0:00:02 > 0:00:03In a difficult property market,
0:00:03 > 0:00:07it's harder to make a short-term profit out of property.
0:00:07 > 0:00:12But if you're careful, and you buy at the right price and in the right location, you can still make money.
0:00:12 > 0:00:15But now more than ever is when you need some good advice,
0:00:15 > 0:00:17which is why we're here on Homes Under The Hammer.
0:00:42 > 0:00:47No matter how experienced you are, you can still come a cropper when you're buying property.
0:00:47 > 0:00:52You've got to make sure you do your research and you can afford to make a few mistakes along the way.
0:00:52 > 0:00:58So were today's buyers well prepared or did the properties throw up a few unexpected problems?
0:00:58 > 0:01:05Development of this former chapel near Tunbridge Wells is in the hands of the local authority.
0:01:05 > 0:01:08Until they say yes, your plans are scuppered.
0:01:08 > 0:01:13Plans could be crucial to making the most of this three-bedroom house in north London.
0:01:13 > 0:01:19This one requires vision, and lots of it.
0:01:19 > 0:01:26And in Derby, this two-bedroomed bungalow has some serious issues.
0:01:26 > 0:01:30Look at the ceiling.
0:01:30 > 0:01:33All these properties have been sold at auction
0:01:33 > 0:01:38and we'll find out who bought them and what they paid for them when they went under the hammer.
0:01:41 > 0:01:48Royal Tunbridge Wells, just 30 miles south of London, is surrounded by glorious Kent countryside.
0:01:48 > 0:01:53With boutique shops and cobbled streets, the town is rightly proud of its Georgian heritage.
0:01:53 > 0:01:56You can't move for period properties here.
0:01:56 > 0:02:00Just a couple of miles away from all that regal splendour
0:02:00 > 0:02:06brings you to Southborough, where up for auction was a detached property with a difference.
0:02:06 > 0:02:12Guide price, 90 to £100,000, how do you fancy your very own chapel?
0:02:12 > 0:02:16Built in 1882, this building is certainly impressive.
0:02:16 > 0:02:23The huge wooden doors and three imposing windows certainly make for an eye-catching first impression.
0:02:23 > 0:02:29Great anticipation going into places like this, because you never know what you're going to find.
0:02:29 > 0:02:32But actually, not bad.
0:02:32 > 0:02:36Big space. One big room, as you might have imagined.
0:02:36 > 0:02:40It's not the most inspiring, but it's big.
0:02:40 > 0:02:43High ceilings, lots of light coming in from the windows. This is interesting.
0:02:43 > 0:02:46Normally in these kind of auction lots, things like the
0:02:46 > 0:02:51pews here would have been taken out, because these are worth a lot of money, probably £1,500 each.
0:02:51 > 0:02:54They would have gone but whoever buys these get those as well.
0:02:54 > 0:02:57Big, big plus point.
0:02:57 > 0:03:00Yeah, it's not a bad start.
0:03:00 > 0:03:04At the rear here, you've got another main room and off it, some smaller rooms.
0:03:04 > 0:03:08There's a kitchen, toilets, ladies' toilets out the back and then some more rooms above.
0:03:08 > 0:03:10So a lot of space to play with but the biggest issue you're going to
0:03:10 > 0:03:12have with this place is the fact that
0:03:12 > 0:03:16it has currently planning permission to be exactly what it is, a chapel.
0:03:16 > 0:03:18If you want to convert this into anything else, you're going to have
0:03:18 > 0:03:22to apply to the local authorities and they may not grant that.
0:03:22 > 0:03:25You may want to convert the house of your dreams, you may want to put a shop in here,
0:03:25 > 0:03:28but until they say yes, your plans are scuppered.
0:03:28 > 0:03:35# You saw me crying in the chapel. #
0:03:35 > 0:03:39It could all end in tears, but upstairs there's even more accommodation.
0:03:39 > 0:03:42You could make a fabulous feature of all that wood panelling.
0:03:45 > 0:03:49But downstairs is the main point of interest.
0:03:49 > 0:03:57Bearing in mind this was an old Baptist chapel, there is one amazing original feature still intact.
0:03:57 > 0:03:58And it's under here.
0:04:00 > 0:04:04It's the old baptism pool.
0:04:04 > 0:04:08How about this? You can imagine the congregation coming in here, being baptised or whatever.
0:04:08 > 0:04:11Now, in terms of what you would use it for,
0:04:11 > 0:04:14I have absolutely no idea.
0:04:19 > 0:04:21I invited a local estate agent
0:04:21 > 0:04:24to have a look at this celestial building.
0:04:24 > 0:04:26Heaven knows what he'll make of it.
0:04:26 > 0:04:29This particular property has enormous potential.
0:04:29 > 0:04:34It could be changed into many things, businesses, residential,
0:04:34 > 0:04:35could be flats, apartments,
0:04:35 > 0:04:42studios, or it could be a dance hall perhaps or any other business facility.
0:04:42 > 0:04:44All dependent on planning, of course.
0:04:44 > 0:04:47So how would that work out for the new owner?
0:04:47 > 0:04:53From what people have told me, getting planning permission for smaller units is quite often welcomed
0:04:53 > 0:05:00with open arms, however larger developments, luxury apartments can be more of a challenge.
0:05:00 > 0:05:03Change of use on a property like this could be especially difficult.
0:05:03 > 0:05:08Let's talk figures. Remember, this place was guided at 90 to £100,000.
0:05:08 > 0:05:13If the new owner was able to turn it into the residential property, how much could it make?
0:05:13 > 0:05:16Residential value when it was finished could be anything.
0:05:16 > 0:05:22If it's just one single dwelling, one house, it could be something in the region of 300, 325.
0:05:22 > 0:05:25We generally value properties on comparable evidence and there is
0:05:25 > 0:05:28nothing comparable to this, it's so unusual.
0:05:28 > 0:05:31Well, what an interesting project.
0:05:31 > 0:05:33Is it something you'd like to take on?
0:05:33 > 0:05:36Well, if you do, don't underestimate the amount of time
0:05:36 > 0:05:40and effort it's going to take, not least when it comes to getting that planning permission.
0:05:40 > 0:05:44Remember, in order to convert this, you are going to have to get change of use
0:05:44 > 0:05:50and with the local council round here really favouring smaller units, that might not be easy.
0:05:50 > 0:05:54Who, though, was willing to take the challenge on when it went under the hammer?
0:05:54 > 0:05:56Lot six we go to now, a vacant chapel
0:05:56 > 0:06:00with potential for conversion, as it's all said there.
0:06:00 > 0:06:03Loads of interest in it. Can we start at £100,000?
0:06:03 > 0:06:05£100,000? 100. I'm on the way.
0:06:05 > 0:06:11105, 110, 115, 120, and five. And 30. And five, and 40.
0:06:11 > 0:06:15Five, 50, five.
0:06:15 > 0:06:1855. 60? Come on.
0:06:18 > 0:06:22You want it? No? 155, madam. 160 anywhere, do I see?
0:06:22 > 0:06:25160 at the back, 165, 170.
0:06:25 > 0:06:28170. And two. 72 I have. And five.
0:06:28 > 0:06:33And seven. 177. 180. And two.
0:06:33 > 0:06:3582 and five. And seven.
0:06:35 > 0:06:40190 and two. And five, and seven.
0:06:40 > 0:06:42200 and two, and five and seven.
0:06:42 > 0:06:47207, 210. 210, 212.
0:06:47 > 0:06:52212. And 15, and 17. Thank you, 220.
0:06:52 > 0:06:54And two, 222.
0:06:54 > 0:06:59222. No? At £220,000, I have...
0:06:59 > 0:07:03222. 225, 227, 227 at the back.
0:07:03 > 0:07:07230. 232. 232. Five?
0:07:07 > 0:07:11235. And seven. 237. 240.
0:07:11 > 0:07:15240. 242. And five?
0:07:15 > 0:07:19245. And seven? 247. 250.
0:07:19 > 0:07:21252.
0:07:21 > 0:07:25255. 257, 257 I've got.
0:07:25 > 0:07:29260. 262? 262 I've got.
0:07:29 > 0:07:32Another three. Can I say 265?
0:07:32 > 0:07:33265. Can I say 270?
0:07:33 > 0:07:37270? 270 I'm bid.
