0:00:02 > 0:00:05We know it's easy to get carried away and pay too much for your property,
0:00:05 > 0:00:06especially in a competitive market.
0:00:06 > 0:00:09We can all get overexcited, so do your research,
0:00:09 > 0:00:12stick to your budget and do not exceed your limit.
0:00:12 > 0:00:14There's no better place to try that out
0:00:14 > 0:00:17and test your nerve than at the property auctions.
0:00:44 > 0:00:47Over the years, we've seen the popularity of buying at auction
0:00:47 > 0:00:49just soar.
0:00:49 > 0:00:52One of the reasons for that is when the hammer falls
0:00:52 > 0:00:54you have exchanged contracts.
0:00:54 > 0:00:57It's not this long drawn-out process you get with other ways of buying.
0:00:57 > 0:00:59Will the buyers on today's show be flying high?
0:00:59 > 0:01:01Let's see what properties they went for.
0:01:02 > 0:01:05Coming up... It's far from the fun of the fair
0:01:05 > 0:01:07at this house in Wolverhampton.
0:01:07 > 0:01:11It's like you've walked into one of those houses they have in fairgrounds.
0:01:13 > 0:01:17Sorry, Martin, but at this house in Derby I'm having a grand old time.
0:01:18 > 0:01:21From what I've seen so far down here, I am liking.
0:01:22 > 0:01:25And whatever time's to be had at this flat in Middlesex,
0:01:25 > 0:01:27it might not be for very long.
0:01:27 > 0:01:30'The length of the lease is one of the shortest'
0:01:30 > 0:01:32I've ever, ever come across on this programme.
0:01:34 > 0:01:37All these properties have been sold at auction.
0:01:37 > 0:01:39We'll find out who bought them and what they paid for them
0:01:39 > 0:01:41when they went under the hammer.
0:01:41 > 0:01:42Sold.
0:01:48 > 0:01:52Welcome to the Midlands and the town of Wolverhampton.
0:01:52 > 0:01:57Initially growing as a market town during the Industrial Revolution,
0:01:57 > 0:02:01Wolverhampton was, well, revolutionised as it became
0:02:01 > 0:02:05the centre of production for everything from cars to bicycles.
0:02:05 > 0:02:09In fact, from the mid-1800s right up to the 1970s
0:02:09 > 0:02:13Wolverhampton was home to over 200 bike manufacturers.
0:02:18 > 0:02:21Just a four-mile bike ride from the centre of Wolverhampton
0:02:21 > 0:02:25is the property I'm here to see. Classic 1930s semi.
0:02:25 > 0:02:28Guide price £50,000 plus.
0:02:28 > 0:02:30Sounds pretty low.
0:02:30 > 0:02:32Will it be a question of... on your bike, son?
0:02:34 > 0:02:37# Riding along on my push-bike, honey
0:02:37 > 0:02:40# When I noticed you... #
0:02:40 > 0:02:43So, what have we got? OK, a little entrance area here.
0:02:43 > 0:02:46Front living room there, looks to be in reasonable condition.
0:02:46 > 0:02:49Stairs up to your bedroom is in the middle of the property
0:02:49 > 0:02:51and then through to the rear of the house.
0:02:51 > 0:02:54It is a lovely room, actually, this is a real liveable space.
0:02:54 > 0:02:58A nice sort of lounge area here, the kitchen going off there.
0:02:58 > 0:03:00It's OK for the size of house.
0:03:00 > 0:03:02I love this little sun room here,
0:03:02 > 0:03:05and overall, this will be the heart of the house.
0:03:05 > 0:03:07Yes, good start.
0:03:08 > 0:03:11'So it's all looking pretty positive.
0:03:11 > 0:03:14'That guide price of £50,000 plus
0:03:14 > 0:03:17'is also looking pretty good about now.'
0:03:22 > 0:03:26So, upstairs, as you might have expected, your three bedrooms.
0:03:26 > 0:03:29A really nice-sized one to the front,
0:03:29 > 0:03:31tiny sort of odd-shaped one there
0:03:31 > 0:03:34and then, a half-decent single to the back there.
0:03:34 > 0:03:37Bathroom and loo exactly where you'd hope it would be.
0:03:37 > 0:03:40But you know what? All that is completely irrelevant.
0:03:40 > 0:03:44Why? Because you come up here on to this landing
0:03:44 > 0:03:48and it's like you've walked into one of those houses they have in fairgrounds
0:03:48 > 0:03:51where everything is on a bit of a strange angle.
0:03:51 > 0:03:55It's sloping this way, if you look up there, it's sloping that way.
0:03:55 > 0:03:57We've got a crack there.
0:03:58 > 0:04:01This house has got some serious problems.
0:04:03 > 0:04:06# Run to the hills
0:04:09 > 0:04:12# Run for your life... #
0:04:14 > 0:04:16Somebody spoke too soon.
0:04:16 > 0:04:20If I saw this before an auction I might not quite be
0:04:20 > 0:04:23running for the hills, but I'd be getting it thoroughly inspected
0:04:23 > 0:04:25before parting with any cash.
0:04:25 > 0:04:28Let's go and see if we can find the cause.
