0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, auctions offer some really good prices
0:00:06 > 0:00:07and some very interesting lots.
0:00:07 > 0:00:10Yeah, that's perhaps why they've become so popular.
0:00:10 > 0:00:13Yes, and with thousands of lots for sale every year,
0:00:13 > 0:00:16auction could be the perfect place to buy your next home.
0:00:42 > 0:00:45There's lots of tricks of the trade that property developers know.
0:00:45 > 0:00:49Yes, and I hate to break it to you, but if you're a first timer,
0:00:49 > 0:00:51there is a lot to learn.
0:00:51 > 0:00:53Whether they're old hands or newbies,
0:00:53 > 0:00:56who bought and how much did it go for? Let's find out.
0:00:57 > 0:01:00In Hastings, this two-bed flat proves to be a good place
0:01:00 > 0:01:03to stretch your legs.
0:01:03 > 0:01:05Oh, I've just got to stretch my leg.
0:01:05 > 0:01:06SHE LAUGHS
0:01:08 > 0:01:11'And there's also room to extend in this south-west London
0:01:11 > 0:01:12'terraced house.'
0:01:12 > 0:01:15You could actually have a proper extension
0:01:15 > 0:01:16and you could come as far as here.
0:01:17 > 0:01:22'And this Dudley back garden isn't so much stretched as overgrown.'
0:01:22 > 0:01:27Tidy this up and you've got yourself a fairly spectacular little plot.
0:01:29 > 0:01:31All of these properties have been sold at auction.
0:01:31 > 0:01:34We'll find out who bought them and what they paid for them
0:01:34 > 0:01:36when they went under the hammer.
0:01:36 > 0:01:37That's yours, sir.
0:01:42 > 0:01:45Like many of our Victorian seaside towns,
0:01:45 > 0:01:48Hastings is defined by its pier and pavilion.
0:01:51 > 0:01:55Sadly, over the years, the pier was increasingly neglected
0:01:55 > 0:02:00and a devastating fire in 2010 nearly caused its complete demise.
0:02:01 > 0:02:04But thanks to a multi-million-pound restoration project,
0:02:04 > 0:02:07this important piece of British seaside history will be
0:02:07 > 0:02:09saved for future generations.
0:02:11 > 0:02:15This property, a couple of miles east of Hastings, might not need
0:02:15 > 0:02:19quite as much attention as the pier, but, on first inspection,
0:02:19 > 0:02:22it certainly looks as though it might need a little bit of TLC.
0:02:22 > 0:02:24Well, it's a two-bedroom first-floor flat
0:02:24 > 0:02:29and it had a guide price of £55,000-£65,000.
0:02:29 > 0:02:30Where do I start?
0:02:30 > 0:02:33'Well, let's start with the outside.'
0:02:33 > 0:02:37What it lacks in charm, it certainly makes up for in situation.
0:02:37 > 0:02:38From the back of the building
0:02:38 > 0:02:41you can see it sits on an elevated position.
0:02:41 > 0:02:45Those windows are tantalising. Could there be views?
0:02:47 > 0:02:51So, quite a lot of stairs to climb before you even get inside the flat.
0:02:51 > 0:02:55Nice bedroom just off the landing there. There's one behind me here.
0:02:55 > 0:02:57Not in bad shape.
0:02:57 > 0:03:00The kitchen, off the hall... Not sure about this safety glass.
0:03:00 > 0:03:02We'll come back to that in a moment.
0:03:02 > 0:03:03The loo...
0:03:03 > 0:03:05nice, big window letting in loads of light,
0:03:05 > 0:03:07a great bathroom,
0:03:07 > 0:03:09nice carpet...
0:03:09 > 0:03:12and the lounge - it's in fantastic shape!
0:03:12 > 0:03:15The flooring, it looks like it's been freshly painted.
0:03:15 > 0:03:20But you can forget all that because come and have a look at this. Wow.
0:03:20 > 0:03:22The beach, the sea view.
0:03:23 > 0:03:25How jolly nice!
0:03:26 > 0:03:28Well, I had my doubts about this place
0:03:28 > 0:03:31when I first set eyes on the exterior.
0:03:31 > 0:03:34It's not such a handsome building and it looks a bit run down.
0:03:34 > 0:03:39However, inside is a completely different story.
0:03:39 > 0:03:41What do they say about judging books?
0:03:41 > 0:03:46# Can't judge a book by looking at the cover. #
0:03:46 > 0:03:50Yes, it's a little bit unusual that I'm out here in the hallway, but
0:03:50 > 0:03:52I can see through into the kitchen
0:03:52 > 0:03:54and I've been racking my brains to try
0:03:54 > 0:03:57and think what you could do to change this
0:03:57 > 0:04:01because currently there's no window letting in natural light.
0:04:01 > 0:04:03All right, you've got a bit of borrowed light from this,
0:04:03 > 0:04:05obviously, that's why that's there,
0:04:05 > 0:04:08and you've got a little wincey skylight up there
0:04:08 > 0:04:11just allowing a little bit of light to come through.
0:04:11 > 0:04:13So somebody, the previous owner or whoever,
0:04:13 > 0:04:15has housed the kitchen in here.
0:04:15 > 0:04:19Now, it's quite a generous space but I can't think what else
0:04:19 > 0:04:20we could put in this room.
0:04:20 > 0:04:23It's not as if you can knock through and go into next door because
0:04:23 > 0:04:26you've got the little bathroom before you get to the lounge.
0:04:26 > 0:04:28You've got a bedroom this side
0:04:28 > 0:04:32so I suppose the obvious place to house the kitchen is in here
0:04:32 > 0:04:34because you certainly want to make the most of that view
0:04:34 > 0:04:37in the lounge, because wow! It's fantastic.
0:04:41 > 0:04:44While you enjoy the views from the lounge, I'm going to ponder
0:04:44 > 0:04:50why such a good flat carries a guide price of 55,000-65,000.
0:04:50 > 0:04:54Hmm, my sixth sense tells me there could be a catch.
0:04:56 > 0:04:59Now, from reading the legal pack of this property, there is
0:04:59 > 0:05:03a bit of a bombshell in the form of an absentee freeholder.
0:05:03 > 0:05:07So, that means if the new owner wants to make any structural changes,
0:05:07 > 0:05:09like putting in some new windows,
0:05:09 > 0:05:11there's nobody to give legal permission.
0:05:11 > 0:05:15And there is currently nobody liable for the upkeep
0:05:15 > 0:05:17of the exterior of the building.
0:05:18 > 0:05:19There may be trouble ahead.
0:05:19 > 0:05:22# So while there's moonlight
0:05:22 > 0:05:25# And music and love and romance
0:05:28 > 0:05:31# Face the music and dance. #
0:05:33 > 0:05:38This one definitely needs the advice of a local property expert.
0:05:38 > 0:05:40An absentee freeholder is a practical problem
0:05:40 > 0:05:42for a leaseholder.
0:05:42 > 0:05:45In terms of maintaining, we have no-one to contact.
0:05:45 > 0:05:49This can be overcome by way of obtaining an indemnity policy
0:05:49 > 0:05:53or notices can be put in the local press attempting to contact
0:05:53 > 0:05:56the freeholder, and if they're still unavailable,
0:05:56 > 0:05:58the freehold can be purchased by the leaseholders.
0:06:00 > 0:06:04So, there is a solution, but that will cost both time and money.
0:06:04 > 0:06:07Does he think this property is worth it?
0:06:08 > 0:06:11I like this property a lot. It's got lots going for it.
0:06:11 > 0:06:15Superb sea views, there's no-one that would not be wowed
0:06:15 > 0:06:17when they come and see those views.
0:06:17 > 0:06:22I would value this property between £110,000-120,000.
0:06:22 > 0:06:26Wow! That's double the guide price. But what about rental values?
0:06:29 > 0:06:35I would value this property to achieve between £600-650 per calendar month.
0:06:37 > 0:06:40Well, this property certainly has potential.
0:06:40 > 0:06:44But the whole absentee freeholder issue is a can of worms
0:06:44 > 0:06:46for anyone that wants to do more than just give
0:06:46 > 0:06:48the place a little lick of paint and a freshen up.
0:06:48 > 0:06:51So, let's see who liked the challenge at the auction.
0:06:53 > 0:06:57We move to Hastings now. It's lot 220. It's two-bedroom accommodation.
0:06:57 > 0:07:00Start me, if you will, at 45,000.
0:07:00 > 0:07:02Hastings. Lovely part of the world.
0:07:02 > 0:07:0445, thank you, sir. 45, 46,
0:07:04 > 0:07:0647, 48,
0:07:06 > 0:07:0849, 50.
0:07:09 > 0:07:1151, 52,
0:07:11 > 0:07:1353, 54,
0:07:13 > 0:07:1555, 56,
0:07:15 > 0:07:1757.
0:07:17 > 0:07:1958?
0:07:19 > 0:07:22No. Your bid, in the doorway, at £57,000.
0:07:22 > 0:07:2558 anywhere else?
0:07:25 > 0:07:27First time at 57,
0:07:27 > 0:07:28second time at 57...
0:07:28 > 0:07:3158. 59,
0:07:31 > 0:07:3460, 61.
0:07:34 > 0:07:3562?
0:07:35 > 0:07:40OK, he shakes his head. Gentleman at the back, standing up, 61,000.
0:07:40 > 0:07:4562 anywhere else? First time, second time, third and final time.