0:07:37 > 0:07:42275? 275. 280?
0:07:42 > 0:07:44280? At 275, I have then.
0:07:44 > 0:07:48I will sell for the first time, 275 for the second time.
0:07:48 > 0:07:52Third and final time, if you're sure you're all done.
0:07:52 > 0:07:57At £275,000, yours at 275. Well done, both of you, thank you for the underbidder.
0:07:57 > 0:08:01Wow, there was a lot of interest in this lot.
0:08:01 > 0:08:08That £275,000 winning bid was £180,000 over the guide price.
0:08:08 > 0:08:11It was made by Cleo, who seems to have been
0:08:11 > 0:08:15determined to get it, because she was bidding right from the start.
0:08:15 > 0:08:21I met her and her husband, Michael, back at the chapel to congratulate them on their purchase.
0:08:21 > 0:08:24- Michael, Cleo, lovely to meet you both.- Nice to see you, yes.
0:08:24 > 0:08:27- Lovely to meet you. - Congratulations.- Thank you.
0:08:27 > 0:08:30So why did you want to buy this?
0:08:30 > 0:08:37Well, I was going to buy a church in Hawkhurst, the All Saints Church, enormous.
0:08:37 > 0:08:40The whole street it took up and I love it dearly.
0:08:40 > 0:08:46And it was a bit big. Now my hip's gone, my knee's gone, my leg's gone,
0:08:46 > 0:08:51and Michael came here last week, saw the chapel, went and bought it and said, "That's your lot."
0:08:51 > 0:08:52- Really?- Yes.
0:08:52 > 0:08:58- Straight in there, straight out. - Sometimes one has to exercise a sense of judgment,
0:08:58 > 0:09:02and although this was a magnificent building, it was a Grade 2 listed building,
0:09:02 > 0:09:04it was going to be a nightmare.
0:09:04 > 0:09:07We were incredibly lucky, because we were staying with a friend of ours,
0:09:07 > 0:09:09cos we live in Italy and we come over
0:09:09 > 0:09:14periodically to England, and she knows that Cleo loves churches.
0:09:14 > 0:09:18She said "What do you think I've just seen? There's this chapel for sale."
0:09:18 > 0:09:20So Cleo had her eyes on a church
0:09:20 > 0:09:25and she has ended up with a chapel in her home town of Tunbridge Wells.
0:09:25 > 0:09:28She plans to convert it into a residential property.
0:09:28 > 0:09:33- So tell me a bit more about you two, because you strike me as marginally eccentric.- We are.
0:09:33 > 0:09:36Cleo was a Rank starlet.
0:09:36 > 0:09:43- No!- In the old, old days, you know when the studios used to have contract players?- Yes.
0:09:43 > 0:09:48- Cleo was one of the Rank girls. - Alongside who at that time? - Joan Collins, for example.
0:09:48 > 0:09:52- They were both there at the same time.- Name some of the movies then.
0:09:52 > 0:09:55The Case of the Disappearing Gainsborough.
0:09:55 > 0:09:57But it doesn't matter now, cos they were so old.
0:09:57 > 0:10:02Modest Cleo may not want to dwell on it now, but she was indeed a starlet
0:10:02 > 0:10:06and rubbed shoulders with the glitterati of the day.
0:10:06 > 0:10:08Over the years, she's bought 50 properties
0:10:08 > 0:10:12as well as dealing in antiques, both in England and in Italy.
0:10:12 > 0:10:18She's an art adviser for Sotheby's and Christie's and is clearly an auction natural.
0:10:18 > 0:10:21Go through in a bit more detail exactly what you're going to do to the place.
0:10:21 > 0:10:23We're going to open it up.
0:10:23 > 0:10:29We're going to open up the wall so you can see from the back, right the way through.
0:10:29 > 0:10:32Seductive, voluptuous, luxurious,
0:10:32 > 0:10:37- scarlet, gold, swags... - I'll bring all my beautiful stuff.
0:10:37 > 0:10:42I do the theatre costumes sometimes and I've got all the wonderful things. So it'll all be in here.
0:10:42 > 0:10:46- And the main room then, what are you going to do with that? - It'll be kitchen,
0:10:46 > 0:10:51- dining, living.- And a big table for everyone to eat on.- So you're going to have lots of wild parties?
0:10:51 > 0:10:55Yeah, with all their walking sticks and things, it doesn't matter.
0:10:55 > 0:10:56THEY LAUGH
0:10:56 > 0:11:01Well, Michael is 70 and Cleo, 74.
0:11:01 > 0:11:06Although they've been together for 28 years, they finally tied the knot just three years ago.
0:11:09 > 0:11:12But it's not only Cleo who's enjoyed the high life. Back in the Sixties,
0:11:12 > 0:11:15Michael helped run a famous London venue.
0:11:15 > 0:11:20I was fortunate enough to meet someone who was opening a club
0:11:20 > 0:11:25- in London in 1967, called the Speakeasy.- The Speakeasy in London? - The Speakeasy.
0:11:25 > 0:11:30It was the big music club of the time, you know, when people who came through were all the
0:11:30 > 0:11:34cognoscenti and the managers and the writers and the artists.
0:11:34 > 0:11:37- So who did you meet in that time? - Oh, everybody.
0:11:37 > 0:11:40Jimi Hendrix was one of my personal, very good friends.
0:11:42 > 0:11:47It seems fitting that a couple with such an extraordinary past would buy
0:11:47 > 0:11:52an extraordinary property to enjoy their far from ordinary life.
0:11:52 > 0:11:59Michael and Cleo plan to take around six months and spend no more than £50,000 doing this up.
0:11:59 > 0:12:02But, given the planning problems they could run into, I have my doubts.
0:12:02 > 0:12:06So is there anything else that could see them ending up in deep water?
0:12:06 > 0:12:13Let's talk about what you're going to do in this room, cos this is obviously key.
0:12:13 > 0:12:17First of all, what on earth are you going to do with this?
0:12:17 > 0:12:19Well, this was a surprise.
0:12:19 > 0:12:23And once we had thought about it, we realised what an advantage this could be.
0:12:23 > 0:12:27So what I intend to do with it, because it is quite clearly a
0:12:27 > 0:12:32- distinctive feature, is to use this and have a fountain in it.- Right.
0:12:32 > 0:12:35- Put trees in it and plants. - Real trees?
0:12:35 > 0:12:37Real trees. Absolutely, big trees.
0:12:37 > 0:12:41And a little fountain that comes up like that.
0:12:41 > 0:12:46So it'll become not only a design feature, but a natural feature.
0:12:46 > 0:12:48It'll give you some sort of sense of the outside inside.
0:12:48 > 0:12:50And what about the windows?
0:12:50 > 0:12:55- Well, if we go through to the front here, I'm going to take this whole front down.- Right.
0:12:55 > 0:13:01Put a vestibule in where the front door is because you need that for drafts and also for hanging coats.
0:13:01 > 0:13:04We are going to make a minstrels' gallery and I think what
0:13:04 > 0:13:09we are going to try to do, is to use some stained glass in those front windows.
0:13:09 > 0:13:13- That will be wonderful, yes. - To give you this beautiful light.
0:13:13 > 0:13:15It sounds like an incredible project.
0:13:15 > 0:13:18Good luck with it all and I really can't wait to see what you do.
0:13:18 > 0:13:21Thank you very much and thank you for coming over.
0:13:21 > 0:13:24- It's been a pleasure.- It's been delightful to talk with you.
0:13:27 > 0:13:30Well, what a fantastic story this has turned out to be.
0:13:30 > 0:13:34Michael and Cleo, clearly amazing characters.
0:13:34 > 0:13:37And a lot of plans for this chapel. Boy, oh, boy.
0:13:37 > 0:13:41Still ahead of them though, will they get to that planning permission
0:13:41 > 0:13:45they need to turn this into the palace of fun they hope it will be?
0:13:45 > 0:13:47You can find out later in the show.
0:13:51 > 0:13:55Transport links are the priority for many people and today, I'm in Northwood, Middlesex.
0:13:55 > 0:14:02That's just 20 minutes from Euston station, with a direct link to Gatwick Airport.
0:14:02 > 0:14:07The lot I'm here to see is on North Approach, which is part of the Moor Park Conservation Area.
0:14:07 > 0:14:10So hopefully I'll find something with plenty of character.
