Fancy buying a former police station? Or perhaps a house in one of Edgbaston’s most desirable roads?
If you do, the latest property auction later this month might be worth taking a look at.
11 Farquhar Road is just one of 104 lots that SDL Bigwood is hoping to find new owners for when it holds an auction at Villa Park on October 20.
The detached five-bedroom property with 1.2 acres of land in this prestigious area of the city is being offered jointly with estate agents Robert Powell & Co, which has been marketing the home for more than £1.6million.
While an attractive house in its own right, it needs considerable refurbishment and modernisation, so while it may appeal to someone who wants a doer-upper, it may be more suited to someone who would prefer to undertake a new residential redevelopment, subject to the usual planning consents.
It comprises reception hall, drawing room, dining room, breakfast room, kitchen, utility, master bedroom with en-suite, four further bedrooms, house bathroom, while outside there is garaging and outbuildings, large south-west facing gardens to the rear, and a wide in/out driveway to the front.
The guide price for 11 Farquhar Road is £1.25-£1.3 million.
Jonathan Hackett, partner and head of auctions at SDL Bigwood, said the latest auction includes an “eclectic spread – from great potential to amazing bargains”, with lots such as the former Castle Vale police station, off High Street, which is attracting considerable interest.
Built in the early 2000s, the modern development over three storeys has a central atrium, which provides the potential to increase floor plates on both the first and second floors. The auctioneer says the building is suitable for a variety of alternative uses, including residential and community, subject to usual planning consents. The interior is believed to measure 3,870 sq ft and there is parking for 21 cars.
The guide is £300,000-£325,000.
As well as the West Midlands Police property, there are seven properties being sold for Birmingham City Council and two for the Canal & River Trust, while anyone looking to invest in the north of England could check out the 13 houses in Middlesbrough that are being auctioned, each with guide prices of only £14,000.
One of the Birmingham properties that is getting house-hunters interested is 161 Bristol Road, Edgbaston, a large, three storey, detached, eight-bedroom home with three reception rooms, breakfast kitchen and conservatory. Five of the bedrooms have en-suite facilities, while a downstairs guest suite has en-suite bathroom, dressing area and bedroom.
Outside there are gardens and off-road parking. It has a guide price of £400,000.
Properties in upmarket locations include 57 Park Road, Sutton Coldfield, which is a mid-terrace house that needs renovating and has a guide price of £150,000, and 21 Harts Green Road, Harborne, which also needs modernisation.
This semi-detached house has a guide price of £150,000.
Development opportunities are also available at the auction.
28 Hermitage Road, Solihull, has a guide price of £150,000-£175,000 and has an unfinished loft extension and planning to extend to the side and rear; 18 and 18A Upper Holland Road, Sutton Coldfield, is a semi-detached residential investment property with current gross income of £13,740 a year, with a guide of £268,000-£273,000, while 45 Queslett Road East, Sutton Coldfield, is a semi-detached house that has development potential to the side.
This house has a guide price of £95,000- £105,000.
Outside of the West Midlands, there are two rural lots. The Web, Church Street, Bloxham, near Banbury is a two-bedroom, Grade II-listed cottage being auctioned with a guide price of £175,000, while the two-bedroom Streamside Bungalow, in Church Road, Eardisley, Herefordshire, has a guide price of £110,000.
In Stratford-upon-Avon, 34 Evesham Road has a guide price of £200,000. The house is converted into five bedsits and produces nearly £26,000 a year in rent.
* The next SDL Bigwood auction takes place on Thursday, October 20, at the Holte Suite, Aston Villa, and features 104 lots.
For details, visit www.sdlbigwood.co.uk
A guide to buying at auction
Property auctions are becoming increasingly popular; not only is there the chance of snapping up a bargain, it also avoids the potentially lengthy and stressful house-buying chain that most buyers and sellers can get stuck in. And you won’t be the victim of gazumping.
While the bidding process on the day can be rapid – and you could be a homeowner as soon as the auctioneer’s gavel falls – it’s best to have done your homework beforehand.
So, what should you do before raising your hand in the auctioneer’s hall and bagging yourself a property?
It’s best to go and experience a couple of auctions first, just to understand the process.
When you are ready to try an auction yourself, be methodical in your preparation. If you see a property you like that is coming up, contact the auctioneers to arrange a viewing. If you can, take a property expert with you, such as a builder, to find out if there are any structural issues. You’ll also get an idea as to how deep your pockets need to be to bring it up to scratch.
If you want to pursue it further, it is a good idea to arrange a property survey before auction day.
There are different kinds of survey you can obtain – from £350 for a Home Buyer’s report for a house under £99,000 to £1,300 for a full building survey on a house valued at more than £500,000. Of course, if you don’t go ahead or you are out-bid on the day, you will not get your money back.
Read carefully the legal pack, which you’ll receive from the auctioneer. It includes information such as the title deeds, local authority and environmental searches, and fixtures-and fittings list. It’s a good idea to ask your conveyancer or solicitor to check the small print so you can avoid any nasty shocks.
Before the auction, get a mortgage in principle so that your finances are ready if you are successful in bagging a property because you have to pay a 10 per cent deposit straight away.
The remaining 90 per cent must be paid within 28 days.
On the day of the auction, you’ll need photographic and address identification, such as driving licence and passport, plus recent bank statement and utility bill, plus proof that you can afford the 10 per cent deposit.
If you are successful, get your cheque book out because as well as the deposit for the property, you’ll also have to pay the auctioneer’s administration fee – usually £200-£400 – and commission on the sale, which could be a flat fee or 2.5 per cent plus VAT.
There’s also your solicitor or conveyancer to pay plus stamp duty costs, if the residential property is over £125,000.
You’ll also be responsible for insuring the property as soon as you sign the contract. A word of caution: if you are unable to raise all the finances within the 28-day period, you will lose the 10 per cent deposit and you may also have to cover the costs of re-selling the property.
