A town centre flat for £1 – what’s the catch?

A property covering 129 sq ft and located between two shops above a high street, sounds nice – on the market for only £100 – so what is the catch?

Well, it turns out that there is no access to the property – there are no doors or even stairs present. It can only be assumed that years ago there would have been access through the neighbouring shops but over the years the shops boarded this access up – leading to a small flat, located in the middle of the shops, is inaccessible.

The flat went to auction in February 2020 with the estate agents providing a price guide of around the £100 mark!

Even while the auction was taking place, nobody had access to the property. Due to this, the price guide was significantly dropped to £1 at the last minute and local businessman decided to buy the mysterious property.

After the gentleman had won the auction, it become apparent that the buyer will actually have to pay more in fees than the actual price of the property. The legal costs involved in the purchase are likely to be around £500 – £1000.

The auctioneers said that it was ‘certainly one of the weirdest ones we’ve ever had at auction’ and admitted it was ‘probably just full of cobwebs’.

Here at Taylor Bracewell we understand that buying and selling a house can be stressful and time-consuming, so it’s good to get it right to ensure you don’t get stuck with a small little cobweb filled room.

If you are thinking of buying a property at an auction it is essential to ensure that you know what you are getting yourself into and the possible pitfalls of that property. Our expert team can help advise you.

For any queries regarding buying or selling a house contact our Head of Residential Property, Mark Walton on 0114 272 1884 or email Mark@taylorbracewell.co.uk.