0:14:14 > 0:14:16Some of the houses along this road are big.
0:14:16 > 0:14:18They're seriously grand.
0:14:18 > 0:14:24And I've just found out that a house along here has sold for £1.2 million.
0:14:24 > 0:14:27That doesn't surprise me.
0:14:27 > 0:14:34So when you hear of a property being guided at £450,000 along here, it makes you sit up and take notice.
0:14:34 > 0:14:38Now, unfortunately, the facade isn't so inspiring,
0:14:38 > 0:14:43but location is key for this buy, so let's have a look around.
0:14:43 > 0:14:46OK, maybe I'm being a bit harsh, but I reckon it's going to need
0:14:46 > 0:14:49a serious makeover before I can shower it with any compliments.
0:14:49 > 0:14:52I hope the shabbiness is only skin-deep.
0:14:52 > 0:14:58Unfortunately, the inside of this property is very similar
0:14:58 > 0:15:02to the nondescript frontage.
0:15:02 > 0:15:06This is the lounge and there's just not much going on in here for me at all.
0:15:06 > 0:15:10This one requires vision and lots of it.
0:15:10 > 0:15:12So onwards and hopefully upwards.
0:15:14 > 0:15:18But, before you do that, a look around the ground floor reveals
0:15:18 > 0:15:25a functional but dated kitchen and utility area crying out for some serious work to be done to it.
0:15:25 > 0:15:29But the second reception room should lift the spirits a little.
0:15:29 > 0:15:32If you could remove the dividing wall into the kitchen,
0:15:32 > 0:15:37you could create one huge space and have bi-folding glass doors leading on to the garden.
0:15:37 > 0:15:40But upstairs, options are rather more limited.
0:15:40 > 0:15:45There's a standard size bathroom and good-sized bedrooms, but they're all, well, pretty average.
0:15:49 > 0:15:54Plastic windows are practical and maintenance-free,
0:15:54 > 0:15:57but I would like to see some box sashes installed here.
0:15:57 > 0:16:00Expensive yes, but when you're surrounded by
0:16:00 > 0:16:04million-pound properties, it's a cost I think is justified.
0:16:04 > 0:16:09This house lacks character and I'd like to see some injected into it.
0:16:09 > 0:16:14Windows and a new front door would give his property a much-needed facelift.
0:16:14 > 0:16:18Remember, you'd need to consult the Conservation Area Partnership for any changes.
0:16:18 > 0:16:24Everything is subject to them saying yes, but I'm still looking for something to get excited about.
0:16:24 > 0:16:27And finally, I found it!
0:16:27 > 0:16:30# Hallelujah Hallelujah
0:16:30 > 0:16:33# Hallelujah Hallelujah... #
0:16:33 > 0:16:36This good-sized garden give you an option of extending the house
0:16:36 > 0:16:40without losing any outside space, so that's a big plus.
0:16:43 > 0:16:48The property was guided at £450,000, so I asked a local estate agent
0:16:48 > 0:16:51what he thought of its possibilities.
0:16:53 > 0:16:55There are three options, potentially.
0:16:55 > 0:17:00There is a basic makeover which would entail carpets, curtains,
0:17:00 > 0:17:06refitting the kitchen, refitting the bathroom and smartening up the utility area, rear lobby.
0:17:06 > 0:17:08That would be the basic one.
0:17:08 > 0:17:10You could consider extending the house.
0:17:10 > 0:17:14You would have to comply with Moor Park 1958 Ltd
0:17:14 > 0:17:18in addition to planning, which is the local rules and regulations.
0:17:18 > 0:17:23The alternative would be to demolish the house and puts a new house in its place.
0:17:23 > 0:17:27But, whatever changes you make surely it's going to be for the better.
0:17:27 > 0:17:33So, at around that £475,000 guide price, how do the figures stack up?
0:17:33 > 0:17:38Kept as is, without extending it but modernised to a reasonable standard,
0:17:38 > 0:17:42I would imagine it would be worth about £650,000.
0:17:42 > 0:17:46If it was extended and enlarged to include a loft space,
0:17:46 > 0:17:50a conservatory and expanding the ground floor,
0:17:50 > 0:17:57then I would estimate the value as an asking price up to about £900,000.
0:18:00 > 0:18:04An uninspiring property in an inspiring location.
0:18:04 > 0:18:11Whoever takes this on can only do one thing and that's add value. Let's go to auction.
0:18:14 > 0:18:18Lot 29, 24 North Approach, Moor Park.
0:18:18 > 0:18:20Over to you, where the you wish to start?
0:18:20 > 0:18:24Down here. 450, 455 anywhere?
0:18:24 > 0:18:30455, 460, 465, 470, 470, 475.
0:18:30 > 0:18:37480, 485, 490, 495.
0:18:37 > 0:18:41500, smart bid. 500 down here.
0:18:41 > 0:18:47New spot, 505, 510, 515, 520.
0:18:47 > 0:18:54525, 530, 535, 540.
0:18:54 > 0:19:00545, 550, 555, 560.
0:19:00 > 0:19:06565, 570, 575, 576.
0:19:06 > 0:19:12577, 578. 579, 580,
0:19:12 > 0:19:16581, 582, 583,
0:19:16 > 0:19:21584, 585.
0:19:21 > 0:19:24584 down here. 585 here?
0:19:24 > 0:19:30If not, 584 first time, second time, third and last time, all done.
0:19:30 > 0:19:34Sold for 584, well bid.
0:19:36 > 0:19:42The winners of that lot which went 134,000 over the guide price
0:19:42 > 0:19:45were Italian-born Lina and her partner, Mike.
0:19:45 > 0:19:49I met Lina at the house to hear about her plans.
0:19:49 > 0:19:54Lina, this house sticks out on the street like a sore thumb.
0:19:54 > 0:19:57- It does doesn't it.- It's a bit of an ugly duckling at the moment.
0:19:57 > 0:20:00It's very ugly, but it's going to be beautiful.
0:20:00 > 0:20:04How did you feel about bidding for this on auction day?
0:20:04 > 0:20:05It was nerve wracking.
0:20:05 > 0:20:09This was really, secretly, my first choice.
0:20:09 > 0:20:14But Mike, my partner, wanted to go for a flat.
0:20:14 > 0:20:21So we set a limit and the flat went in no time,
0:20:21 > 0:20:24so the next one was this one, so I couldn't believe it.
0:20:24 > 0:20:30I was really, really nervous and it stopped at 584 and we got the house.
0:20:30 > 0:20:34I couldn't move, I could not move, I was frozen.
0:20:34 > 0:20:40That was it, it was very exciting, it took a while
0:20:40 > 0:20:43before I could actually speak when we went into the room to sign.
0:20:43 > 0:20:47Originally from Italy, Lina has been living in England for 36 years.
0:20:47 > 0:20:51She now has a flourishing business as an interior designer
0:20:51 > 0:20:55which is exactly the sort of owner this place needs.
0:20:55 > 0:20:58I know just by looking at property, I know more or less how much
0:20:58 > 0:21:03you can spend to take it to the level I would like to.
0:21:03 > 0:21:06So, we aim to spend about 150,000
0:21:06 > 0:21:11and we are going to develop into five bedrooms,
0:21:11 > 0:21:16three bathrooms, a very big kitchen, conservatory across the back.
0:21:16 > 0:21:19So, it's going to be a lovely, lovely property.
0:21:19 > 0:21:23All in all, you will probably have spent around 850,000 on it?
0:21:23 > 0:21:26Yes, the maximum. Yeah, yeah.
0:21:26 > 0:21:30Would it not be cheaper to knock it down and build something new here?
0:21:30 > 0:21:35Not really, no, because it's in fairly good condition,
0:21:35 > 0:21:37so it's cheaper to do the extension from the side.
0:21:37 > 0:21:41Because we're not going to extend from the back, it's just from the side
0:21:41 > 0:21:45and we'll just square the house and go to the loft.
0:21:45 > 0:21:48So, really, it's much cheaper doing it this way.
0:21:48 > 0:21:51Lina is not one to let the grass grow under her feet,
0:21:51 > 0:21:57she's already applied for planning permission for that extension and loft conversion.
0:21:57 > 0:22:00She's also spotted a way to increase the plot size.
