Fancy bagging yourself a bargain in the capital?
A one-bedroom home in Leyton, east London, has gone on the market for just £10,000 – less than the average price of a deposit for a home.
While it needs a lick of paint and a bit of fixing up, the property has plenty of potential.
READ MORE: Cottage with front door accessed by PUB garden on market for £485,000
However, there’s a pretty big catch.
The flat has a meagre 60-year lease that began on 12 November 1964 – meaning there is just over a month before the lease expires.
A Section 42 Notice has been granted to extend the lease.
But the agent has warned that the freeholder may not accept the offer and potential new owners should be aware of costs likely to incur as a result of this.
So it’s up to you to battle it out with the freeholder.
“It’s going to be down to the skills and the negotiating powers of whoever ends up buying this,” said the auction house.
“As to what deal they can do with the freeholder bearing in mind the freeholder has the right to just ignore them and let the lease expire
“It’s an exciting one.
“It’ll be fascinating to see what it goes for and whether the person who buys it manages to then succeed in extending the lease at a sensible cost.”
But if you’re not afraid of a challenge – and are willing to accept that this may be a roll of the dice – the home could be quite the steal.
The flat sits on the ground floor of a mid-terrace house with a reception room, kitchen, bathroom and bedroom.
There’s also a back garden and the potential to convert the property into a two-bedroom home.
The flat is also well-located, with stations nearby as well as four schools, as reported by Luxury Property News.
The bargain buy is set to go to public auction on 11 September, starting at 9.30am, facilitated by Auction House London, Hampstead.
There are also some open house viewings taking place during the first week of September.
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