and communal grounds; separate entrance
Very high local crime and very deprived area — affects demand and growth
Average-sized 732 sq ft, two bedrooms, one bathroom, first-floor flat
No flood risk; excellent mobile signal and fast broadband
A two-bedroom, first-floor apartment offered with a sitting tenant generating £5,400 per year — a straightforward buy-to-let income stream. The property comes with an allocated off-street parking space, communal grounds and a separate entrance, making management simple for a portfolio landlord or investor seeking a low-involvement let.
Important practical and financial considerations are direct: the lease has approximately 63 years remaining, which may restrict mortgage availability and reduce re-sale appeal without lease extension; lenders could refuse to lend. Annual service charges are circa £1,760 and a nominal ground rent of £1 applies. The lot is being sold at an online auction with no reserve; a 5% deposit plus a buyer’s premium (5% + VAT, minimum fee applies) and exchange on auction completion are contractually required.
The surrounding area shows high levels of deprivation and very high crime statistics, which will affect tenant demand, rental growth and long-term capital appreciation. Local broadband and mobile signals are good, and nearby schools include several rated Good by Ofsted, which may support lettings to families. Buyers should review the legal pack thoroughly for special conditions and additional costs before bidding.
This is suitable for experienced investors comfortable with auction purchase conditions, potential lease-extension costs, and managing a property in a challenged neighbourhood. It could work as an income-generating addition to a wider portfolio but carries material risks that need budgeting and due diligence.