0:22:00 > 0:22:03She is hoping to buy two garages from the next door neighbour
0:22:03 > 0:22:06and that would allow her to push her boundary over the drive
0:22:06 > 0:22:10to create a lovely front garden and increase that value.
0:22:10 > 0:22:16I'm going to be nosy here, how much would you hope to market this property for, once you have done it?
0:22:16 > 0:22:19I'm hoping to market it for £1.1 million.
0:22:19 > 0:22:231.1, so you will be joining the millionaire set along this road?
0:22:23 > 0:22:25Hopefully.
0:22:25 > 0:22:31Lina seems driven and has an eye for style so that begs the question, why this property?
0:22:31 > 0:22:34I just have a passion to refurbish properties.
0:22:34 > 0:22:37The worst condition they are, the more excited I get.
0:22:37 > 0:22:40- Really? It doesn't put you off? - Not at all.
0:22:40 > 0:22:46It's really hard to keep the vision, you see something and then it takes you a year, perhaps, to get there.
0:22:46 > 0:22:48How do you deal with that?
0:22:48 > 0:22:54It's very exciting, it's very exciting because also you get ideas as you go along.
0:22:54 > 0:22:59For example, the partition comes up and you think, it doesn't look good
0:22:59 > 0:23:03although the plan says this is how it is going to be.
0:23:03 > 0:23:06When it is up and it doesn't look good, my builders know that they
0:23:06 > 0:23:10will have to knock it down, they will think, here she comes again.
0:23:16 > 0:23:22Lina knows what she wants and would love to see the project completed in seven to eight months.
0:23:22 > 0:23:27I was dying to hear about her plans, so for that we headed to the kitchen.
0:23:27 > 0:23:31I think the kitchen is going to be quite impressive
0:23:31 > 0:23:35because the chimney over there is going to stand on its own.
0:23:35 > 0:23:39We are going to knock the walls on either side.
0:23:39 > 0:23:41We going to do a double oven there.
0:23:41 > 0:23:45So the kitchen is going to back on to this wonderful glass conservatory?
0:23:45 > 0:23:47- And have you designed this?- Yes.
0:23:47 > 0:23:54It's going to be quite an amazing space. And this is how you see the house looking once finished?
0:23:54 > 0:23:59What are your ideas for the internal look, you have lots of lovely paint colours here?
0:23:59 > 0:24:01It is going to be fairly neutral
0:24:01 > 0:24:09and then you can accessorise them with cushions, chairs with strong colours and so on.
0:24:09 > 0:24:12So you can really let your Italian passion run riot,
0:24:12 > 0:24:16you can go mad for all those beautiful leather chairs.
0:24:16 > 0:24:19Good luck with his project, it's been lovely meeting you.
0:24:19 > 0:24:20It's been my pleasure.
0:24:24 > 0:24:31Will Lina be able to take this standard three-bed house and turn it into a million-pound property?
0:24:31 > 0:24:34With her interior design credentials, she just might.
0:24:34 > 0:24:37Join me later in the show to see how she gets on.
0:24:39 > 0:24:44Coming up, there's trouble afoot at this two-bedroom bungalow in Derby.
0:24:44 > 0:24:48Whoa, whoa, whoa. Serious problems in the front bedroom, here.
0:24:50 > 0:24:54There's a change of plan for Lina's house in North London.
0:24:54 > 0:24:59We did our sums and we realised that it wasn't worth doing the refurb.
0:25:01 > 0:25:05- But first... - Seductive, voluptuous, luxurious...
0:25:05 > 0:25:09Has that old chapel lived up to Michael's promises?
0:25:12 > 0:25:18Earlier, we saw this chapel in Southborough near Tunbridge Wells in Kent.
0:25:18 > 0:25:24It was bought at auction by Cleo and her husband, Mike, for £275,000.
0:25:24 > 0:25:29This was to be a new base for them in England when not travelling around the world.
0:25:29 > 0:25:34With a history of restoring 50 properties to their names, renovating these huge rooms
0:25:34 > 0:25:38shouldn't have been a baptism of fire.
0:25:38 > 0:25:43Well, seven and a half months on and whilst there may be no signs of the stained glass
0:25:43 > 0:25:47that Michael promised, the refurbished door and colourful window-boxes
0:25:47 > 0:25:51do suggest that something heavenly may be waiting inside.
0:25:55 > 0:26:01Sure enough, Michael and Cleo have brought a real sense of splendour back to this chapel.
0:26:01 > 0:26:05They've even found a use for some of the old pews into the bargain.
0:26:05 > 0:26:10For this colourful couple, the chapel was the perfect canvas.
0:26:10 > 0:26:14To Cleo and I, the advantage was it was a big room with high ceilings,
0:26:14 > 0:26:18and there was plenty of room to express ourselves, not just
0:26:18 > 0:26:25in terms of small bits and pieces but in terms of a rather larger sense of creating a whole feeling of a place.
0:26:25 > 0:26:29Michael had big plans for the old baptism pool.
0:26:29 > 0:26:32We thought to ourselves, "Well, this is marvellous.
0:26:32 > 0:26:34"We'll have a water feature, perhaps.
0:26:34 > 0:26:36"A fountain or something rather grand like that."
0:26:36 > 0:26:40But on closer examination, this became really impractical to do this.
0:26:40 > 0:26:45But at the same time, we always wanted to have lots of plants
0:26:45 > 0:26:49and trees around, and so we built a false floor here.
0:26:49 > 0:26:53This pot here I bought for my mother for one of her birthdays a few years back,
0:26:53 > 0:26:58so we thought we'd make that a centrepiece and put the other plants around it,
0:26:58 > 0:27:01so we have this sort of inside-outside feel to it.
0:27:01 > 0:27:04And what is really very encouraging is that the plants are growing
0:27:04 > 0:27:09fantastically, and so all in all, we're really very happy.
0:27:09 > 0:27:13Well, if you've got the space, why not create a garden inside?
0:27:13 > 0:27:19But while the ground floor main hall has classic style, upstairs there's a rather different theme.
0:27:32 > 0:27:37It couldn't get any more different from that more traditional style downstairs.
0:27:37 > 0:27:42This is the perfect example of the broad range of tastes that Cleo and Mike have.
0:27:42 > 0:27:44Cleo is the driving force here.
0:27:44 > 0:27:46She has the most extraordinary eye.
0:27:46 > 0:27:48And it's not trained.
0:27:48 > 0:27:51It's an instinctive thing, an intuitive thing.
0:27:51 > 0:27:54And she's always looking for stuff.
0:27:54 > 0:27:58I mean, it drives me, sometimes, crazy.
0:27:58 > 0:28:00I get a lot of my stuff from demolition.
0:28:00 > 0:28:02I used to do, years ago, demolition.
0:28:02 > 0:28:06One friend is in Tunbridge Wells. The other one's in Italy.
0:28:06 > 0:28:08And they call me up and say, "I've got so and so.
0:28:08 > 0:28:11"Do you want it, Cleo?" Wonderful.
0:28:11 > 0:28:15With a life spent living and travelling around the world,
0:28:15 > 0:28:19it's no wonder their design style is an eclectic mix of... well, everything.
0:28:19 > 0:28:23And don't expect that kitchen to be any different.
0:28:23 > 0:28:26Well, when we started planning the kitchen...
0:28:26 > 0:28:29I know that Cleo does not like to spend money unnecessarily.
0:28:29 > 0:28:30We like to re-use things.
0:28:30 > 0:28:35However, I absolutely insisted that we have a new stove, because we both love cooking.
0:28:35 > 0:28:39So that's our new stuff, and very nice it is, too.
0:28:39 > 0:28:41As far as the cabinets go...
0:28:41 > 0:28:45The two cabinets... These came from my son's, my son's house.
0:28:45 > 0:28:49Two cabinets here were cut off from two dressers,
0:28:49 > 0:28:52and I wanted them like this because I wanted them against the wall,
0:28:52 > 0:28:55with the paper behind it.
0:28:55 > 0:28:58Because we thought it would give a more dramatic effect.
0:28:58 > 0:29:02The lovely floor comes from Italy.
0:29:02 > 0:29:05As for the rest of it, we have all the space
0:29:05 > 0:29:07that we always wanted to have.
0:29:07 > 0:29:12Plenty of room to cook, to talk, to eat...have a good time.