0:07:45 > 0:07:47£61,000, back of the room.
0:07:47 > 0:07:49Sold at 61,000.
0:07:52 > 0:07:54With that final bid of £61,000,
0:07:54 > 0:07:57the Hasting flat was bought by Michael from London.
0:07:58 > 0:08:02Now, in his younger days, he was a professional dancer
0:08:02 > 0:08:05and even appeared on Top Of The Pops as a Womble!
0:08:05 > 0:08:08# Remember you're a Womble Remember you're a Womble
0:08:08 > 0:08:12# Remember, 'member, 'member, what a Womble, Womble, Womble you are! #
0:08:12 > 0:08:14As if he's likely to forget!
0:08:14 > 0:08:16Michael has hung up the costume
0:08:16 > 0:08:19and now earns his living as a showbiz journalist.
0:08:19 > 0:08:22We met up with him back at the flat to find out his plans.
0:08:24 > 0:08:27- Michael, congratulations, it's lovely meeting you today.- Thank you.
0:08:27 > 0:08:31Well done. So you got this property at auction. Were you surprised?
0:08:31 > 0:08:32It was strange, actually,
0:08:32 > 0:08:35that particular day, I was interviewing famous people.
0:08:35 > 0:08:38David Gandy... There were a lot of supermodels,
0:08:38 > 0:08:39couple of film actors...
0:08:39 > 0:08:41And then there was an auction up the road,
0:08:41 > 0:08:43so I thought, "I could just pop in."
0:08:43 > 0:08:46- So I did.- Was it quite stressful for you, bidding for this?
0:08:46 > 0:08:51No, it was quite showbizzy, actually, it was like... Yes. Yes.
0:08:51 > 0:08:54I thought, "What am I doing? What am I doing?"
0:08:54 > 0:08:56So, tell me about yourself.
0:08:56 > 0:08:59- What do you do? - Right, now, I was a dancer.
0:08:59 > 0:09:03I went into property, I got stung in the recession,
0:09:03 > 0:09:07I came out of property, I went into showbiz journalism.
0:09:07 > 0:09:10I interview famous people - not as famous as you -
0:09:10 > 0:09:13and I do property again.
0:09:13 > 0:09:16- Do you still dance? You're an ex-dancer.- Every now and then.
0:09:16 > 0:09:20If you see a very old man dancing on television in an advert, it's me.
0:09:20 > 0:09:22So you can still shake a leg?
0:09:23 > 0:09:24Hang on a second, Lucy.
0:09:24 > 0:09:26Oh, I've just got to stretch my leg.
0:09:26 > 0:09:27SHE LAUGHS
0:09:27 > 0:09:29- I love that!- I feel better.
0:09:29 > 0:09:31Wow! You know what, put it there.
0:09:31 > 0:09:35I am impressed. I used to dance and I can't do that any more!
0:09:35 > 0:09:38Oh, look at that. Look at the shoulders. You stand up so straight.
0:09:38 > 0:09:40Thank you!
0:09:40 > 0:09:42# D-D-D-D-Dancing! #
0:09:46 > 0:09:49Michael's still got the big moves, but how is he on the finer detail?
0:09:51 > 0:09:54More specifically, did he read the legal pack?
0:09:56 > 0:09:58- Nearly.- OK, so no?
0:09:58 > 0:10:00Let me ask you this question.
0:10:00 > 0:10:03What can you tell me about the absentee landlord situation
0:10:03 > 0:10:09- and are you worried about that? - Don't panic. That's the first thing.
0:10:09 > 0:10:13An absentee landlord is not a worry if you're renting.
0:10:13 > 0:10:18But if you are selling, a purchaser will worry.
0:10:18 > 0:10:21So you can do whatever alterations you like, right, but when you come
0:10:21 > 0:10:26to sell it, a purchaser might go, "What if the landlord reappears?"
0:10:26 > 0:10:28He might be in Spain, having a wonderful time,
0:10:28 > 0:10:31he reappears, he goes, "You've turned the walls around,
0:10:31 > 0:10:35"you've knocked a door in, I'm going to charge you £10,000."
0:10:35 > 0:10:38You have no recourse, no way of coming back to him.
0:10:38 > 0:10:42So there are two things you can do. Indemnify them,
0:10:42 > 0:10:43in case he reappears.
0:10:43 > 0:10:47Or, which is what I'm doing now, plague him with letters.
0:10:47 > 0:10:51Keep sending registered letters and go downstairs, go next door,
0:10:51 > 0:10:55knock on doors, put adverts in the paper so eventually,
0:10:55 > 0:10:57five months, six months, eight months,
0:10:57 > 0:10:58you can go to the courts and say
0:10:58 > 0:11:00"I have done this, this, this and this,
0:11:00 > 0:11:02"I have tried."
0:11:02 > 0:11:06The court will decide what you put aside for the freehold.
0:11:08 > 0:11:11Michael's agility on the dance floor is more than
0:11:11 > 0:11:14matched by his grasp of the legal situation.
0:11:14 > 0:11:17I'm impressed. So, what's he planning to do in here?
0:11:17 > 0:11:19# Dance, dance, dance. #
0:11:20 > 0:11:23The bedrooms will be done exactly as is.
0:11:23 > 0:11:25They will perhaps have cupboards added.
0:11:25 > 0:11:27There will be fireplaces down here,
0:11:27 > 0:11:30there'll be like a lovely Victorian fireplace put here.
0:11:30 > 0:11:32The kitchen will be high-standard with a breakfast bar.
0:11:32 > 0:11:34It'll be a wow factor.
0:11:34 > 0:11:38The bathroom will have a shower, the bathroom will be rearranged.
0:11:38 > 0:11:41It'll be...as marble-tiled.
0:11:41 > 0:11:45The living room will have a beautiful fireplace with a mantelpiece.
0:11:45 > 0:11:47And it will have a separate toilet.
0:11:48 > 0:11:51These sound like big and expensive ideas.
0:11:51 > 0:11:55So my slight worry is, does he know who his market is?
0:11:55 > 0:11:56Who will buy it?
0:11:58 > 0:12:00Definitely going to be a London person
0:12:00 > 0:12:02because of the room with a view.
0:12:02 > 0:12:06Everything hinges around that one window. You can see the sea.
0:12:06 > 0:12:09No Londoner can see the sea.
0:12:09 > 0:12:11And Hastings is very interesting cos London has a wonderful road
0:12:11 > 0:12:16going that way and a wonderful road going that way to Brighton.
0:12:16 > 0:12:18Hastings is the awkward one.
0:12:18 > 0:12:23And now Londoners, who have made so much money from an expanding market,
0:12:23 > 0:12:24have suddenly got cash.
0:12:24 > 0:12:27They can buy boltholes, they are coming to Hastings.
0:12:27 > 0:12:29- I think the word is, "Hurry to Hastings!"- Yeah, yeah, yes.
0:12:29 > 0:12:31They are buying up Hastings.
0:12:31 > 0:12:35So you are hoping to sell your room with a view.
0:12:35 > 0:12:38Once you've put your Michael stamp on it, how much do you think you
0:12:38 > 0:12:40could market this property for?
0:12:40 > 0:12:44I bought this for 61, I will spend 18,000-20,000,
0:12:44 > 0:12:46much higher standard than you would spend
0:12:46 > 0:12:50if you were just tarting it up. I'll put it on the market at just
0:12:50 > 0:12:55below the stamp duty which is currently, I think, 125, is it?
0:12:55 > 0:12:59It will achieve 124,900 and the only reason I know this is cos
0:12:59 > 0:13:02I've done other properties here, just under.
0:13:02 > 0:13:08So there will be a profit in this market to sell on.
0:13:11 > 0:13:12Well, Michael's done his sums
0:13:12 > 0:13:17and is ultra-confident of a profit that could exceed 40,000.
0:13:18 > 0:13:22He estimates that it could take up to four months to complete the job.
0:13:22 > 0:13:24So, any final thoughts?
0:13:25 > 0:13:28You look at a building and you think, "What would I do with it?"
0:13:28 > 0:13:32And then you go and buy it. I love ugly buildings.
0:13:32 > 0:13:34But when you add windows or maybe clapperboard outside,
0:13:34 > 0:13:38make it look like East Sussex, white walls, black clapperboard,
0:13:38 > 0:13:41- it's going to look fabulous. - It's been lovely meeting you.
0:13:41 > 0:13:43I have smiled a lot during this interview
0:13:43 > 0:13:47and I cannot wait to see what this property looks like.
0:13:47 > 0:13:51- Lovely to meet you.- You're the best celebrity I've ever met!- Oh!
0:13:51 > 0:13:53So, Michael has certainly choreographed
0:13:53 > 0:13:57the development of this property with great attention to detail.
0:13:57 > 0:14:02And I can't wait to see this room with a view once he's finished.
0:14:02 > 0:14:03Join me later in the programme.
0:14:10 > 0:14:13Norbury, in south-west London, has good commuter links
0:14:13 > 0:14:16and you can buy a three-bed house for under £300,000,
0:14:16 > 0:14:19and, for London right now, that's pretty good.
0:14:21 > 0:14:23The property I'm here to see is a ten-minute walk away
0:14:23 > 0:14:27from Norbury station and all the local amenities
0:14:27 > 0:14:31in the sought-after residential area. It's a three-bed terrace house
0:14:31 > 0:14:34with a guide price of £285,000.
