BRITAIN’S cheapest flat has gone up for sale for just £1 – but there’s a hidden catch.
The one-bedroom, one bathroom property, in Birmingham, has hit the market for less than a can of diet coke.
It’s set to be sold at auction today – however, it has only five years left on the lease, reports Luxury Property News.
While there are substantial hidden costs the successful buyer must cover.
The flat, located on the third floor of an impressive building, is currently vacant.
While the exterior of the building is polished and modern, the interior is in need of significant renovation.
Potential buyers should be prepared to re-tile, repaint, and replace the flooring throughout to bring the home up to standard.
Although the flat is listed at just £1, there are substantial hidden costs involved.
The annual service charge is £1,374, and additional fees include an admin fee of £1,200(£1,000 plus VAT) plus a buyer’s premium, which will also set you back another £1,200 (£1,000 plus VAT).
Buyers are also advised to review the legal pack carefully, as further fees-estimated to be under £500-may apply.
The flat will be sold at auction in Coventry on Thursday, November 21, at the Village Hotel.
While the price tag is enticing, buyers are advised to peek at the legal pack for any further fees.
If you are looking to get on the property ladder without breaking the bank, knowing where to find the UK’s most affordable and cheapest areas is key.
Whether you’re a first-time buyer or an investor hunting for a bargain, some locations offer surprisingly low prices that make homeownership more accessible.
Here’s a list of the cheapest places to buy property in the UK right now.