0:29:12 > 0:29:17Cleo and Michael enlisted the help of a friend, a Russian builder
0:29:17 > 0:29:21who lives in their Italian castle, to come over and do the work here.
0:29:21 > 0:29:25With no structural changes, I reckon the couple have utilised the space here well.
0:29:25 > 0:29:27But at what cost?
0:29:27 > 0:29:29With a new kitchen, bathroom and gallery installed,
0:29:29 > 0:29:32plus total redecoration inside and out,
0:29:32 > 0:29:36did Cleo and Michael's original 50 grand budget hold up?
0:29:41 > 0:29:46I think, possibly, we've spent something in the region of about £25,000.
0:29:48 > 0:29:50Which I think is pretty low.
0:29:50 > 0:29:54Add that to their purchase price of £275,000 and Cleo and Michael
0:29:54 > 0:29:59have spent 300 grand creating this unique, character property.
0:29:59 > 0:30:05But more importantly for them, it's a new home.
0:30:05 > 0:30:09We have said to each other that we feel very much at home here.
0:30:09 > 0:30:13It is near Tunbridge Wells and I came from Tunbridge Wells.
0:30:13 > 0:30:18All my biggest friends are from Tunbridge Wells,
0:30:18 > 0:30:23so it's very sentimental for me this place.
0:30:23 > 0:30:30This has been, I won't say the most successful thing that we have done, it's jolly close to it.
0:30:30 > 0:30:34It's going to be something that we'll grow into,
0:30:34 > 0:30:39the more we use it the more we'll enjoy it.
0:30:41 > 0:30:43It doesn't sound as though Cleo and Michael
0:30:43 > 0:30:45would want to part with this place
0:30:45 > 0:30:47but they admit to having a wander lust.
0:30:47 > 0:30:53They spent £300,000 in total, so what could they get if they decide to put it on the market?
0:30:53 > 0:30:57What will have two local estate agents make of their creation?
0:30:57 > 0:31:01It's a fantastic property. Amazing.
0:31:01 > 0:31:03It's very quirky.
0:31:03 > 0:31:06It's been done in their own taste
0:31:06 > 0:31:10which isn't to everyone's taste but it is what it is.
0:31:10 > 0:31:12A fun palace, it's fantastic.
0:31:12 > 0:31:15Personally I think it's individual. Special.
0:31:15 > 0:31:21Probably an acquired taste for most but amazing compared to what it was.
0:31:21 > 0:31:25Marketing a property like this, we could put it on the market for
0:31:25 > 0:31:27£300-325,000.
0:31:27 > 0:31:30I would put this on the market for £300-310,000.
0:31:30 > 0:31:38That could give the creative pair a possible pre-tax profit of £25,000.
0:31:39 > 0:31:43That certainly is as much, if not more than we thought.
0:31:43 > 0:31:48I thought, frankly, that if we got out, if it was on the market,
0:31:48 > 0:31:54for what be paid for it and what we spent on it if we got out even it would be pretty good.
0:31:54 > 0:31:56So that's not bad.
0:31:56 > 0:31:59Should the lure of Italy
0:31:59 > 0:32:01ever outweigh the charms of Tunbridge Wells
0:32:01 > 0:32:06they could get a possible rental return of £1,200 per calendar month for the chapel.
0:32:06 > 0:32:10But for now, Cleo and Mike say they are happy to spend some time in their new home.
0:32:10 > 0:32:12And I don't blame them.
0:32:23 > 0:32:29Think of Madison Avenue and you imagine skyscrapers, yellow cabs, upmarket boutiques.
0:32:29 > 0:32:35That is Madison Avenue in New York but this is Madison Avenue just outside Derby.
0:32:35 > 0:32:38The good news, though, property prices are a bit cheaper.
0:32:38 > 0:32:42This two-bedroom bungalow, guided at 48,000 quid.
0:32:48 > 0:32:53Derby's not quite the Big Apple, more a bad traditional English cox's pippin.
0:32:53 > 0:32:57And it's less loft apartments, more suburban semis.
0:32:57 > 0:32:59Seven out of 10 houses here are semis,
0:32:59 > 0:33:03so many that will make this little bungalow a desirable commodity.
0:33:03 > 0:33:07There is room for off-street parking but the kerb would need to be dropped.
0:33:07 > 0:33:11I don't have the key to the front door today so I'm going in at the back,
0:33:11 > 0:33:14past a plastic sheet covering a hole in the roof.
0:33:14 > 0:33:16Not encouraging.
0:33:17 > 0:33:20Interesting garden. I'll come back to that later.
0:33:20 > 0:33:24Straight into this kind of lean-to, which is clearly an absolute disaster,
0:33:24 > 0:33:26the roof's all over the place.
0:33:26 > 0:33:31Somebody has obviously let this out as a kitchen though. Good heavens. Not good at all.
0:33:31 > 0:33:33I think, is going to have to be knocked down.
0:33:33 > 0:33:38You want to reinstate the kitchen where it was, which I think was this room here.
0:33:38 > 0:33:39It makes much better sense.
0:33:39 > 0:33:43It means a lot of work, not least this window here needs to be raised up.
0:33:43 > 0:33:46So we can get a long run of units.
0:33:46 > 0:33:48Total refurbishment.
0:33:48 > 0:33:55Judging by the state of the ceiling, I think there is quite a lot of work to do in this place.
0:33:55 > 0:33:59The grime and dirt in here can easily be sorted out with some elbow grease.
0:33:59 > 0:34:03It is the bowed ceiling and general decay that I am worried about.
0:34:03 > 0:34:07Sadly, it does not get any better as you delve deeper into the bungalow.
0:34:07 > 0:34:12It gets worse. We've got a bathroom or toilet there that needs sorting out.
0:34:12 > 0:34:14Two decent sized double bedrooms.
0:34:14 > 0:34:16One there, and one there.
0:34:16 > 0:34:22Then through into the living room, where, boy oh boy, do we have some problems?
0:34:22 > 0:34:25Look at the ceiling. Absolutely shot.
0:34:25 > 0:34:28That could be explained by the big hole there is in the roof.
0:34:28 > 0:34:32That explains that it but not this bit.
0:34:32 > 0:34:34Look, all the plaster has come down there as well.
0:34:34 > 0:34:37There is bits of wood.
0:34:37 > 0:34:39You're going to have to take all of this down.
0:34:39 > 0:34:44First of all though, you are going to have to sort out the roof. Either way you're looking at a big job.
0:34:44 > 0:34:51It's bizarre. I'm not sure why the ceilings have been so damaged but it is not confined to the living room.
0:34:51 > 0:34:58That front bedroom also has a large damage spot and don't just look up because...
0:35:00 > 0:35:03Serious problems in the front bedroom here.
0:35:03 > 0:35:10That is...well, you can see, the floorboards are completely and utterly rotten.
0:35:10 > 0:35:14That is not caused by what is coming down, that is damp coming in.
0:35:14 > 0:35:19The path outside is higher than the level of the damp proof course, that's led to water coming in.
0:35:19 > 0:35:23It has rotted the floorboards and rotted the joists. Either way, that is nasty.
0:35:23 > 0:35:26And expensive so the inside is shot to pieces.
0:35:26 > 0:35:31Let's see if outside can offer any hope.
0:35:31 > 0:35:34These flagstones really are quite extraordinary.
0:35:34 > 0:35:37The garden itself is actually a good size, which is great.
0:35:37 > 0:35:41You can think about extending the property which is something that I would want to do.
0:35:41 > 0:35:46Not least to get rid of this horrible thing on the back here. Put a proper extension on.
0:35:46 > 0:35:51Unfortunately, it is not quite as easy as that because there's a covenant written into the property,
0:35:51 > 0:35:54and you only see it when you read the legal pack
0:35:54 > 0:35:59and it says they you have to ask permission from the landowner before you do any extension.
0:35:59 > 0:36:00This was written in 1926,
0:36:00 > 0:36:05probably related to when this was probably owned by a huge great mansion somewhere.
0:36:05 > 0:36:09But it is still there. You can take out insurance policies to cover you
0:36:09 > 0:36:15in case you get any comeback as a result of building. And it looks like other properties have done it.
0:36:15 > 0:36:18I reckon it is more of a hiccup than a crisis.
0:36:18 > 0:36:22But it is just another thing to add up to a list of negatives about this bungalow.