0:14:34 > 0:14:37Now, the first thing I've noticed is there's no off-street parking
0:14:37 > 0:14:40where there is everywhere else.
0:14:40 > 0:14:41More about that later.
0:14:48 > 0:14:49Nice generous hallway.
0:14:51 > 0:14:54And it looks like somebody's already started work taking off the wallpaper.
0:14:54 > 0:14:56Nice high ceilings, as well.
0:14:56 > 0:14:58They have got polystyrene tiles on - they would have to come down.
0:14:58 > 0:15:00Bit of a fire hazard.
0:15:00 > 0:15:03Through into the two reception rooms, which they've made into one,
0:15:03 > 0:15:07which is a nice, bright, big space here.
0:15:07 > 0:15:09You could actually take these out and put doors in
0:15:09 > 0:15:13or just have a nice, big open area to connect the two rooms.
0:15:13 > 0:15:15Now, you've got a lean-to here, conservatory.
0:15:15 > 0:15:17It looks like it needs a bit of work to it.
0:15:17 > 0:15:19And through here we have... DRUMROLL
0:15:19 > 0:15:21..the kitchen...
0:15:24 > 0:15:27I'm really disappointed with the size of the kitchen.
0:15:27 > 0:15:28You can't really call that a kitchen.
0:15:34 > 0:15:36This house is generally in good condition
0:15:36 > 0:15:39and only needs superficial things doing to it,
0:15:39 > 0:15:43but you could actually take out this conservatory and have a proper
0:15:43 > 0:15:46brick-built extension and you could come as far as here.
0:15:46 > 0:15:49Now, I've seen that they've done it over there, and over there, also,
0:15:49 > 0:15:54so why not just keep up with the Joneses and have a nice kitchen-diner
0:15:54 > 0:15:56and modernise the inside of this property?
0:15:56 > 0:15:59What I would do is I wouldn't get the same people
0:15:59 > 0:16:02to build your extension as put this up.
0:16:02 > 0:16:08# I can't stand up for falling down... #
0:16:10 > 0:16:15Yeah, not the best DIY I've ever seen, but plenty of space outside
0:16:15 > 0:16:18and there's plenty of space upstairs.
0:16:19 > 0:16:21This property has three bedrooms - all good sizes...
0:16:24 > 0:16:29A boxroom and a bathroom that both need updating.
0:16:29 > 0:16:32There's a loft, too, and I think you could extend up there.
0:16:32 > 0:16:34So, if you extend into the loft
0:16:34 > 0:16:38and make the boxroom a bedroom, you'd get a five-bedder.
0:16:38 > 0:16:42But if there's five bedrooms, that could be five residents.
0:16:42 > 0:16:45Where are they all going to park their cars?
0:16:45 > 0:16:49Well, I have a solution for you. Do as your neighbours do.
0:16:49 > 0:16:52Drop the kerb and have off-street parking at the front.
0:16:54 > 0:16:57You would have to apply for planning permission to drop that kerb,
0:16:57 > 0:17:00but it can add value of in and around £5,000
0:17:00 > 0:17:03and make this property even more saleable.
0:17:03 > 0:17:05Now, for me, it's a bit of a no-brainer.
0:17:05 > 0:17:08Two cars, you've got your shopping in the cars, straight in the house...
0:17:08 > 0:17:09Perfect.
0:17:09 > 0:17:15With a guide price of £285,000, this house is all about potential.
0:17:15 > 0:17:19Off-street parking, extending out the back or converting the loft.
0:17:21 > 0:17:24What else could add value?
0:17:24 > 0:17:27We asked a local property expert for his opinion.
0:17:28 > 0:17:31This property definitely needs central heating.
0:17:31 > 0:17:34As I walked around, there's no central heating in the property.
0:17:34 > 0:17:36Other than that, it looks fairly solid.
0:17:36 > 0:17:38A general refurbishment would do.
0:17:38 > 0:17:40This property being renovated as a three-bedroom house
0:17:40 > 0:17:44would sell for approximately the £425,000-430,000 mark.
0:17:44 > 0:17:48Taking down that rear extension... It's not that great.
0:17:48 > 0:17:50I'd say extending the back of the house out to the maximum,
0:17:50 > 0:17:53maybe three metres, would be perfect.
0:17:53 > 0:17:55If this property was extended along the ground floor,
0:17:55 > 0:17:59you could approximately resell in the region of £450,000.
0:18:00 > 0:18:04The agent believes the property could rent for £1,500 per calendar month
0:18:04 > 0:18:07in its current configuration and it probably wouldn't be worth
0:18:07 > 0:18:10converting the loft if you were planning to rent.
0:18:10 > 0:18:14But how much would a loft conversion add to the resale value?
0:18:14 > 0:18:17This property, with a loft extension,
0:18:17 > 0:18:18selling as a five-bedroom,
0:18:18 > 0:18:21would sell for approximately in the region of £500,000.
0:18:23 > 0:18:25This is a popular location and there are plenty ways
0:18:25 > 0:18:28you can improve this house which would also add value.
0:18:28 > 0:18:31Let's see who agreed when it went to auction.
0:18:31 > 0:18:35A three-bed house, a mid-terraced house...
0:18:35 > 0:18:39Where do you wish to start? 280?
0:18:39 > 0:18:43I'm not going to go below this. 280. Where will I kick off?
0:18:43 > 0:18:48280 with you, sir. 280. 285 anywhere?
0:18:48 > 0:18:53Despite Norbury being a popular area, this lot was slow to start.
0:18:53 > 0:18:58Bidding soon picked up and we will rejoin with the price at £325,000.
0:19:00 > 0:19:06325, 326, 327, 328,
0:19:06 > 0:19:10329, 330, 331,
0:19:10 > 0:19:15332, 333, 334,
0:19:15 > 0:19:18335. Let's round off.
0:19:18 > 0:19:24335. I've got a really good feeling he won't go over 335.
0:19:25 > 0:19:29335? 334, with the cap.
0:19:29 > 0:19:33First time, second time, third and last time.
0:19:33 > 0:19:34Are we all done?
0:19:34 > 0:19:37Sold 334. Well bid.
0:19:37 > 0:19:39The man in the cap was Anis and he was bidding
0:19:39 > 0:19:44on behalf of his son, Adz, who was sitting studiously beside him.
0:19:46 > 0:19:48Adz is in a property partnership with his wife, Zahra,
0:19:48 > 0:19:50and his friend, Nav.
0:19:51 > 0:19:54The trio have 11 properties so far and I met Adz and Nav
0:19:54 > 0:19:57to find out what their plans were for this one.
0:19:59 > 0:20:02- Nav, nice to meet you. Congratulations. Adz, same to you.- Hi.
0:20:02 > 0:20:05Tell us first and foremost what the experience was like
0:20:05 > 0:20:08of the auction, cos I believe you didn't go.
0:20:08 > 0:20:10- That's right.- No, Nav didn't go with me this time.
0:20:10 > 0:20:14I went along and there was a gentleman who was bidding
0:20:14 > 0:20:18against me who actually pushed the price up more than I was hoping,
0:20:18 > 0:20:22but I still got the property at a good price. I went with my father.
0:20:22 > 0:20:27He came along with me and I let him do all the bidding and I told him,
0:20:27 > 0:20:31I said, "Look, do not go above this amount. That's it."
0:20:31 > 0:20:33And luckily it went below that.
0:20:33 > 0:20:37As professionals, Nav and Adz went in well-prepared
0:20:37 > 0:20:39and have done all the groundwork you'd expect.
0:20:40 > 0:20:44I go through all the legal packs and I go through it with a fine comb.
0:20:44 > 0:20:46- DION LAUGHS - It has to be
0:20:46 > 0:20:47cos there are so many things in there
0:20:47 > 0:20:48that can catch you out.
0:20:48 > 0:20:52I get a legal solicitor to go through it, as well,
0:20:52 > 0:20:55so they can tell me their opinion.
0:20:55 > 0:20:59We look at the property values along this street.
0:20:59 > 0:21:04We compare them for this property and the potential for the property,
0:21:04 > 0:21:06- and, from that, we make our judgment.- Yeah.
0:21:06 > 0:21:10# You got me holding your door
0:21:10 > 0:21:13# I can't do my homework any more... #
0:21:15 > 0:21:17They bought this house to renovate and sell on
0:21:17 > 0:21:20and they have a two-month timetable, but these guys are so organised,
0:21:20 > 0:21:22they have already started.
0:21:22 > 0:21:27The plumbing is halfway done and the wallpaper stripping has begun.
0:21:27 > 0:21:29So, what will we see on our return?
0:21:31 > 0:21:34'Plaster the whole property, put a new bathroom suite in,
0:21:34 > 0:21:37'new kitchen suite, put a new extension at the back'
0:21:37 > 0:21:39and hopefully put a drive up front, as well.
0:21:39 > 0:21:42We've got an old extension at the back, which is not sturdy at all,
0:21:42 > 0:21:45so we're going to get a solid extension there
0:21:45 > 0:21:48and put the new kitchen... We're going to place that there.
0:21:48 > 0:21:50If we can create a kitchen-diner, that's perfect...
0:21:50 > 0:21:55- Modernise it?- Modernise the whole thing. New lighting, new units...
0:21:55 > 0:21:58There's no gas central heating in the property, either,
0:21:58 > 0:22:00so it gets cold in here, so we're getting that sorted out.
0:22:00 > 0:22:03There's going to be brand-new gas fires.
