BRITAIN’S cheapest flat has gone up for sale for just £1 – but there’s a catch hidden.
The one-bedroom, one bathroom property, in Birmingham, has hit the market for less than a can of diet coke.
However, it’s set to be sold at auction and has only five years left on the lease, reports Luxury Property News.
The flat which has hit the market for £1. Britain’s cheapest flat hits market for less than can of Diet Coke[/caption]
Located in Birmingham, the one bedroom, one bathroom flat has heaps of potential.[/caption]
Buyers are also advised to peek at the legal pack for any further fees, which are expected to be under £500.[/caption]
The flat, located on the third floor of an impressive building, is currently vacant.
While the exterior of the building, is polished and modern, the interior is in need of significant renovation.
Potential buyers should be prepared to re-tile, repaint, and replace the flooring throughout to bring the home up to standard.
Although the flat is listed at just £1, there are substantial hidden costs involved.
The annual service charge is £1,374, and additional fees include an admin fee of £1,200(£1,000 plus VAT) plus a buyer’s premium, which will also set you back another £1,200 (£1,000 plus VAT).
Buyers are also advised to review the legal pack carefully, as further fees-estimated to be under £500-may apply.
The flat will be sold at auction in Coventry on Thursday, November 21, at the Village Hotel.
While the price tag is enticing, buyers are advised to peek at the legal pack for any further fees.
If you are looking to get on the property ladder without breaking the bank, knowing where to find the UK’s most affordable and cheapest areas is key.
Whether you’re a first-time buyer or an investor hunting for a bargain, some locations offer surprisingly low prices that make homeownership more accessible.
Here’s a list of the cheapest places to buy property in the UK right now.
Top 10 cheapest areas to buy in the UK
- Saltcoats, Ayrshire, £114,365
- Easington, County Durham, £122,520
- Peterlee, County Durham, £124,593
- Ashington, Northumberland, £132,660
- Bootle, Merseyside, £133,197
- Grimsby, Lincolnshire, £135,951
- Girvan, Ayrshire, £139,547
- Maryport, Cumbria, £140,437
- Workington, Cumbria, £141,765
- Hartlepool, County Durham, £146,674
The flat itself is currently vacant and is on the third floor of a rather impressive building.[/caption]
But there’s a small catch-it’s set to be sold by auction and has five years left on the lease[/caption]
The property is ideal for first-time buyers looking to get on the ladder and move away from the city[/caption]
