LONDON’S cheapest flat is on the market for a rock-bottom price – but there’s a huge catch.
The one-bed property in Leyton, East London will go under the hammer with a starting point of £20,000 next week.
London’s cheapest flat is on the market for an unbelievably low price – but there’s a catchCredit: Rightmove
The home is completely run-down inside, with stained and damaged walls – and there’s an even bigger problem to worry about tooCredit: Rightmove
It lies just a short walk from Lea Bridge Station, while there are schools, supermarkets and parks on the doorstep.
But bargain hunters are cautioned to read the small-print carefully before making their offer.
That’s because there’s just over 12 months remaining of its 60-year lease.
No information is provided on what will happen to the flat after the expiration date. The ad reads: “Held on a lease for a term of 60 years from November 29 1963 at a ground rent of £175 per annum.”
Under the law, if the lease is not renewed, the property reverts to the ownership of the freeholder.
There’s no guarantee the lease can be extended with such little time remaining – and even if it can, it will cost tens of thousands of pounds to do.
As if the possibility of losing the property next November wasn’t enough, a huge amount of cash must also be spent inside to bring the home up to scratch.
The flat is in a state of complete disrepair inside – and will need a complete overhaul before the new owner can move in.
In the living room, the wallpaper has been stained deep yellow – with only a white space where a mirror once hung showing the original colour.
An old-fashioned electric fireplace stands against the wall, while the dirty grey floor is covered with debris.
Cupboard doors in the kitchen have been partially torn from their hinges, and the textured wallpaper has started peeling away.
In the bedroom, part of the ceiling has fallen in.
Despite that, the rooms are good-sized and light pours in through huge windows.
Agents at Barnard Marcus said there’s much to recommend the property, including its transport links and the “extensive range of shops, bars and restaurants” nearby.
“Recreational pursuits can be found locally at the open spaces of Queen Elizabeth Olympic Park and Hackney Marshes,” they said.
A number of cheap and quirky homes are currently on the market – including an underground nuclear bunker built during WW2.
The safety unit, located five metres under the ground, was built in 1961 in Brundall, Norfolk.
A five-bed family home in Newcastle is available for just £90,000, but it needs plenty of work.
And a two-bed terraced home in Rochdale is priced at £100,000.
However, it’s just half the size of a normal property.
The home is so slim, passers-by may even miss it when walking past.
Just over a year remains on the leaseholdCredit: Rightmove
It means the new owner faces a huge gambleCredit: Rightmove