0:22:03 > 0:22:07- You've got to keep on moving for the plasterers.- Yeah.
0:22:07 > 0:22:10The plasterers have their time, they've got to be in and out.
0:22:10 > 0:22:11I've got a deadline to meet,
0:22:11 > 0:22:15otherwise Nav will really come and go, "Why have they not come in?"
0:22:15 > 0:22:18- Oh, he's the nagger?- He will nag me.
0:22:18 > 0:22:21He will nag me to get it done and you need somebody like that.
0:22:21 > 0:22:24So, tell us, have you got an option for a loft extension?
0:22:24 > 0:22:27Yeah, we've had a look up there. It's a very good-sized loft
0:22:27 > 0:22:29but we're not going to go for the loft extension.
0:22:31 > 0:22:35And what about the back garden? Do they have plans for that shed?
0:22:35 > 0:22:38I think we're probably going to leave that till last.
0:22:38 > 0:22:40We'll level it out, make it nice, and if we've got time...
0:22:40 > 0:22:43Open it up, get rid of... There's a shed back there,
0:22:43 > 0:22:45- which is like the Leaning Tower of Pisa.- Yes!
0:22:45 > 0:22:48- We've got to get rid of that. - Come on. Bring it back to life.
0:22:48 > 0:22:50We'll probably end up putting another shed at the back
0:22:50 > 0:22:54so there's more storage or it will be more open.
0:22:54 > 0:22:57There's some hedges there we don't like. It's ruining the light work.
0:22:57 > 0:23:00We want more light coming into the property.
0:23:00 > 0:23:02- So, tell us about the budget.- Ooh...
0:23:02 > 0:23:04- What you're hoping your budget to be.- OK.
0:23:04 > 0:23:06We always have a budget that we start with
0:23:06 > 0:23:09and then we try and work below that budget,
0:23:09 > 0:23:14so we are allowed 35-40 that we're going to spend on here.
0:23:14 > 0:23:18But we want to go below that, and below that...
0:23:18 > 0:23:20It could be 30, 35, 25.
0:23:21 > 0:23:26- You keep going down.- No, that's for me to... That's where we win.
0:23:26 > 0:23:29That's where we try and say, "Look, that's what we budgeted.
0:23:29 > 0:23:32"If we can reduce that, we're better off."
0:23:33 > 0:23:35Bit of a fluid budget, then.
0:23:35 > 0:23:38I think they'll be closer to 40,000, in my experience.
0:23:38 > 0:23:42Extensions always cost more than you plan for.
0:23:42 > 0:23:46And what about this dynamic duo? What's their story?
0:23:46 > 0:23:48- We've known each other since secondary school.- Yeah.
0:23:48 > 0:23:50We've been friends ever since.
0:23:50 > 0:23:53We've moved on to our own things before that
0:23:53 > 0:23:55and then slowly we got together
0:23:55 > 0:23:57and we decided, why don't we do a few properties together?
0:23:57 > 0:24:00- We work pretty well together, I think.- Yeah, it's pretty good.
0:24:00 > 0:24:03It's a good relationship. We both trust each other,
0:24:03 > 0:24:05we know how we think, so it's good.
0:24:06 > 0:24:09Nav seems like a cool, calm and collected customer.
0:24:09 > 0:24:12I'm sure his background in raising finance for business acquisitions
0:24:12 > 0:24:15makes him an ideal business partner.
0:24:15 > 0:24:19And it turns out Adz has also got something to bring to the party.
0:24:19 > 0:24:21I restore classic cars.
0:24:21 > 0:24:24I've done about eight of them, so far.
0:24:25 > 0:24:27I've got a few at the moment that I'm doing,
0:24:27 > 0:24:28which is almost like properties.
0:24:28 > 0:24:31Things that have been run down, haven't been looked after,
0:24:31 > 0:24:34- and then you restore them. I like it. It's good.- No cars for you?
0:24:34 > 0:24:39Cars, I don't really like them. His cars are great.
0:24:39 > 0:24:42Me and cars don't get on. There's just too much travelling in London.
0:24:42 > 0:24:44London transport, for me.
0:24:44 > 0:24:46It's going to be a success, I know it is.
0:24:46 > 0:24:49- Nav, Good luck.- Thank you. - Good luck, Adz.- Thank you.- Well done.
0:24:50 > 0:24:54Adz and Nav, two very experienced guys who know what they're doing
0:24:54 > 0:24:55and know how to achieve it.
0:24:55 > 0:24:58And they did their research. Take note.
0:24:58 > 0:25:02But will they stay within that budget of 40,000 or will it be 30,000?
0:25:02 > 0:25:04You can find out later on in the programme.
0:25:05 > 0:25:08'Still to come, things are going slightly downhill
0:25:08 > 0:25:11'at this Dudley semidetached...'
0:25:11 > 0:25:14The floor seems to be a little bit angled that way.
0:25:17 > 0:25:20'And have Adz and Nav managed to keep their budget on a level?'
0:25:20 > 0:25:23We could spend more if we really wanted to,
0:25:23 > 0:25:25but then there's always a limit.
0:25:29 > 0:25:33It's time to return to Hastings on the East Sussex coast,
0:25:33 > 0:25:36where, earlier, I viewed this two-bedroom flat.
0:25:38 > 0:25:42A bit run down on the outside, but inside, full of potential.
0:25:42 > 0:25:45But its biggest asset was in the living room.
0:25:46 > 0:25:49Come and have a look at this. Wow!
0:25:49 > 0:25:54The beach! The sea view! How jolly nice.
0:25:55 > 0:25:58Keen to invest in some seaside property
0:25:58 > 0:26:01- was the shy and retiring Michael. - SHE CHUCKLES
0:26:03 > 0:26:06Former dancer, one-time Womble,
0:26:06 > 0:26:09and currently an entertainment journalist,
0:26:09 > 0:26:12Michael paid £61,000 at auction and believed
0:26:12 > 0:26:16that the success of this venture rested on only one thing.
0:26:16 > 0:26:20Everything hinges round that one window. You can see the sea.
0:26:22 > 0:26:25The view would take care of itself, but how would Michael solve
0:26:25 > 0:26:29the problem of the property's absentee freeholder?
0:26:29 > 0:26:31Don't panic.
0:26:31 > 0:26:34Plague him with letters, go downstairs, go next door,
0:26:34 > 0:26:37knock on doors, put adverts in the paper.
0:26:39 > 0:26:42I was impressed with Michael's knowledge, but I don't think
0:26:42 > 0:26:47anyone I've met on the show has come as close to sweeping me off my feet.
0:26:48 > 0:26:49# I'm in the mood for dancing... #
0:26:49 > 0:26:53Oh, I've just got to stretch my legs.
0:26:53 > 0:26:56I love that! Put it there, I'm impressed. I used to dance...
0:26:56 > 0:26:59- I could twirl you.- ..and I can't do that any more.- Oh, look at that.
0:27:02 > 0:27:04Oh, dear. Was Michael leading me on a merry dance
0:27:04 > 0:27:07with his fantastic property ideas?
0:27:07 > 0:27:09Will his fancy footwork let him down?
0:27:11 > 0:27:14Six months have passed since we last visited.
0:27:14 > 0:27:16It's time for Michael to face the music.
0:27:31 > 0:27:33Well, it's a ten from me.
0:27:33 > 0:27:37Michael certainly has sprinkled lots of stardust all over the place.
0:27:37 > 0:27:39Let's hear from the man himself.
0:27:41 > 0:27:45This is the star of the whole enterprise. The idea was...
0:27:45 > 0:27:48If you remember, there was that horrible safety glass here,
0:27:48 > 0:27:51and the idea was, do something that doesn't cost too much money
0:27:51 > 0:27:56to this kitchen. Very nice, white gloss etc, and it looks great.
0:27:59 > 0:28:01The kitchen is now very stylish,
0:28:01 > 0:28:05but that's nothing compared to how the bathroom has been transformed.
0:28:06 > 0:28:08The bathroom was a bit tricky cos it was dark
0:28:08 > 0:28:12so we put a sun chimney in so that you get light all day long.
0:28:12 > 0:28:15We put in some nice lights, we added a shower,
0:28:15 > 0:28:18and we found the one bath in the country that fitted that spot,
0:28:18 > 0:28:21added a mirror, so now you can look at yourself,
0:28:21 > 0:28:25and it's all white, and it's really nice.
0:28:27 > 0:28:30The separate loo has also had a makeover
0:28:30 > 0:28:34and the bedrooms have been fully decorated. Plain and simple.
0:28:36 > 0:28:40Michael has not only made the inside white and bright,
0:28:40 > 0:28:42he's done the same to the outside,
0:28:42 > 0:28:44and he's added a few windows for good measure.
0:28:46 > 0:28:51Since 2013, all new or replacement windows have had to comply
0:28:51 > 0:28:56with energy saving regulations and that means getting them certified.
0:28:56 > 0:28:59You can do this by registering with a Competent Person Scheme,
0:28:59 > 0:29:01such as Fensa or Certass.
0:29:03 > 0:29:06Find a company or go through the whole Building Regulations
0:29:06 > 0:29:09and get it done properly cos it'll come back to bite you!
0:29:10 > 0:29:13Yes, pay attention to this man. He knows what he's talking about.
0:29:13 > 0:29:16And how did he get on with his room with a view?
0:29:19 > 0:29:23New fireplace, lovely fireplace, and, of course, curtains, blinds,
0:29:23 > 0:29:26and follow me... Look at this view.
