METHOD OF SALE
The property will be offered for sale by Online Traditional Auction (unless sold prior.) The auction end date is Wednesday 29th of November at 5pm.
The vendor reserves the right to withdraw or alter the property for sale prior to the auction end date. The property details can be accessed via our website - stags.co.uk.
Viewing Strictly by Appointment.SITUATION
Ottery St Mary has a wide range of shopping facilities, including Sainsbury's, and the renowned The Kings School together with a sought after primary school. Nearby is the popular Otter Garden Centre and Escot Park is within easy access. Exeter is an easy commute to the west and offers a wide range of facilities, rail links on the Paddington and Waterloo lines, access to the M5 at Junction 30 and Exeter International Airport.DESCRIPTION
Available for sale via Auction, is this commercial and residential property in Ottery St Mary. There are two shops, with three residential flats. Two of the flats are addressed as 8 and 9 Hind street. The income from the shops on Mill street is circa £10,000 per annum for one unit, and £3750 per annum for the other. The flats are achieving circa £500 per calendar month in rental income.
The lease for 14b Mill street has approximately 60 years left to run and the current ground rent is £183.29SERVICES
Mains drainage, electric and water. Electric heating.DIRECTIONS
From Honiton proceed to Ottery St Mary passing Otter Nurseries, as you enter the town on Paternoster Row the Church will be found on the right hand side, follow the road down into Gold Street until you reach the Square. Turn right in to Mill Street and the property will be found on the right hand side.PROOF OF IDENTITY
Under the Money Laundering Regulations 2017 it is a requirement for Estate Agents to perform due diligence checks on any person that intends to bid at auction. There will be a requirement for all bidders to register via the online sales site and complete the ID checks. There is no charge for registration.BUYERS AND ADMINISTRATION FEE
The successful purchaser(s) will be liable to pay the sum of £5,000. From this a buyer's fee of £2,400 inc VAT is retained by Stags/Bamboo as a contribution towards the online platform costs, and £2,600 is payable towards the purchase price immediately after the auction.
An additional administration fee of £1200 inc VAT will be payable by the successful purchaser immediately after the auction.DEPOSIT PAYMENT
The Seller and Buyer agree that the winning Bidder may transfer the remainder of the 10% deposit (less the amounts paid online) within 48 hours of the end of this online auction. Clauses 6.1, 6.2 and 7.1 of the Holding Deposit Agreement shall be read as amended to reflect this accordingly. The remainder of the 10% deposit payment is handled by the buyer's solicitors and must be in their client account no later than 48 hours post exchange. It is essential that you instruct your solicitor in advance of the auction.LEGAL PACK
Copies of the legal pack and special conditions of sale are available online to be downloaded, via the tab on the online auction property listing page. It is the purchaser's responsibility to make all necessary enquiries prior to the auction. Prospective purchasers are strongly advised to inspect the legal documentation and to consult legal advice prior to bidding.SOLICITOR ACTING
Mr Sanjeev Harash of Messrs WBW Solicitors, The Manor House, High Street, Honiton EX14 1DJCOMPLETION DATE
The completion date will be as dictated by the solicitor and included in the legal pack,DEFINITION OF AUCTION AND RESERVE
Guide price is an indication of the seller's expectation. Reserve Price is a figure below which the auctioneer cannot sell the lot at auction. We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Guide prices may change at any time prior to the auction.SPECIAL CONDITIONS OF SALE
Particulars, remarks and stipulations contained herein shall be deemed to form part of the special conditions of sale/auction information pack and in case of any inconsistencies the provision of the latter shall prevail. Special conditions of sale/auction information pack is available online. It is assumed that the Purchaser will have made all necessary enquiries prior to the auction.