Want to buy (or rent) a canalside house at Norton Junction near Buckby Top Lock on the Grand Union Canal?
The Northampton Chronicle today reports that a semi-detached canalside house is being sold at auction next week (Tues Dec 11th) by property auctioneers Allsop.
The newspaper says:
The Old Toll House, a semi-detached house next to the canal, is being sold at a residential auction in London on the order of British Waterways, starting between £90,000 and £100,000.
Auctioneer Allsop says:
The property is to be held on a new lease for a term of 250 years from the date of completion subject to a ground rent of £100 per annum.
The property is subject to a Regulated Tenancy at a registered rent of £3,068 per annum. (Effective date 28th January 2003). At present the Vendor pays for Calor gas, currently £4.55 per month which is deducted from the rents collected. Therefore, actual rent invoiced is £3,013.33 per
year.This arrangement is to be continued by the new purchaser. ...There are no internal viewings.
That's all very confusing. A house for £100k leasehold is cheap these days, a rent of £3k/year is cheap too. But the two together?
And 'no internal viewings'? Lots of people buy a pig in a poke, but does anyone ever rent a pig in a poke?
The picture above is of this particular house at full moon, when Granny moored nearby in October last year.
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This item has been withdrawn ... any news about your on street drinking problem?
Posted by: David Maynard | Thursday, 06 December 2007 at 02:58 PM
Allsops web site today reports the house is withdrawn from the auction (lot 71).
Posted by: Martin | Thursday, 06 December 2007 at 12:29 PM
I guess the place is already tenanted and the lucky purchaser simply gets to become the landlord. A gross return of about 3% doesn't look too promising if the landlord's obligations towards upkeep are at all significant. Capital appreciation might not be great in the short term if house prices stabilise/fall/plummet [delete as applicable]. But I bet it gets snapped up.
Posted by: Baz Juniper | Thursday, 06 December 2007 at 12:14 PM
sitting tenant surely?
Posted by: Martin | Thursday, 06 December 2007 at 12:13 PM