0:29:26 > 0:29:29THIS is why you come to Hastings. It's gorgeous, isn't it?
0:29:33 > 0:29:37It appears Michael has choreographed this project beautifully,
0:29:37 > 0:29:40but it didn't get off to the best of starts.
0:29:40 > 0:29:43Charlie was our stripper-outer and painter,
0:29:43 > 0:29:48and in the first hour, young Charlie went through the floor.
0:29:48 > 0:29:50I thought, "Ouch, that's going to hurt."
0:29:50 > 0:29:53And, of course, Charlie had some bruises, as well.
0:29:53 > 0:29:55# You are falling
0:29:55 > 0:29:57# Through a hole
0:29:57 > 0:29:59# That ain't there... #
0:29:59 > 0:30:03Poor Charlie! But the only lasting damage was to Michael's budget,
0:30:03 > 0:30:07which rose from £20,000 to £28,000.
0:30:07 > 0:30:11And, as for the absentee freeholder issue, well, tenacious Michael
0:30:11 > 0:30:15did carry out some detective work and made contact,
0:30:15 > 0:30:18so his "don't panic" approach paid off.
0:30:20 > 0:30:23Time to find out if Michael's top-end flat
0:30:23 > 0:30:27will get applause from two local estate agents.
0:30:27 > 0:30:29First, the agent who saw it before.
0:30:29 > 0:30:32It's a great example of a refurbished flat.
0:30:32 > 0:30:38It has a lovely modern fitted kitchen, contemporary bathroom pack,
0:30:38 > 0:30:40some nice touches in relation to the wall lights
0:30:40 > 0:30:42and chrome fittings throughout.
0:30:42 > 0:30:44Every box is ticked. It looks really nice.
0:30:44 > 0:30:47What he's done is put a really high-quality finish
0:30:47 > 0:30:51into this apartment, with the windows, the kitchen, the flooring...
0:30:51 > 0:30:54It's just right. Hastings is enjoying a bit of a renaissance
0:30:54 > 0:30:56and people are coming down from Brighton and London
0:30:56 > 0:30:58and moving around in Hastings.
0:30:59 > 0:31:03A resounding success then, but it's all about the numbers now.
0:31:03 > 0:31:06Michael bought this flat for £61,000
0:31:06 > 0:31:11and has spent another 28,000 making it very high-spec.
0:31:11 > 0:31:14How will his total £89,000 investment fare
0:31:14 > 0:31:16in the Hastings property market?
0:31:18 > 0:31:21The rental market is very buoyant at the moment.
0:31:21 > 0:31:23It would let extremely quickly
0:31:23 > 0:31:27and, in my opinion, I would value this at £700 per calendar month.
0:31:27 > 0:31:30The rent he'd be looking for in a property like this,
0:31:30 > 0:31:32in this current market, would be anything from
0:31:32 > 0:31:37£675 per calendar month to £725 per calendar month.
0:31:37 > 0:31:40I like 725. I really like 725.
0:31:40 > 0:31:41I think 700 is probably the right price.
0:31:41 > 0:31:45It's a two-bedroom with a view over the sea. 700.
0:31:46 > 0:31:50£700 per calendar month would mean a return on investment
0:31:50 > 0:31:54of almost 9.5%. So what about sales values?
0:31:54 > 0:31:56If it came onto the market now,
0:31:56 > 0:31:59I'd be looking to market this property at £130,000.
0:31:59 > 0:32:01Based on current market conditions,
0:32:01 > 0:32:06I would value this property at £125,000 - £135,000.
0:32:06 > 0:32:08I think it's going to get 135,000
0:32:08 > 0:32:10only because stock is very low at the moment.
0:32:10 > 0:32:13I think 130,000 is probably the correct price.
0:32:13 > 0:32:15I think you will get 135,000.
0:32:15 > 0:32:19In fact, I think you might get a touch more if we have a nice summer.
0:32:19 > 0:32:24At that top figure, Michael could make a profit of 46,000
0:32:24 > 0:32:30before taxes and expenses. So, what will he do? Rent or sell?
0:32:30 > 0:32:32I'd like to keep this. I'd like to rent it.
0:32:32 > 0:32:36I'd like to borrow money from a bank and I'd have loads of properties.
0:32:36 > 0:32:38- I'd like to... - PHONE RINGS
0:32:38 > 0:32:41I'll probably have to sell it cos I think that's the bank manager.
0:32:41 > 0:32:43Excuse me, I think there's a call.
0:32:43 > 0:32:44Bank manager.
0:32:49 > 0:32:52I'm in the town of Dudley in the West Midlands
0:32:52 > 0:32:53for our next property visit,
0:32:53 > 0:32:56and, no, this isn't it. This is Dudley Castle.
0:32:58 > 0:33:01Well, they say every Englishman's home is his castle.
0:33:01 > 0:33:04I wonder if today's property will fit the bill.
0:33:04 > 0:33:07Well, from the outside... Not so much of a castle,
0:33:07 > 0:33:11but what do you expect for a guide price of just £45,000+?
0:33:16 > 0:33:19Oh, that's nice. A lovely big entrance for you.
0:33:19 > 0:33:22That gives a great first impression.
0:33:22 > 0:33:25Somewhere to put your stuff, your bags or whatever it is
0:33:25 > 0:33:27when you come in. Stairs up to the bedrooms, there.
0:33:27 > 0:33:30It has a slight air of being slightly dated.
0:33:30 > 0:33:33Front living room... Well, yes, that fireplace...
0:33:33 > 0:33:35definitely dates the property.
0:33:35 > 0:33:38But, you know, it looks to be in reasonable condition.
0:33:38 > 0:33:41Slightly disappointing... That kitchen, there.
0:33:41 > 0:33:45Wow, that is pretty tiny for what could be a lovely family home,
0:33:45 > 0:33:48so you'd definitely want to spend some time trying to figure out
0:33:48 > 0:33:50how best to enhance that.
0:33:50 > 0:33:53Then through to your rear living room.
0:33:53 > 0:33:56So, straightaway, I'm thinking, "Can you knock that wall down?"
0:33:56 > 0:33:59Maybe make it a lovely open-plan kitchen and living area.
0:33:59 > 0:34:02And then this room here... Oh...
0:34:02 > 0:34:05This room here. That's really weird.
0:34:05 > 0:34:11The floor seems to be a little bit angled that way.
0:34:11 > 0:34:13Oh, dear.
0:34:14 > 0:34:17Ooh. Yeah, no.
0:34:17 > 0:34:21If that makes sense. It doesn't get any better at all.
0:34:21 > 0:34:25In fact, step out here and it gets worse.
0:34:25 > 0:34:28This is an interesting little addition to the property.
0:34:28 > 0:34:30It's almost like a sunroom. It's a very useful space.
0:34:30 > 0:34:33You've got a downstairs loo, you've got a storage area.
0:34:33 > 0:34:36It's been covered with this plastic so it's nice and light and airy
0:34:36 > 0:34:39and views out to the garden, and all that stuff.
0:34:39 > 0:34:42So, I like it, but really, again...
0:34:42 > 0:34:45Out here, even more amplified that feeling
0:34:45 > 0:34:48that this corner of the property is really sinking
0:34:48 > 0:34:50and, as you can see by that door,
0:34:50 > 0:34:53there are some serious issues which need to be addressed.
0:34:53 > 0:34:55I'm not liking what I'm seeing there.
0:34:55 > 0:34:59# Here comes that sinking feeling... #
0:34:59 > 0:35:04It does definitely look like there has been some subsidence here,
0:35:04 > 0:35:08but hopefully it's historical because I like this house.
0:35:08 > 0:35:10Upstairs, there are three bedrooms and a bathroom,
0:35:10 > 0:35:14and I do like an upstairs bathroom, as you know.
0:35:14 > 0:35:17And outside there's a nice surprise.
0:35:17 > 0:35:23'Can you hear the call of the wild?' Ooh-ooh, ah-ah-ah!
0:35:25 > 0:35:29OK, excuse the slightly cheesy bit of jungle sound effects there,
0:35:29 > 0:35:34but the garden is quite extraordinary!
0:35:34 > 0:35:40Not only is it very, very steeply inclined, it's huge.
0:35:40 > 0:35:43But there are some amazing bushes here.
0:35:43 > 0:35:48Tidy this up and you've got yourself a fairly spectacular little plot.
0:35:48 > 0:35:50# It's a jungle out there
0:35:50 > 0:35:53# It's a jungle out there... #
0:35:54 > 0:35:58It certainly is a bit overgrown out here, but take my word for it,
0:35:58 > 0:36:00it is huge.
0:36:00 > 0:36:04Fighting his way through the urban jungle is a local property expert
0:36:04 > 0:36:09who can give us his opinion on this property, guided at £45,000.
0:36:10 > 0:36:13First impressions of the house are quite nice.
0:36:13 > 0:36:16It doesn't need a tremendous amount of work doing to it,
0:36:16 > 0:36:20although there are some signs of movement to it.
0:36:20 > 0:36:24I would say that the majority of work to the house
0:36:24 > 0:36:26is mainly the decorative nature.
0:36:26 > 0:36:30The only proviso would be providing that any of the movement
0:36:30 > 0:36:35that I've noticed to it doesn't require any serious structural work.
