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Homes Under the Hammer: Martin Roberts looks round property
Homes Under The Hammer presenter Martin Roberts warned prospective purchasers to exercise caution when eyeing the two-bedroom maisonette in Aylesbury, Buckinghamshire.
During the repeat programme broadcast on BBC One on Wednesday, August 6, Martin, who has served as a specialist on the show since it launched in 2003, found it difficult to identify any issues with the ground-floor dwelling, which sat conveniently near the mainline railway station. According to Martin, the apartment possessed considerable charm and required only basic, uncomplicated improvements to enhance its marketability.
With a starting price of £95,000 plus, Martin found himself puzzled and wondering, "What's the catch?" At this juncture, he disclosed to audiences that the property harboured hidden complexities.
Like most apartments, this one operated under a leasehold arrangement. Martin clarified that the majority of mortgage providers typically refuse to authorise loans when fewer than 80 years remain on the agreement.
The Aylesbury maisonette was being offered with merely 42 years remaining on the lease, indicating that any interested party would need to factor leasehold renegotiations into their financial planning, reports MyLondon.
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Martin emphasised that such negotiations can frequently run into "10s of thousands" and urged potential purchasers to carefully evaluate their finances before committing their savings.
On camera, he warned of a potential snag with the property: "Now there is one issue about this place that could be a problem. You could say it's like water off a duck's back. The lease on this place is only 42 years."
He then cautioned prospective buyers about mortgage difficulties due to the short lease, saying, "Now, when it comes to getting a mortgage, that could really be an issue. So you really need to get it sorted."
Martin further advised: "Most mortgage lenders require at least 80 years on a lease to make it mortgageable. The buyer will need to start negotiating with the freeholder, and it can cost 10s of thousands to extend the lease."
Builder Andy and his wife Michelle managed to snap up the auctioned property for £127,000, but their troubles were far from over. A loft inspection revealed a rat infestation so severe that the entire ceiling needed replacing.
Andy disclosed the grim discovery, stating, "We've got a rat infestation." When Martin inquired further, Andy described the situation: "We noticed a funky smell and thought we'd go up in the loft, and it just stinks."
Martin, off camera, highlighted the gravity of the situation, explaining, "It's not just the smell that's the issue. Rats have been known to damage electrical wiring and can carry disease, so Andy and Michelle will need to make sure they wear appropriate clothing when clearing out the loft."
The pair were fully aware of the lease issue, but as they intended to let the property, they disclosed that extending the lease wasn't an immediate concern, though they planned to do so eventually.
Andy outlined their modest budget of £40,000 and aimed to complete all renovations within a six-week timeframe, with his team working full-time on the project.
After 11 weeks, Andy, Michelle, and their 13 year old son Kyle had entirely revamped the property.
Despite encountering hurdles, the couple managed to stay under budget, spending only £31,500 on improvements, bringing the total cost of the project to just shy of £160,000.
A local estate agent estimated that negotiating the lease could cost the couple an additional £25,000. However, the agent suggested that their newly renovated home could fetch £235,000 on the market, potentially yielding a pre-tax profit of approximately £50,000.
Despite the enticing potential profit, Michelle and Andy chose to retain the property, planning to rent it out for at least £1,350 per calendar month.
Homes Under The Hammer airs weekdays on BBC One from 11:15am.
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