This has to be a typo?

[BunnyRuddington]

?This house can't really be £950?

It's an auction. 🤷🏻‍♀️

Is it an auction starting bid?

Well it’s going to auction so it’s clearly likely to be very run down. The price on that site is irrelevant, it’s about what it reaches at auction.

I understand it's an auction but I've never seen a guide price of £950 before.

We have an auction property in the next stree being DF advertised at £400K.

As PPs said, it's an auction.

It's not the house that is up for auction just the freehold or that's how I read it

It’s not a guide price..it’s just a starting bid, it’s irrelevant totally. Because it’s going to auction. So it will sell for its worth, if that fifty grand or five hundred grand. They don’t expect it to go for 950 quid 😂

Is it the house for sale or is it the freehold? I don’t speak
Lawyer so I’m not sure what is meant by ‘freehold reversion’

Ah it does look like it’s the free hold reversion being sold , there’s a calculation for that. Whomever owned the free hold must have went bust and it’s reverted to the crown. Who are now selling it at auction.

I think and I’m not sure, but normally companies buy them and then the propert owner pays a very small rent to the owner. I imagine the owner would prefer to buy it.

So for example if some company buys it for a grand, the house owner might pay something like a hundred quid a year rent or whatever to that company,

£4 a month mortgage 😆😆😆 I wish!

It's on a 999 year lease -the value is in buying it then selling to the leaseholder

@BadlydoneHelen

It's on a 999 year lease -the value is in buying it then selling to the leaseholder

Actually it’s not.

There’s a min price on these, which is 1k, and a standard methodology for working out the value, ie if it’s a flat, with x bedrooms or a house etc.

The value is in they charge the property owner a small rent annually.

So if a company buys it for 1k and charge the home Owner 100 pounds a year rent, then after ten years they start to make profit. Or 200 and in five years they make profit. It’s a slow burner but a sure return.

The home owner will want to buy it, but will need to outbid one of the companies who buy these. There’s companies who specialise in it and own thousands and thousands.

Whomever owned this one will have went bust, so it’s reverted to the crown, who are now auctioning it off.