To wonder what is wrong with this property?

[hibbleddible]

It's not a short lease (freehold) and it's being sold for a song in an area where house prices are shooting up.

What's the catch?

[hibbleddible]

www.mchughandco.com/Auctions/Details.aspx?aid=987&pid=abd2131a-79b3-44b8-b03a-ac96fa84db15

Oops forgot link

[MerrilySlidingAway]

Bet it hardly has any time left on the freehold.

[KingJoffreyLikesJaffaCakes]

Haunted by the ghost of an unpleasant money lender named Gibson?

[Twitterqueen]

Leaky roof and damp at a guess.
Dark stain in the upstairs wall suggests water is encroaching.
It's also got a flat roof, so again, leakage.
On the plus side it looks as though you might be able to expand upwards? ie put in another floor (if it was worthwhile)

It looks as if it belonged to next door - ie the house on the right, and that it was the garage. They have converted the garage and are now selling it off as a separate house.

[badtime]

It won't sell at anything like that price.

[badtime]

It won't sell at anything like that price.

[CodyKing]

Looks like a garage that belonged to next door

You can see the old windows;damp;rotten guttering-

One bedroom - must be tiny

I don't know the area at all!!

[SaucyJack]

Perhaps the tenant has a protected right to remain in the property. It appears to be marketed to landlords only.

I know shit-all about property law though.

[CodyKing]

Looks like a little kids toys upstairs -

Must be sharing -

[JamieFraserskneewarmer]

It's tenanted

[hibbleddible]

Surely a freehold is forever? The tenant is on an assured shorthold tenancy. Fully expecting that it would require maintenance, but that still wouldn't explain the price.

[smalllondon]

Well that is only the guide price. It's auction so I believe you need to be a cash buyer? Not 100% on that though.

From looking at the one photo it looks like a shop that has been converted into a house and it has a flat roof, which may mean lots of damp and repair inside and perhaps on the outside structure. A house with only 1 bedroom is also pretty unusual. It doesn't look like it qualifies for parking, if that is the case it will be because of the conversion.

But if they are getting £1,300 a month for it - you imagine that it isn't that bad inside.

It would be an interesting place to view or at least see a floor plan..

[JoyofSpring]

If it's an auction they could just put it on at a low price to attract interest and then hope it will sell for much more.
Either that or it could be that the owners need out quickly so have priced accordingly!

[Lweji]

Items for auction often have a low starting price to attract buyers.
It is likely to have a higher reserve price and to go for more too.

[thecatfromjapan]

It looks like a (badly) converted garage. If you're thinking of buying, don't forget to check plumbing/drains and wiring.

[Uptownfuckuup]

am i the only one who can see this was a shop !?

[Nuggy2013]

I'm from the area since birth and can guarantee that despite the attempted gentrification its in a shithole of a road & is v close to Broadwater farm which isn't appealing to some buyers. It is right by the mainline station which is great for convenie e and poor for noise. It's also a thorough fare to a variety of hostels which some people find off putting. None of which bother me personally but dependent on what you're used to/accepting of.

[Floggingmolly]

It's not a real house... It's just an afterthought stuck onto next door; bet it was their garage and they've put a bedroom on top.

[Sparklycat]

They've probably just put it low to attract people and start a bidding war on the day.

[WeAllHaveWings]

Uptown, my first thought was shop too. Its got a metal shutter door along the length of the building and an awning thingy.

Looks like a flat roof too.

[hownottofuckup]

How horribly depressing to imagine forking out that much each month to live in that shithole.

[liz70]

"Looks like a little kids toys upstairs -

Must be sharing"

Or parent is sleeping on bed settee in living room, perhaps.

[Gardencentregroupie]

1. Glorified cupboard
   
2. Shit hole area
   
3. Sitting tenants - just because the contract is ending at some point doesn't mean they'll actually leave
   
4. Guide prices are usually wildly low and despite 1 - 3 it will sell for far far more.

[witsender]

It looks like where hopes and dreams go to die.