Property Type: Purpose built Flat in Telford
Quick Sale Needed: Short lease, Absentee Freeholder, dated condition
Reason for selling at auction: Probate Sale
Guide Price: £30,000
Sale Price: £37,000
History of This Auctioned Flat in Telford England
The selling client contacted Sell By Auction as they had inherited a purpose built flat in Telford, Shropshire. The main issue was a problem normally thought to be a “London problem” but of course is now a UK wide issue of the short leasehold property.
This particular property had a lease with 42 years remaining, but had the added problem of an absentee Freeholder and an unregistered Freehold title.
Local agents not only couldn’t accurately value the property (grossly over valuing in fact), but didn’t understand the fact that the lease couldn’t simply be renewed.
Sell by Auction valued the property at around £30-35,000 and advised a local regional auction was best. The property was viewed and booked in with Free entry and a competitive selling fee.
Local Landlords were attracted to the property and didn’t find the poor title prohibitive, and the property sold quickly for great price of £37,000 pounds
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