0:36:22 > 0:36:26Any more and I don't think I'd be keen on buying it.
0:36:26 > 0:36:28You may have a ready made chessboard out here,
0:36:28 > 0:36:33but I reckon with all those holes in the roof, you'd be more likely to be playing drafts.
0:36:35 > 0:36:36For my opening move,
0:36:36 > 0:36:39I invited along the auctioneer who sold the property.
0:36:39 > 0:36:44I started off by asking him about the Covenant on the land.
0:36:44 > 0:36:49Very often, properties brought in 1920s or 30s had these fairly peculiar covenants attached to them.
0:36:49 > 0:36:54If you can trace the land opener in 1926, you are doing very well.
0:36:54 > 0:36:58But just in case, you should take out that insurance policy.
0:36:58 > 0:37:01What about the bungalow itself?
0:37:01 > 0:37:05First thoughts are obviously, very run down and needs a lot of work doing to it.
0:37:05 > 0:37:07It is not going to be for the faint hearted.
0:37:07 > 0:37:12It has attracted a lot of interest because this is the sort of property that people like to buy.
0:37:12 > 0:37:16I can see the attraction of starting on a blank canvas for a total renovation,
0:37:16 > 0:37:24but with the amount of work needed and that guide price of 48,000, would the figures stack up?
0:37:24 > 0:37:26My estimate is if you upgrade what is here,
0:37:26 > 0:37:30its value will probably be around £100,000.
0:37:31 > 0:37:37If you were to spend money on extending it, I don't think you would push that more than towards £120,000.
0:37:37 > 0:37:40There are a number of properties in this area that are rented,
0:37:40 > 0:37:43I see no reason why this shouldn't suit the rented market.
0:37:43 > 0:37:48My estimate would be a rental of about £550 per calendar month.
0:37:53 > 0:37:57Don't underestimate the effort it will take to sort this place out.
0:37:57 > 0:38:00Big issues with damp, you have a roof that is all over the place.
0:38:00 > 0:38:02It needs internally reconfiguring.
0:38:02 > 0:38:05You can end up spending a lot of money if you are not careful.
0:38:05 > 0:38:08It's certainly not a watertight investment.
0:38:08 > 0:38:13Was 13, lucky for somebody? Let's find out what happened when it went to the auction.
0:38:17 > 0:38:21Lot number one this morning is number 13 Madison Avenue in Chaddesden.
0:38:21 > 0:38:2545 to start me. 45 is bid on the phone.
0:38:25 > 0:38:2850,000, £50,000.
0:38:28 > 0:38:3455 is bid, at 55. £60,000, 65 is bid,
0:38:34 > 0:38:3965,000, 70,000, 71,
0:38:39 > 0:38:42at 71 and two,
0:38:42 > 0:38:4873, 74, 75, £75,000.
0:38:48 > 0:38:4976 is bid.
0:38:49 > 0:38:54At £76,000, 77.
0:38:54 > 0:38:59At £77,000, I will take 500 elsewhere,
0:38:59 > 0:39:05I'll accept 500, 77 1/2, 78, at 78,000.
0:39:05 > 0:39:09500, 79,000, 500?
0:39:09 > 0:39:14£79,000 then. Any higher elsewhere?
0:39:14 > 0:39:21At 79,000, going once, going twice, third opportunity, all done at £79,000.
0:39:21 > 0:39:25Sold at number 79,000, number 15.
0:39:27 > 0:39:35It was father and son, Peter and Paul, who got this property at £31,000 over the guide price.
0:39:35 > 0:39:38The pair have been in partnership together for 20 years,
0:39:38 > 0:39:41running everything from a pub to an import business.
0:39:41 > 0:39:45Their various projects haven't always met with great success.
0:39:45 > 0:39:49But undeterred, they have taken on this whopper of a job.
0:39:49 > 0:39:52I met them back at the bungalow to find out more.
0:39:52 > 0:39:56- Peter, Paul, lovely to meet you both.- Thank you. - Congratulations.
0:39:56 > 0:39:58Do you like chess or backgammon?
0:39:59 > 0:40:01You have seen the slabs, then.
0:40:01 > 0:40:04What on earth was somebody thinking there?
0:40:04 > 0:40:06It wasn't us, honestly.
0:40:06 > 0:40:10Apart from that, you've bought the house, why did you want to buy it?
0:40:10 > 0:40:15I live round the corner and I thought, I could move into a bungalow.
0:40:15 > 0:40:18Paul says, OK, if you want it, perhaps buy it for you,
0:40:18 > 0:40:21perhaps sell it, it is handy, it is where I want to live.
0:40:21 > 0:40:26So that was why have we went bungalow rather than what we have been looking at.
0:40:26 > 0:40:28So from your side of it, what was the story?
0:40:28 > 0:40:31Basically we are not doing anything at the moment.
0:40:31 > 0:40:35We had a business that we have been running for a couple of years.
0:40:35 > 0:40:40I've done nothing for about a year, getting a bit of weight on and doing no physical work.
0:40:40 > 0:40:42So it's the B Plan diet.
0:40:42 > 0:40:46- Yes, very much like that. - For both of us, I'm afraid.
0:40:46 > 0:40:48Your building plan diet, fantastic.
0:40:48 > 0:40:52A unique reason to get into development.
0:40:52 > 0:40:56The pair had money to invest and rather than hoping to sweat pennies out of savings accounts,
0:40:56 > 0:41:00Paul's hoping to sweat some pounds off himself by working on a renovation.
0:41:08 > 0:41:09But what about the price they paid?
0:41:09 > 0:41:15Was this an armchair developers decision, or had they done their homework?
0:41:15 > 0:41:20We were taken by the guide price when we first saw it, as to why it would be 48,000.
0:41:20 > 0:41:26Which is why we got some information from a few builders who were interested in it.
0:41:26 > 0:41:29They said to us, they thought we would have to spend about 28 to 30,
0:41:29 > 0:41:32including quite a lot of labour on it.
0:41:32 > 0:41:36They were saying their limit was going to be 62, 63.
0:41:36 > 0:41:38What, they told you that beforehand?
0:41:38 > 0:41:40We knew a few builders, yes.
0:41:40 > 0:41:45It was just people that we knew and based on that, we looked at it ourselves and thought,
0:41:45 > 0:41:51if we can get it finished how we wanted for 100,
0:41:51 > 0:41:55we looked back and thought we would have to spend just over 20,000 on it.
0:41:55 > 0:42:00For that 20 grand, Peter and Paul aim to do a top to bottom renovation
0:42:00 > 0:42:03from sorting out the roof to fixing the damp problem.
0:42:03 > 0:42:05They're also planning to put a conservatory on the back
0:42:05 > 0:42:08and return the kitchen to its rightful position.
0:42:08 > 0:42:15With so much to do here though, I hope that 20 grand budget doesn't go through the roof.
0:42:15 > 0:42:21To help keep costs down, Peter and Paul and some of their family members
0:42:21 > 0:42:27will do a lot of the work, but leave the more skilled jobs to the contractors.
0:42:27 > 0:42:29'In terms of how much time you're going to spend on it,'
0:42:29 > 0:42:31are you working on it full-time?
0:42:31 > 0:42:33Yes, we haven't got anything else to do.
0:42:33 > 0:42:36That's was one of the ideas of getting the place,
0:42:36 > 0:42:39to give us something to do, something to work on, a project.
0:42:41 > 0:42:46With all their energies devoted to the project, the pair hope to finish in four to five months.
0:42:46 > 0:42:50That will hopefully give Peter some time to make his mind up about his new home.
0:42:52 > 0:42:54One of the problems I've got and always had,
0:42:54 > 0:43:00is I can't walk into this room and imagine it with all the sink laid out there,
0:43:00 > 0:43:03the cooker there. I can't picture it somehow.
0:43:03 > 0:43:08I keep looking at it and looking at the ceiling and I don't want to live here.
0:43:08 > 0:43:11It is a lack of imagination on my part.
0:43:11 > 0:43:16Once I see a room start to take shape, and light and a few of my things,
0:43:16 > 0:43:18I think that will make a decision for me.
0:43:18 > 0:43:21Good look with it and congratulations
0:43:21 > 0:43:25and maybe we will see you living in here in a few months' time.
0:43:25 > 0:43:27- Yes, indeed. - We're looking forward to it.
