Tenure
Knowing the tenure of the property is important because it affects your rights to use the property and the costs of ownership.
Freehold means you’ll own the property and the land it's built on. You'll usually be responsible for the maintenance of the property and have more freedom to alter it.
For flats and maisonettes, the freehold is sometimes shared with other properties in the same building. This is known as a share of freehold.
Leasehold means you'll have the right to live in the home for a set amount of years (specified in the lease). The landlord (the freeholder) owns the land, and if the lease runs out, ownership of the property will go back to them. Lease lengths that are less than 80 years tend to be more complicated and can cause issues with mortgage lenders.
You can extend a lease but this can be expensive. If you'd like to make changes to the property, you'll likely need the landlord’s permission. You're also likely to have to pay an annual amount for ground rent and services charges which can be subject to change. It is good practice to check additional leasehold costs that will apply to the property and factor this into your budget considerations.
Shared ownership is a form of leasehold in which you buy a percentage of the property and pay rent on the share you do not own. You may be able to buy the remaining share at an extra cost. When you wish to sell the property, you may need permission to do so.
Commonhold is a type of freehold ownership for a property that's within a development. A commonhold or residents’ association owns and manages the common parts of the property (like stairs and hallways). You'll need to join the commonhold association and contribute towards maintaining the development. It is good practice to check additional costs that will apply to the property and factor this into your budget considerations.
- Bungalows
About this property
We understand that the property is Freehold. For further information in respect of tenure and other legal aspects and requirements please refer to the legal pack. For Sale By Public Auction on 24 October starting at 08:30 am - A Freehold Residential Development Opportunity currently comprising a detached three bedroomed split level bungalow for which planning permission for an upward storey extension and rear balcony has been granted to create a substantial 3.5 storey four bedroomed dwelling. The property currently comprises a three bedroomed split level bungalow benefiting from views across the Trent Valley and requiring full renovation for which planning permission for an upward storey extension and rear balcony has been granted to create a substantial 3.5 storey four bedroomed dwelling. Accommodation Existing Accommodation Ground Floor: One Reception Room, Kitchen and Two Bedrooms, Bathroom and Utility/Store. Outside: The property has a pedestrian accessway from the road and a garden area. The property benefits from having a gas fired central heating system and double glazing, however it is in need of modernisation. Location The site is situated off Oakdale Road, in the suburb of Bakersfield, about 2.5 miles to the east of Nottingham City Centre' Other centres such as Derby and Leicester are about 18 and 29 miles respectively whilst the motorway network is accessible via Junction 25 of M1 Motorway which is about 10 miles and main line rail services are available from Nottingham Railway Station which is about 2.5 miles. Energy Performance Rating E. Tenure We understand that the property is Freehold. For further information in respect of tenure and other legal aspects and requirements please refer to the legal pack. Planning We understand that Nottingham City Council granted planning permission (Ref 24/01234/PFUL3) for a proposed upward storey extension and rear balcony' on 11th September 2024 subject to conditions. Interested parties must however make their own enquiries of the Local Planning Authority and independently satisfy themselves as to the suitability of the property for any use or development they propose. Services Certain mains services are understood to be available to the property, but interested parties should independently satisfy themselves as to the availability and suitability of any mains services for their particular requirements. Ground Conditions & Contamination Prospective purchasers must undertake their own investigations with regard to ground conditions and fully satisfy themselves as to the suitability of the site for any use they may propose. Plans/Aerial Photographs Any plans or aerial photographs provided with these particulars are for identification purposes only and their accuracy is not guaranteed. Rights of way, wayleaves, easements, restrictive covenants etc The property is sold subject to, or with the benefit of any rights of wayleaves, easements, restrictive covenants etc. Which may exist whether mentioned in these particulars or not. Value Added Tax For clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack. Viewing Times See viewing schedule. Live-streamed Auction Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Disclaimer Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information. *Definition of Guide Price and Reserve All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price. Costs at Auction When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer's gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price. The sale of each lot is subject to an administration fee of £2,160 inc VAT (£1,800.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable. Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations. The legal packs and further information about buying at auction are available on the Bond Wolfe's website.
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