0:36:35 > 0:36:38I would imagine that you would spend something in the region of
0:36:38 > 0:36:41£10,000 on the inside,
0:36:41 > 0:36:46and you'd probably get most of the garden done, as well, with that.
0:36:46 > 0:36:48So, fingers crossed on that subsidence issue.
0:36:48 > 0:36:50But what about values?
0:36:52 > 0:36:55Subject to there not being too much structural work needed
0:36:55 > 0:36:59from the movement I've seen, I would envisage the property
0:36:59 > 0:37:03realising in the region of £110,000-115,000.
0:37:04 > 0:37:06I would anticipate letting it for
0:37:06 > 0:37:09in the region of about £550 per calendar month.
0:37:11 > 0:37:13Well, it's a great house that would make a lovely family home,
0:37:13 > 0:37:15but I suppose the potential problems
0:37:15 > 0:37:18are with that subsidence at the back.
0:37:18 > 0:37:20It could be one of the reasons for the low guide price.
0:37:20 > 0:37:23Let's see who bought it when it went under the hammer.
0:37:24 > 0:37:30This next lot is a three-bedroomed freehold semidetached house.
0:37:30 > 0:37:32Where shall we start, folks?
0:37:32 > 0:37:3440. Thank you, sir, at 40,000 I'm bid.
0:37:34 > 0:37:3740,000 I have. Is there 50?
0:37:37 > 0:37:4050 out on my right. Thank you, sir. At 50.
0:37:40 > 0:37:42Is there 55, sir?
0:37:42 > 0:37:4555. Thank you, sir. 55. And 60?
0:37:46 > 0:37:51New bid at 60. I've got him in the back first there. 65, sir?
0:37:51 > 0:37:5465. 70, sir? 70. 75 anywhere?
0:37:56 > 0:38:00Number 927, at 70,000 I'm bid. Are we all done?
0:38:00 > 0:38:04On sale, then, at £70,000.
0:38:04 > 0:38:09At £70,000 once, twice, third and last time...
0:38:09 > 0:38:11That's yours, sir. Congratulations.
0:38:13 > 0:38:16These successful bidders were Tina and Keith from Surrey.
0:38:17 > 0:38:20Keith is a semi-retired window cleaner
0:38:20 > 0:38:23and Tina describes herself as a lady of leisure.
0:38:24 > 0:38:28Together, they got out on the highway - well, the M40 -
0:38:28 > 0:38:32and found an adventure in the shape of this Dudley three-bed semi.
0:38:33 > 0:38:36- Keith, Tina, good to meet you both. - And you.
0:38:36 > 0:38:39It strikes me as quite a lot of house for the money.
0:38:39 > 0:38:42I know there are a few issues, which we'll come on to in a minute but...
0:38:42 > 0:38:43No, I think it was good value.
0:38:43 > 0:38:46After the research that I did on the internet as well to find out
0:38:46 > 0:38:50what the prices were round here, I was pleased with what it went for.
0:38:50 > 0:38:51What did you find out?
0:38:51 > 0:38:58Well, next door has recently sold and that went for 120, I believe.
0:38:58 > 0:39:02- Right.- And this had previously been up for sale at 85,
0:39:02 > 0:39:06and we found out how much the previous owner bought it for...
0:39:06 > 0:39:09- Which was?- Was it 55 or 50?
0:39:09 > 0:39:1250, 55 he paid and that went straight into the auctions.
0:39:12 > 0:39:14So your research showed you that somebody bought it
0:39:14 > 0:39:17- and put it straight back in the auction?- Yeah.
0:39:17 > 0:39:19Did that set off any alarm bells?
0:39:19 > 0:39:21Well, it did at first, cos, on the actual day,
0:39:21 > 0:39:25- we weren't too sure because he hadn't registered it...- Oh.
0:39:25 > 0:39:28..but I managed to speak to the solicitors about 20 minutes before
0:39:28 > 0:39:32- the auction...- Wow.- ..and he told us that it was a delay on his part
0:39:32 > 0:39:36- and that they were doing it and it should be done by Friday.- Wow.
0:39:36 > 0:39:38All a bit scary bananas stuff, though.
0:39:38 > 0:39:43Yeah, then everybody else started bidding on it so I assumed it was OK.
0:39:47 > 0:39:50That's a big assumption to make, and, for me,
0:39:50 > 0:39:52alarm bells would have been ringing.
0:39:52 > 0:39:56First, there's the possibility that the house might have been put
0:39:56 > 0:39:58straight back to auction
0:39:58 > 0:40:00because there was a real problem with it,
0:40:00 > 0:40:02and second, by law,
0:40:02 > 0:40:06ownership of any property has to be recorded in the land register.
0:40:06 > 0:40:09This provides proof of ownership and helps prevent fraud.
0:40:09 > 0:40:12Buying an unregistered property is risky.
0:40:13 > 0:40:16So, tell me about you two. Is this something you do all the time?
0:40:16 > 0:40:19We've got a couple of properties we rent out already
0:40:19 > 0:40:22at the moment. We've been doing it for about ten years now,
0:40:22 > 0:40:26but this is the first one we've seen that we've wanted to buy and do it up
0:40:26 > 0:40:29- because of your show, seeing the show.- Really? Oh, good.
0:40:29 > 0:40:32- Yeah, we thought, "We could try that."- Oh, great.
0:40:32 > 0:40:35Tina and Keith plan to do all the work themselves
0:40:35 > 0:40:38and I would normally be a bit sceptical about this
0:40:38 > 0:40:42since they face a daily two-hour commute from Surrey
0:40:42 > 0:40:44but they have a secret weapon.
0:40:44 > 0:40:47# Get your motor running
0:40:47 > 0:40:50# Head out on the highway... #
0:40:50 > 0:40:54- Well, we've got the motorhome, so...- Ah, that is a good idea.- Yes.
0:40:54 > 0:40:57So you can park that on the drive and escape to that in the evenings
0:40:57 > 0:41:00- and create as much dust and havoc in here as you like.- Yeah.- Yes.
0:41:00 > 0:41:03Let's talk through then what you're planning to do with the property.
0:41:03 > 0:41:06Generally, it's painting and decorating throughout.
0:41:06 > 0:41:09Yeah, the bathroom is partly good, isn't it? It needs a new bath.
0:41:09 > 0:41:12The sink and toilet, they look like they've been renewed recently.
0:41:12 > 0:41:14The kitchen needs doing up a bit.
0:41:14 > 0:41:17We discussed whether to extend it, but that depends
0:41:17 > 0:41:19whether we sell or whether we rent.
0:41:19 > 0:41:21I think if we rent, we leave it as it is.
0:41:21 > 0:41:24- If we sold it, we'd probably knock through.- To..?
0:41:24 > 0:41:28The toilet area, and it looks like next door have done that,
0:41:28 > 0:41:32and it does not make a substantial kitchen compared to the small square
0:41:32 > 0:41:33that's there at the moment.
0:41:33 > 0:41:36Yes. If you extended the rear of the property out
0:41:36 > 0:41:38- and encompassed that with a proper roof...- Yeah.- Yeah.
0:41:38 > 0:41:42It's already quite substantially built out there. It is a solid wall.
0:41:42 > 0:41:45But that could be maybe a couple of years down the line
0:41:45 > 0:41:46if we decide to rent.
0:41:46 > 0:41:49We really need to discuss what we want to do with it.
0:41:49 > 0:41:51- We haven't decided fully, have we?- No, not yet.
0:41:51 > 0:41:54And what will you be doing, Tina?
0:41:54 > 0:41:56Well, hopefully I'll get in the garden if the weather's good.
0:41:56 > 0:41:59That's the bit I love the most, but I'm going to get in there
0:41:59 > 0:42:02and probably take a lot of it out so you can actually get a view.
0:42:02 > 0:42:05There is a beautiful view out there, which you can't see.
0:42:05 > 0:42:08Find out what's living down the bottom there in that big hole,
0:42:08 > 0:42:11- and just really tidy it up. - Yeah.- Nothing too fancy.
0:42:13 > 0:42:16Let's face it, anything would be an improvement on this jungle,
0:42:16 > 0:42:19but it's not that sloping garden I'm worried about.
0:42:21 > 0:42:23Now, let's come on to talk about the potential problemette
0:42:23 > 0:42:26of the downward slopey bit.
0:42:26 > 0:42:30I'm hoping it's just a subsidence on the floor joists,
0:42:30 > 0:42:32but it might be a bit more than that.
0:42:33 > 0:42:36But we think it's a concrete floor, don't we? It's solid.
0:42:36 > 0:42:38Yeah, I think it is a concrete floor, actually.
0:42:38 > 0:42:42- That throws your theory out the window, then.- Yeah, it does.
0:42:42 > 0:42:46Seeing as it's falling into next door...
0:42:46 > 0:42:49- they must be falling into us.- Do you get on well with the neighbours?
0:42:49 > 0:42:51We shall find out!
0:42:51 > 0:42:53Well, we've only seen the property for the first time today.
0:42:53 > 0:42:57- What do you mean...? - Well, we saw it from the outside. We never saw the inside.
0:42:57 > 0:43:01- You didn't see the inside? - Other than on photographs. - Oh, great. Well, they never lie(!)
0:43:02 > 0:43:06- We read the legal pack.- Good.- We did listen to part of what you said.
0:43:06 > 0:43:08Good, good, good.
0:43:08 > 0:43:11Well, they read the legal pack and that's the good bit,
0:43:11 > 0:43:13but buying without seeing? Tut, tut.