0:43:32 > 0:43:34Well, it is a heck of an expensive way to lose weight
0:43:34 > 0:43:39and Peter and Paul have got to be very careful about how much they spend on this place,
0:43:39 > 0:43:42especially if they contemplate the extension.
0:43:42 > 0:43:46But it all comes down to, will Peter move in? And that is his decision.
0:43:46 > 0:43:50It is a property game they are playing, will they win or will it be checkmate?
0:43:50 > 0:43:52We will find out later in the show.
0:43:55 > 0:44:01Whatever the economic climate, our buyers have budgets to stick to and work to do.
0:44:01 > 0:44:06Did they go through it all with a breeze, or were there storms that had to be weathered?
0:44:06 > 0:44:07Let's find out.
0:44:08 > 0:44:10Earlier, we met Lina, an interior designer,
0:44:10 > 0:44:15who bought this three-bedroomed detached house in Northwood, Middlesex with partner, Mike.
0:44:15 > 0:44:21The price was 584,000, a lot of money for a tired, run down house.
0:44:21 > 0:44:24But its location in the Moor Park Conservation Area,
0:44:24 > 0:44:29meant a great renovation could break it into the million pound club.
0:44:35 > 0:44:42Well, 15 months later and it's clear the house is still waiting for that big leap.
0:44:44 > 0:44:51The only change is a rampantly untamed front garden, and a worrying sign on the front path.
0:44:51 > 0:44:54Inside is no different.
0:44:54 > 0:44:58The only evidence of any activity is the removal of some carpets.
0:45:00 > 0:45:06We met up with Lina to find out why the renovation hasn't got started.
0:45:06 > 0:45:10When we bought the house it was at the peak of the house boom.
0:45:10 > 0:45:13By the time that we applied for planning permission,
0:45:13 > 0:45:16the house market crash took place.
0:45:16 > 0:45:20So we did our sums and we realised it was not worth it
0:45:20 > 0:45:22doing the refurbishment.
0:45:22 > 0:45:27For any developer, judging the right time to buy can be a risky business.
0:45:27 > 0:45:31Lina and Mike have definitely felt the hard edge of the downturn.
0:45:31 > 0:45:34But Lina's not one to dwell on their misfortune.
0:45:34 > 0:45:38When we realise that the property might take a downturn
0:45:38 > 0:45:40we were very disappointed.
0:45:40 > 0:45:46It's just no point crying over spilt milk, as the English say.
0:45:51 > 0:45:54Lina and Mike's original plans for a five-bedroom house
0:45:54 > 0:45:56and a larger footprint were rejected.
0:45:56 > 0:45:59But with the help of an architect who revised the design,
0:45:59 > 0:46:02their second application was successful.
0:46:02 > 0:46:06They still have hopes of carrying out renovation.
0:46:06 > 0:46:09This is what we are gonna do.
0:46:09 > 0:46:13A lovely conservatory across the house. Which is gonna look amazing.
0:46:13 > 0:46:19The extension is going to be squared off with the outhouse.
0:46:19 > 0:46:21We are going to take that extension right up
0:46:21 > 0:46:24and we are going to create another bedroom there.
0:46:24 > 0:46:26We are going to lose one bedroom
0:46:26 > 0:46:29which we are going to create as a family bathroom.
0:46:29 > 0:46:33The family loft is going to be a lovely large bedroom
0:46:33 > 0:46:34with an en suite shower.
0:46:34 > 0:46:37It is going to be a lovely family house.
0:46:38 > 0:46:45Lina's new plans mean the budget is down from £150,000 to 130 grand.
0:46:45 > 0:46:48For now, the couple have decided to cut their losses
0:46:48 > 0:46:52and have put their house on the market for £585,000.
0:46:52 > 0:46:55Even with planning permission and a lot of interest,
0:46:55 > 0:46:59no-one has yet matched their asking price.
0:46:59 > 0:47:03If the property fails to sell then we will do it up-definitely
0:47:03 > 0:47:08and I am very positive that we will get a good price for it.
0:47:08 > 0:47:1315 months of holding on to this expensive property with no return
0:47:13 > 0:47:16must be a stretch for their finances.
0:47:16 > 0:47:19Between the architect and the planning fees and, obviously,
0:47:19 > 0:47:23the running costs of the property because we have taxes to pay,
0:47:23 > 0:47:27I think overall it is costing us about £10,000.
0:47:27 > 0:47:32That would push their spend on the property to £594,000.
0:47:32 > 0:47:35That's a lot of money to have sitting around doing nothing
0:47:35 > 0:47:37and for an interior designer like Lina
0:47:37 > 0:47:39there is an even bigger frustration.
0:47:39 > 0:47:43It bothers me more that I haven't been able to show off
0:47:43 > 0:47:47my creative flair, actually, then the financial loss.
0:47:47 > 0:47:53Absolutely. I would love to show off my talent and my work.
0:47:53 > 0:47:54It is my passion.
0:47:57 > 0:48:00With that current total of £594,000,
0:48:00 > 0:48:04a new renovation budget of 130 grand
0:48:04 > 0:48:08would take the costs to £724,000.
0:48:08 > 0:48:11So We asked two local estate agents to tell us
0:48:11 > 0:48:14what they thought of this three-bed in its current state.
0:48:14 > 0:48:16I'm not surprised to see the property
0:48:16 > 0:48:18still in the same state as it was last time.
0:48:18 > 0:48:20Property prices have been falling.
0:48:20 > 0:48:23A lot of developers have been concerned
0:48:23 > 0:48:26and financially challenged during that period.
0:48:26 > 0:48:29To see it today is not a particular surprise.
0:48:29 > 0:48:33I think having a planning permission certainly adds the saleability.
0:48:33 > 0:48:36I don't think it necessarily gives it is the intrinsic value.
0:48:36 > 0:48:40It would simply, at the right price, make the property far
0:48:40 > 0:48:43more attractive to people to take on and want to build the extension
0:48:43 > 0:48:45to make it a large family house.
0:48:45 > 0:48:50Remember, Lina has spent £594,000 on the house so far.
0:48:50 > 0:48:54What could she make selling it with that planning permission?
0:48:54 > 0:48:57Today we would recommend that the property
0:48:57 > 0:48:59is put on the market at a price of £499,950.
0:48:59 > 0:49:04I would put this house on the market for £525,000.
0:49:04 > 0:49:07Obviously the first one is a bit low.
0:49:07 > 0:49:09Very low, I would say.
0:49:09 > 0:49:11But the second one is not too bad.
0:49:11 > 0:49:13But it's not as good as I thought.
0:49:13 > 0:49:18With a renovated house costing a possible £724,000,
0:49:18 > 0:49:22both estate agents felt that at current market values
0:49:22 > 0:49:24it could only fetch it up to 700 grand.
0:49:24 > 0:49:27But if the house and garden were cleaned and tidied up,
0:49:27 > 0:49:29maybe rental would be more appealing.
0:49:29 > 0:49:33The mark of this property for rental purposes is between
0:49:33 > 0:49:351400 and £1,500 per calendar month.
0:49:35 > 0:49:37I would anticipate this property would rent
0:49:37 > 0:49:39in the region of 1200 per calendar month.
0:49:39 > 0:49:43We haven't considered renting at all.
0:49:43 > 0:49:46We haven't really thought about it, but it's not bad at all considering
0:49:46 > 0:49:49the condition of the house. It's not too bad.
0:49:51 > 0:49:56That may be the best option for Lina until the market picks up.
0:49:56 > 0:50:00When it does, has this experience put her off the developing game?
0:50:00 > 0:50:05In the future I'm hoping to carry on doing this business and I've got
0:50:05 > 0:50:09my interior designer business going and it's doing very well,
0:50:09 > 0:50:12so I will carry on.
0:50:19 > 0:50:21Earlier, we met father and son team Peter and Paul,
0:50:21 > 0:50:27who bought this two-bedroom bungalow in Chaddesden, Derby, for £79,000.
0:50:27 > 0:50:31For Peter, the plan was that this might be his new home,
0:50:31 > 0:50:34but for Paul, this was a way for him to get a new image.
0:50:34 > 0:50:36I've done nothing for about a year.
0:50:36 > 0:50:41Getting a bit of weight on, and doing no physical work.
0:50:41 > 0:50:42So it's the B-plan diet?
