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You are here: Home / Latest News / Barge and pole: The £10,000 ‘bargain’ house with £300pa ground rents and 15% exit fees (and £450pa to the council to improve the area)

Barge and pole: The £10,000 ‘bargain’ house with £300pa ground rents and 15% exit fees (and £450pa to the council to improve the area)

August 4, 2016 //  by Sebastian O'Kelly

MiddlesboroughstreetMiddlesboroughHouseLKP has not seen one of these before: a derelict house in Middlesborough bought at auction for £10,000 from an outfit called Pay U Today Limited.

In fact, there is quite a bit of ‘pay you tomorrow’ as well: ground rents are £300 a year, and rise after five years, and there is a 15 per cent charge on sale. The lease is for 999 years.

Somehow it is doubtful whether Pay U Today Limited, based in Newton Le Willows, Merseyside, will be backward with other charges as well, such as sublet fees. Peter Wren is given as sole director.

The house is in a virtually abandoned area of Middlesborough, where houses have been cleared away completely, leaving grass-covered plots strangely surrounded by pavement and streets, complete with lampposts.

The house has been gutted by fire, leaving an empty shell.

There have been several too-good-to-be-true property offers over derelict houses in the North East.

MiddlesboroughHouseGUtted

Related posts:

Housing minister urges transparency over retirement exit fees Government will cave in to retirement house builders over ground rents, says Times APPG July 11: Retirement fees whether ground rents or event fees need to be for defined services not open-ended profits, says AgeUK Countryside Properties is selling London flats at The Mount, Mill Hill, with £300pa doubling ground rents Pensioners in former pit village fight ground rents rising from £10 a year to £1,100pa (after a demand for £2,450pa was rejected)

Category: Latest News, NewsTag: Pay U Today Limited, Peter Wren

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