0:43:13 > 0:43:15On Homes Under the Hammer,
0:43:15 > 0:43:20we three will always nag you to view beforehand. Do not buy blind.
0:43:20 > 0:43:24Tina and Keith plan to have the work completed in four months.
0:43:24 > 0:43:28- So, what's their budget? - I think roughly about 15,000.
0:43:28 > 0:43:31Is that allowing for doing a bit of work on the slopey floor bit?
0:43:31 > 0:43:33I think on floor side of it,
0:43:33 > 0:43:36I wouldn't fork much more than about 4,000 to underpin it, really.
0:43:36 > 0:43:38Well, listen, congratulations. Good luck with it.
0:43:38 > 0:43:41- Thank you very much.- And I look forward to seeing how you get on.
0:43:41 > 0:43:42Thank you.
0:43:42 > 0:43:44Hm...
0:43:44 > 0:43:47Well, had Tina and Keith visited the property inside
0:43:47 > 0:43:52before they bought it, they might have contemplated that subsidence
0:43:52 > 0:43:57a bit more, and my fear is that it might take more than they anticipate
0:43:57 > 0:43:58to sort it out,
0:43:58 > 0:44:01but it's still a lot of property for what they paid,
0:44:01 > 0:44:05and when it's finished, it will be a lovely house.
0:44:05 > 0:44:07How will they get on getting to that point?
0:44:07 > 0:44:10You can find out later in the show.
0:44:13 > 0:44:15Now, we've caught up with one of our buyers.
0:44:15 > 0:44:17- Let's see what the others have been up to.- Yes.
0:44:17 > 0:44:20Did everything go to plan? Cos...that doesn't often happen.
0:44:20 > 0:44:23No, it doesn't. Could it mean there were some last-minute changes?
0:44:27 > 0:44:29Just seven miles south of central London
0:44:29 > 0:44:32in the London Borough of Croydon lies the town of Norbury.
0:44:34 > 0:44:37And it was here, among the tree-lined streets, that we found
0:44:37 > 0:44:41this three-bed terraced property that certainly seemed
0:44:41 > 0:44:42a little worse for wear.
0:44:44 > 0:44:48If this house had a school report, it would have said, "Could do better."
0:44:51 > 0:44:53But it was this opportunity to improve it
0:44:53 > 0:44:54and potentially increase its value,
0:44:54 > 0:44:58that prompted business partners Adz, his wife Zahra,
0:44:58 > 0:45:03and old school friend Nav to buy it for £334,000,
0:45:03 > 0:45:06and they were planning a comprehensive refurbishment for this,
0:45:06 > 0:45:08their 11th property together.
0:45:11 > 0:45:14Plaster the whole property, put a new bathroom suite in,
0:45:14 > 0:45:17new kitchen suite, put a new extension at the back
0:45:17 > 0:45:19and hopefully put a drive up front, as well.
0:45:19 > 0:45:22There's no gas central heating in the property, either,
0:45:22 > 0:45:25so it gets cold in here, so we're getting that sorted out.
0:45:25 > 0:45:29There's going to be brand-new boilers and central heating in here.
0:45:29 > 0:45:33And the plan was to renovate it and move it on as quickly as they could.
0:45:33 > 0:45:37You've got to keep on moving for the plasterers.
0:45:37 > 0:45:39The plasterers have their time. They've got to be in and out.
0:45:39 > 0:45:43I've got a deadline to meet, otherwise Nav will really
0:45:43 > 0:45:46- come out and go, "Why have they not come in?"- Oh, he's the nagger?
0:45:46 > 0:45:49He will nag me, and you need somebody like that.
0:45:49 > 0:45:51- # Get on up - Keep on moving
0:45:51 > 0:45:53# Keep on moving... #
0:45:53 > 0:45:56So, with Nav cracking the whip, it was going to be down to Adz
0:45:56 > 0:45:59to project manage and to make sure it was not only done
0:45:59 > 0:46:03on their £35,000-40,000 budget, but he kept to a timescale
0:46:03 > 0:46:05of two to three months.
0:46:08 > 0:46:12Well, four months on, we're back to see if that nagging did any good.
0:46:32 > 0:46:34It certainly did,
0:46:34 > 0:46:38and perhaps the most impressive change is that kitchen.
0:46:38 > 0:46:41OK, well, this used to be just a shed, basically.
0:46:41 > 0:46:45So, this is a brand-new extension within the permitted development.
0:46:45 > 0:46:47There's a dining area there, kitchen area here,
0:46:47 > 0:46:50So, it's a very practical bit of space
0:46:50 > 0:46:54and we're pretty confident that it will add value to the property.
0:46:55 > 0:46:58Hmm, and I think they've not just built in a new kitchen,
0:46:58 > 0:47:01they've built in some much-needed wow factor to the house.
0:47:01 > 0:47:04But what happened to the space that housed the old, poky kitchen?
0:47:05 > 0:47:07This was the original kitchen.
0:47:07 > 0:47:10As you can see, we've made it into a playroom, study room.
0:47:10 > 0:47:13It's an extra room downstairs, essentially.
0:47:13 > 0:47:16The addition was the new downstairs toilet.
0:47:16 > 0:47:19We thought it would be quite beneficial to a family home.
0:47:19 > 0:47:21As you can see, we've kept the original doors.
0:47:21 > 0:47:23We've just stripped them all down
0:47:23 > 0:47:25and just kept it all as original as possible.
0:47:27 > 0:47:31Well, I think they've utilised the downstairs space to the max.
0:47:31 > 0:47:33And upstairs?
0:47:34 > 0:47:37Well, that's great, too.
0:47:37 > 0:47:40I really like the master bedroom with the big bay window
0:47:40 > 0:47:43and that old fireplace is now a centrepiece for the room.
0:47:46 > 0:47:49And by removing the cupboards in the other double bedroom,
0:47:49 > 0:47:51it feels much bigger and brighter...
0:47:53 > 0:47:55..with central heating fitted throughout.
0:47:58 > 0:48:00A new contemporary bathroom...
0:48:00 > 0:48:02This is now a fantastic family house.
0:48:06 > 0:48:08But what about the garden?
0:48:08 > 0:48:11Remember that rather wobbly shed?
0:48:11 > 0:48:14- The leaning shed had to go, so... - I wanted to keep it.
0:48:14 > 0:48:17No, it had to go, so we'll probably reposition the shed,
0:48:17 > 0:48:20once we've done the garden, at the back of the garden,
0:48:20 > 0:48:23where it rightly belongs and it won't be leaning.
0:48:23 > 0:48:27And not only is there a shed to be placed at the bottom of the garden,
0:48:27 > 0:48:30but the back area still needs a bit of work,
0:48:30 > 0:48:33which they hope to do in the next few weeks.
0:48:33 > 0:48:36The timescales have slipped slightly due to poor weather
0:48:36 > 0:48:39and there's been a delay in getting permission to lower the kerb
0:48:39 > 0:48:41at the front of the house.
0:48:41 > 0:48:44Or maybe Nav didn't nag Adz enough.
0:48:45 > 0:48:49He was always nagging me and it's always brilliant to have somebody nagging you.
0:48:49 > 0:48:51I had my father behind me nagging me all the time, as well,
0:48:51 > 0:48:53which was excellent.
0:48:53 > 0:48:55I think it's good just to bounce off each other
0:48:55 > 0:48:57and support each other through it, so, yeah.
0:48:57 > 0:48:59- I'll continue my nagging.- Yeah.
0:49:00 > 0:49:03And it wasn't just Adz Nav was nagging.
0:49:03 > 0:49:08Adz's daughter also helped out, along with their building team.
0:49:08 > 0:49:10It might not have helped their timescale
0:49:10 > 0:49:14but has it kept the £35,000-40,000 budget on track?
0:49:15 > 0:49:21- 33,500 is what we've spent, which we're happy with.- Yeah.
0:49:21 > 0:49:24We could spend more if we really wanted to,
0:49:24 > 0:49:26but then there's always a limit.
0:49:26 > 0:49:33A £33,500 spend on top of their £334,000 purchase price
0:49:33 > 0:49:38would take their total cost to £367,500.
0:49:38 > 0:49:42It seems like a lot of money, but it is a lot of house.
0:49:42 > 0:49:44So, what do two local estate agents think
0:49:44 > 0:49:46of this comprehensive refurbishment?
0:49:46 > 0:49:50I think the property looks great now. Before, it was very dated.
0:49:50 > 0:49:52The property flows really nicely
0:49:52 > 0:49:55and having the rear extension with the kitchen is perfect.
0:49:55 > 0:49:57It's exactly what buyers want in this area.
0:49:57 > 0:50:00It's nice and clean. It's really modern and it looks great.
0:50:00 > 0:50:04Well, the vendor's really done a really brilliant job on this.
0:50:04 > 0:50:07The quality of the finish is excellent.
0:50:07 > 0:50:09You've got a nice big kitchen downstairs,
0:50:09 > 0:50:13nice contemporary fires he's put in. No, they've gone overboard.
0:50:15 > 0:50:17Adz and Nav plan to sell the house on,
0:50:17 > 0:50:20but surely it would have great rental potential.
0:50:22 > 0:50:23This property would rent
0:50:23 > 0:50:26for approximately £1,650 per calendar month.
0:50:26 > 0:50:28Given the level of finish,
0:50:28 > 0:50:32we would ask for a rent of around £1,600 - £1,700 per calendar month.