0:50:42 > 0:50:44Yes! It's very much like that.
0:50:44 > 0:50:46Well, with the amount of work needed,
0:50:46 > 0:50:51I could see this was one weight-loss plan that could succeed.
0:50:51 > 0:50:54There was dirt, there was damp, and there were holes everywhere.
0:50:54 > 0:50:59This was a renovation that could leave a big hole in Peter and Paul's pockets.
0:51:02 > 0:51:06So, four months later we're back to see how they've done.
0:51:06 > 0:51:10From the outside, there's been some improvement on the curb appeal.
0:51:10 > 0:51:14Those new bay windows definitely help give some shape,
0:51:14 > 0:51:19form and character to the outside, but just wait until you see inside.
0:51:20 > 0:51:23That grimy living room has been transformed
0:51:23 > 0:51:28into a light, airy space, with signs that this is now a home for Peter.
0:51:32 > 0:51:35That tatty, run-down kitchen has been ripped out
0:51:35 > 0:51:38and replaced by a shiny new utility area.
0:51:38 > 0:51:43That means the new kitchen must be...back in its original place.
0:51:47 > 0:51:51Well, this was a real nondescript room.
0:51:51 > 0:51:53We came in one day, we'd got snow through the roof,
0:51:53 > 0:51:56snow through the ceiling, snow on the floor.
0:51:56 > 0:51:58So we had a lot to do in here.
0:51:58 > 0:52:03Luckily, my daughter gave us all the kitchen units
0:52:03 > 0:52:06because she didn't need them, so we needed new worktops,
0:52:06 > 0:52:10new lights and we've transformed the kitchen from in there
0:52:10 > 0:52:13into here and we've now got a kitchen-diner.
0:52:13 > 0:52:16And the rest of the bungalow also has a new look.
0:52:16 > 0:52:19The two bedrooms have had a complete makeover,
0:52:19 > 0:52:22both now looking clean and fresh.
0:52:23 > 0:52:26And a new shower suite has been installed,
0:52:26 > 0:52:29so it looks like Peter's got himself a completely new home,
0:52:29 > 0:52:35but getting there took both Peter and Paul more than they anticipated.
0:52:35 > 0:52:37We found many, many problems.
0:52:37 > 0:52:40Well, not problems - things that needed doing
0:52:40 > 0:52:43that we hadn't really anticipated.
0:52:43 > 0:52:45Basically, we did the whole of the roof.
0:52:45 > 0:52:47We've taken every floor out.
0:52:47 > 0:52:52We've taken all the walls bar one, haven't we, back to the basic brick.
0:52:52 > 0:52:56But the renovation had to pick up speed when Peter sold his house
0:52:56 > 0:52:59after only four days on the market.
0:52:59 > 0:53:03As time was of the essence, the transformation from grubby bungalow
0:53:03 > 0:53:07to modern home was easily done in the four to five month timescale.
0:53:07 > 0:53:11But something else also underwent a big change.
0:53:12 > 0:53:15It's not only has that has had a dramatic change.
0:53:15 > 0:53:17We've done a reasonable amount out here.
0:53:17 > 0:53:20We've taken out a lot of the tiles that were across this floor.
0:53:20 > 0:53:23That's all gone from this side. This summerhouse has gone.
0:53:23 > 0:53:25We've moved to that over to the other side now.
0:53:25 > 0:53:29There were two, so I've got one which was free, so that's a bonus.
0:53:29 > 0:53:30The shed's gone in.
0:53:30 > 0:53:33The greenhouse has been renovated. We've moved down.
0:53:33 > 0:53:36It's sloped the whole of this down now.
0:53:36 > 0:53:38We've put steps in a lot of the way down.
0:53:38 > 0:53:40Garden's dug.
0:53:40 > 0:53:43All the fences have been done. The fence panels.
0:53:43 > 0:53:45And the best part is my brother did most of it!
0:53:45 > 0:53:47Well, brother David's hard work here
0:53:47 > 0:53:50really has transformed this former wasteland.
0:53:50 > 0:53:53And as for those last pieces of chequerboard flags,
0:53:53 > 0:53:56they will provide the base for a planned conservatory.
0:53:56 > 0:53:59Then Peter will be able to savour and enjoy the garden,
0:53:59 > 0:54:01or so you'd think.
0:54:01 > 0:54:05I could have done without any garden at all. I'd have halved the garden.
0:54:05 > 0:54:10The garden was mainly David anyway and because he hasn't got much of
0:54:10 > 0:54:13a garden at home, so the greenhouse will be David's.
0:54:13 > 0:54:15The garden at the bottom will be David's.
0:54:15 > 0:54:17I'll enjoy the fruits of his labour.
0:54:17 > 0:54:21# Can you dig it? Oh yeah... #
0:54:21 > 0:54:26Well, Peter may not be doing any digging, but perhaps Paul will.
0:54:26 > 0:54:29Remember, he took the project on as a way of keeping busy
0:54:29 > 0:54:33and maybe losing some weight. So, did it work?
0:54:33 > 0:54:37Surprisingly enough, I've lost six kilos, which is amazing,
0:54:37 > 0:54:41because the amount we've eaten here has actually been quite a lot, so...
0:54:41 > 0:54:47I was surprised. So I've lost six kilos and two centimetres off here.
0:54:47 > 0:54:51Six kilos in good old English money is just over 13lb,
0:54:51 > 0:54:55and speaking of pounds, with the help of David,
0:54:55 > 0:54:59Peter and Paul have so far come in just under
0:54:59 > 0:55:01their £20,000 renovation budget.
0:55:01 > 0:55:05That means the whole project will have set them back
0:55:05 > 0:55:08just under £100,000, but how much will it be worth?
0:55:11 > 0:55:17What do two local estate agents think of the guys' hard work?
0:55:17 > 0:55:20Very interesting to come and see it again today,
0:55:20 > 0:55:23because having seen it as it was, blank canvas really,
0:55:23 > 0:55:25and now seeing it almost completed,
0:55:25 > 0:55:28the transformation has been absolutely brilliant.
0:55:28 > 0:55:30You wouldn't recognise it, would you?
0:55:30 > 0:55:33First thing that struck me was that the roof's been replaced,
0:55:33 > 0:55:35which makes it look nice and fresh.
0:55:35 > 0:55:38Would have been nice to see that the drive had been,
0:55:38 > 0:55:41but other than that it looks nice.
0:55:41 > 0:55:44They spent a total of £100,000, so how much
0:55:44 > 0:55:48could this father and son team get if they sold the bungalow?
0:55:48 > 0:55:51I would expect you'd get about 120,000 at the end of the day.
0:55:51 > 0:55:55I would to put the property on the market at 119,950.
0:55:55 > 0:56:00That could net them a possible 20 grand pre-tax profit.
0:56:00 > 0:56:03I expected 115 and 117,
0:56:03 > 0:56:08- so it's higher than both of us thought, really, isn't it?- Yeah.
0:56:08 > 0:56:13If they ever decide to rent it out, they could expect a maximum of £525
0:56:13 > 0:56:17per calendar month, so are the team interested in another development?
0:56:17 > 0:56:20I've enjoyed this project a great deal.
0:56:20 > 0:56:23I'd definitely move on and do another one.
0:56:23 > 0:56:25Whether it's a long-term thing I very much doubt
0:56:25 > 0:56:28because I do tend to change what I do every few years, but
0:56:28 > 0:56:31I'd certainly do another one and possibly another.
0:56:31 > 0:56:33Paul may still be weighing up the options,
0:56:33 > 0:56:35but Peter has made his decision.
0:56:35 > 0:56:38He finally moved into his new bungalow
0:56:38 > 0:56:40just a few days after we filmed.
0:56:46 > 0:56:47That's all for now.
0:56:47 > 0:56:50We'll see you next time for more Homes Under The Hammer.
0:56:50 > 0:56:52For more bids and buys from auction rooms
0:56:52 > 0:56:54all around the country.
0:56:54 > 0:56:56- We'll see you then. - Goodbye.- Goodbye.
0:57:07 > 0:57:12For more information about Homes Under The Hammer,
0:57:12 > 0:57:16including how the programme was made, visit the website at bbc.co.uk
0:57:16 > 0:57:18Subtitles by Red Bee Media Ltd
0:57:18 > 0:57:20E-mail subtitling@bbc.co.uk