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Floody

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  1. Hi, Having completed a flip and a BRRR in the last couple of years, we are in the process of completing on a large 2 bedroom period flat in my Wife's hometown. We see it as a vanilla BTL at a good price with good cashflow. During conveyancing, we've discovered that the flat also comes with a garage - something unforeseen but which appears to be a real bonus. Details as follows: - Double garage size with significant roof space. Part Double storey potential. -Leasehold - Attached to other outbuildings on either size. Imagine l-shaped outbuildings with garage in the middle. - Foot access to side of our own property. No assured vehicle access. - Solid construction and roof. - Photo below In the short term we'll probably let it out as storage separate from the flat itself, but we wonder if there might be potential to convert into a studio flat. There's demand in the area for short-term serviced lets for contractors. We're definitely only at the 'bright idea' stage here, but it would be great to hear any thoughts or experiences in this area. Planning, Services and the freehold purchase/permission are key considerations. Does this sound feasible in general? Where should we start? We think it's exciting - looking forward to hearing any thoughts!
  2. Thanks a lot for this advice. By way of an update, the company contacted us the following day to confirm they would honour the reported reserve price and go ahead with the transaction. I assume they have agreed to compensate the vendor with the difference. The reserve price was manually input incorrectly. Suspect that they were trying to wriggle out of it at first, but quickly adjusted when we dug in. We're showing some builders round tomorrow for quotes on the work required and hope to complete in the next few weeks. Thanks again
  3. Good afternoon, We find ourselves in quite a bizarre situation and would really appreciate any advice that might be out there. - Today we placed bids on an online auction for a BTL property. We won the auction with a bid of £127,000. Once bidding went over £125,000 we received an email and on-screen prompt to confirm that our bid met the reserve price and the property would be sold to the highest bidder. - At the end of the auction we received an email to confirm that we were the highest bidders and that we had 'won'. - The email states that they would try to take our £5000 reservation fee. They appear to have been successful. - We subsequently received a call from the auctioneers telling us that in fact we had NOT met the reserve for the property, but that they were giving us the first opportunity to put in a bid of £134k to secure it. They said there had been a 'technical glitch.' Does anyone know what our legal rights are in this regard? We intend to hold the auctioneers to the contract. If the virtual hammer had fallen and we'd cited a technical glitch and tried to secure the property for £7k less, we'd be laughed out of town! Expecting to discuss this in detail with them tomorrow, so would love any advice or to hear from anyone with experience of this. Thanks, Chris
  4. Me too please! Christopher.flood9@gmail.com
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