0:50:34 > 0:50:37- It's not bad, but it's not what we normally go down.- Yeah.
0:50:37 > 0:50:40We don't like... Well, we do do the rentals,
0:50:40 > 0:50:41but not on this project.
0:50:41 > 0:50:45That would give them a yield of around 5%
0:50:45 > 0:50:49on an investment of £367,500,
0:50:49 > 0:50:53so I can see why selling might be more of an attractive option.
0:50:54 > 0:50:59This property will sell for approximately £450,000-460,000.
0:50:59 > 0:51:03We would market this property at £450,000.
0:51:03 > 0:51:08- I think we would be happy with that. - Yeah, we're happy.
0:51:08 > 0:51:11We had a number in mind before we started the project and...
0:51:11 > 0:51:14Yeah, they've confirmed it for us, I think.
0:51:14 > 0:51:18Well, I think they should be happy with those valuations
0:51:18 > 0:51:23because they could see a pre-tax profit of between £82,500-92,500,
0:51:23 > 0:51:26less costs and expenses, of course.
0:51:26 > 0:51:29So, I'm guessing they might do more properties together.
0:51:31 > 0:51:34We already have another project that we purchased
0:51:34 > 0:51:37pretty much at the same time as this, which we're working on,
0:51:37 > 0:51:40and we're looking for another project, as well.
0:51:40 > 0:51:44So it's all go. From here, it's straight on to the next one.
0:51:49 > 0:51:52We go back now to Dudley in the West Midlands,
0:51:52 > 0:51:56where earlier in the show I visited this three-bed semidetached house,
0:51:56 > 0:51:59which I felt had the potential to make a splendid family home.
0:52:03 > 0:52:07Oh, that's nice. A lovely big entrance for you.
0:52:07 > 0:52:09That gives a great first impression
0:52:11 > 0:52:15Yes, it was dated and the small kitchen was out of kilter
0:52:15 > 0:52:17with modern family living,
0:52:17 > 0:52:21but the upstairs layout was ideal and really just needed redecorating
0:52:21 > 0:52:27and all for that guide price of £45,000+. That's value.
0:52:27 > 0:52:31However, things soon went slightly downhill.
0:52:32 > 0:52:36The floor seems to be a little bit...
0:52:36 > 0:52:39angled that way. Oh, dear.
0:52:41 > 0:52:45The well-ordered interior of the house did nothing to prepare me
0:52:45 > 0:52:47for the craziness outside.
0:52:48 > 0:52:53The garden is quite extraordinary. It's huge!
0:52:57 > 0:53:00Even Tarzan couldn't find his way through this jungle.
0:53:00 > 0:53:02A much more straightforward navigation was made
0:53:02 > 0:53:06by Tina and Keith, who headed up from Surrey
0:53:06 > 0:53:09and bought this house for £70,000.
0:53:09 > 0:53:11Isn't Dudley awfully far from home?
0:53:12 > 0:53:16- Well, we've got the motorhome, so...- Ah. That is a good idea.
0:53:16 > 0:53:19So you can park that on the drive and escape to that in the evenings
0:53:19 > 0:53:22- and create as much dust and havoc in here as you like?- Yeah.
0:53:22 > 0:53:26With their motorhome acting as temporary accommodation,
0:53:26 > 0:53:30and armed with a budget of £15,000 and a three-month timescale,
0:53:30 > 0:53:33Tina and Keith set off to make some money in Dudley.
0:53:34 > 0:53:37We've come back six months later to find out
0:53:37 > 0:53:39if their trip has been worthwhile.
0:53:45 > 0:53:47The biggest improvement to the property
0:53:47 > 0:53:51is the size of the kitchen. Knocking through to the back reception room
0:53:51 > 0:53:54has created a great family space.
0:53:54 > 0:53:58But, with no builder on call, it was all up to Keith and Tina.
0:54:00 > 0:54:03It was it was an eight-foot hole, an eight-foot RSJ,
0:54:03 > 0:54:07but what I hadn't allowed for was the angle when we lifted it up
0:54:07 > 0:54:10so you need about eight feet, six inches, actually.
0:54:10 > 0:54:14So we had to take some plaster out. There's me, holding it.
0:54:14 > 0:54:17Whilst we were holding it in midair. But, yeah, we got it in.
0:54:19 > 0:54:22With the hardest graft taken care of,
0:54:22 > 0:54:25everywhere it was a case of wallpapering and painting,
0:54:25 > 0:54:28and did they get to the bottom of that subsidence?
0:54:31 > 0:54:34We weren't worried too much about the subsidence as it was historical.
0:54:34 > 0:54:37We believe it's about 20 to 30 years old now.
0:54:37 > 0:54:40We found we needed to just raise the floor a little bit upstairs
0:54:40 > 0:54:42and level it off in the far corner,
0:54:42 > 0:54:45and then downstairs, like I say, it wasn't too bad at all
0:54:45 > 0:54:48once we'd taken the doors out and put new doors in.
0:54:48 > 0:54:51We could level all the floor off, so we're quite pleased with it.
0:54:52 > 0:54:54With various other commitments,
0:54:54 > 0:54:57their original timescale of three months increased to six,
0:54:57 > 0:55:00but there was better news on the budget.
0:55:02 > 0:55:05The original budget was about £15,000.
0:55:05 > 0:55:09We did most of the work ourselves, so we managed to save on that.
0:55:09 > 0:55:13I think we came in about £5,000 on the actual build,
0:55:13 > 0:55:17but with travel expenses, as well as having to heat and maintain
0:55:17 > 0:55:20this property, we would add an extra 4,000.
0:55:20 > 0:55:23So, I suppose the total spend was about £9,000.
0:55:25 > 0:55:26The inside of the house is complete,
0:55:26 > 0:55:29looking good and ready to go on the sales market.
0:55:33 > 0:55:38But have they found any time to work on the back garden?
0:55:38 > 0:55:40# Welcome to the jungle
0:55:40 > 0:55:41# We've got fun and games... #
0:55:41 > 0:55:43I started on the garden.
0:55:43 > 0:55:48The weather got wet so I had to abandon it, but we have a fox
0:55:48 > 0:55:50that likes to keep digging the garden
0:55:50 > 0:55:51and messing up everything we do.
0:55:51 > 0:55:56# Welcome to the jungle Welcome to the jungle... #
0:55:56 > 0:55:59Well, maybe the fox is just trying to lend a hand, Tina.
0:56:02 > 0:56:06Time to find out if two local estate agents think Tina and Keith
0:56:06 > 0:56:09are bright bushy-tailed developers.
0:56:11 > 0:56:13This is my second time in the property.
0:56:13 > 0:56:17It was a bit rough round the edges, but now they've made
0:56:17 > 0:56:21a very, very good job of improving it.
0:56:21 > 0:56:24The dining room-cum-kitchen is really swish,
0:56:24 > 0:56:27there's a nice lounge at the front for relaxing in
0:56:27 > 0:56:29and three decent bedrooms upstairs.
0:56:29 > 0:56:31This is my first time inside the property
0:56:31 > 0:56:34and I'm very impressed with the work carried out.
0:56:34 > 0:56:36The new layout is absolutely fantastic,
0:56:36 > 0:56:37suits the modern-day living.
0:56:37 > 0:56:39Demand in the area is fairly strong
0:56:39 > 0:56:43so I would expect this property to sell fairly quickly.
0:56:43 > 0:56:47And what values do these gentlemen feel are appropriate for this house,
0:56:47 > 0:56:48starting with rental?
0:56:50 > 0:56:52I'd expect this property to reach a rental figure
0:56:52 > 0:56:54of £550 per calendar month.
0:56:54 > 0:56:57If the property was to be let, it should achieve
0:56:57 > 0:57:00in the region of £525 per calendar month.
0:57:02 > 0:57:05£550 per calendar month would realise
0:57:05 > 0:57:09a return on investment of just over 8%, but what about sales?
0:57:11 > 0:57:14If the property was placed on the open market,
0:57:14 > 0:57:18I feel it would achieve a figure in the region of £135,000.
0:57:18 > 0:57:21I'd expect this property to achieve a sales value
0:57:21 > 0:57:23between £120,000 and £125,000.
0:57:25 > 0:57:28Having spent a total of £79,000,
0:57:28 > 0:57:31a sale of 130,000 would give Keith and Tina
0:57:31 > 0:57:35a very nice pre-tax profit of £51,000.
0:57:37 > 0:57:39The values don't sway our opinion.
0:57:39 > 0:57:42It's just the fact that we would like to do another property,
0:57:42 > 0:57:45so, going forward, we would need to sell this one to do that.
0:57:45 > 0:57:48Tina and Keith will be heading back to the auctions
0:57:48 > 0:57:50as soon as this house has sold,
0:57:50 > 0:57:53but they've learnt one important lesson.
0:57:53 > 0:57:55Next time we buy at auction,
0:57:55 > 0:57:58we would definitely view the inside of the property,
0:57:58 > 0:58:00cos, from the outside, we couldn't see any problems
0:58:00 > 0:58:04that there may have been. I think we were lucky with this one.
0:58:07 > 0:58:10We hope you've enjoyed seeing how our buyers got on on today's show.
0:58:10 > 0:58:13And we've got plenty more auction properties where that lot came from.
0:58:13 > 0:58:15Yes, there will be plenty more to see next time here
0:58:15 > 0:58:17on Homes Under The Hammer.