0:04:30 > 0:04:33So, a bit of detective work required.
0:04:33 > 0:04:34What am I looking for?
0:04:34 > 0:04:39Any obvious signs of something that could have caused that problem.
0:04:40 > 0:04:43And, it looks to me like it's in this corner. OK.
0:04:43 > 0:04:46Let's start piecing something together here.
0:04:46 > 0:04:49Look at this bit of wall. Can you see these little veins on here?
0:04:49 > 0:04:52That is the remains of some kind of climbing plant.
0:04:52 > 0:04:55In fact, if you go down here, here is the root of the plant.
0:04:55 > 0:04:58That looks to me like it is fairly substantial
0:04:58 > 0:05:02and look how close it is to the wall of the house.
0:05:02 > 0:05:06Those roots would have been going down into, underneath,
0:05:06 > 0:05:08through, perhaps, the foundations.
0:05:08 > 0:05:12It probably wouldn't break through the concrete, but what happens
0:05:12 > 0:05:15if it's a really long spell of dry weather is,
0:05:15 > 0:05:17it sucks all the moisture out the ground and then
0:05:17 > 0:05:22the ground shrinks, and as a result, the property starts to go down.
0:05:24 > 0:05:26Such a simple thing.
0:05:26 > 0:05:29'I know a lovely old climber can add character
0:05:29 > 0:05:34'but do ask your surveyor to take a look and get a professional opinion.
0:05:34 > 0:05:37'When it comes to trees, oak, willow and poplar
0:05:37 > 0:05:38'can be the most troublesome.
0:05:38 > 0:05:41'But of course, there can be other causes to look out for
0:05:41 > 0:05:43'such as broken drains.
0:05:43 > 0:05:46'Time to check out the back garden.'
0:05:47 > 0:05:50Well, at the back of the property, this single-storey extension
0:05:50 > 0:05:54and again, look at this, another huge tree so close
0:05:54 > 0:05:59to the property itself, or certainly the extension.
0:05:59 > 0:06:01That's really not good, that needs to go.
0:06:01 > 0:06:04More tree stumps here.
0:06:04 > 0:06:08Having said that, the garden itself is really pleasant.
0:06:09 > 0:06:14Really, these trees are a blessing and an absolute horror.
0:06:14 > 0:06:15Too close to the house - bad.
0:06:15 > 0:06:18In the garden - lovely.
0:06:19 > 0:06:22So, I found this house a bit of a mixed bag.
0:06:22 > 0:06:26Could this be a potential lovely family home with a tempting
0:06:26 > 0:06:28guide price of £50,000 plus?
0:06:28 > 0:06:32Or a property that needs considerable structural work?
0:06:32 > 0:06:34Right now, I'm not too sure
0:06:34 > 0:06:37so maybe it's time we asked along a property expert
0:06:37 > 0:06:40from the auction house that sold it to see what he has to say.
0:06:42 > 0:06:47First impressions of the property are that it's a nice semidetached.
0:06:48 > 0:06:51There's extended accommodation on the ground floor
0:06:51 > 0:06:53which makes it ideal for family use.
0:06:53 > 0:06:57Well, we're agreed on first impressions but what about that movement issue?
0:06:57 > 0:07:01There is signs of some movement to the property
0:07:01 > 0:07:05so they are going to have to have a structural engineer's report
0:07:05 > 0:07:09and, obviously, if there are any issues contained within that,
0:07:09 > 0:07:12they will have to pay whatever the rate is for it.
0:07:12 > 0:07:16That's a pretty penny but this house is guided at £50,000 plus
0:07:16 > 0:07:20so, bearing in mind there could be expensive repairs,
0:07:20 > 0:07:22what could this house be worth?
0:07:23 > 0:07:27Once the house is finished and all the issues are taken care of
0:07:27 > 0:07:31I would imagine that you would achieve in the region
0:07:31 > 0:07:34of £150,000 - £160,000.
0:07:36 > 0:07:38So, on the face of it, a great little property
0:07:38 > 0:07:41and a very attractive guide price.
0:07:41 > 0:07:44But, as ever, if it seems too good to be true it usually is.
0:07:44 > 0:07:47A few subsidence issues here.
0:07:47 > 0:07:50Let's see who bought it, nevertheless,
0:07:50 > 0:07:52when it went under the hammer.
0:07:52 > 0:07:55Lot 62, our next lot.
0:07:55 > 0:07:58Attractive-looking property. Who'll bid me, then?
0:07:58 > 0:08:00Start me if you will, lot 62.
0:08:01 > 0:08:04Where are we? 50. At 50,000 I'm bid, and thank you.
0:08:04 > 0:08:07Is that 60, sir? 60. 70?
0:08:08 > 0:08:1070, thank you, sir, 70.
0:08:10 > 0:08:12I've got him first, sir. Would you go 80 for me?
0:08:12 > 0:08:14At 80. 90, is it now?
0:08:15 > 0:08:18Is that 90, sir? 90. Thank you. Is it 100 now?
0:08:20 > 0:08:25At £90,000 then. Is that 100, sir? 95.
0:08:25 > 0:08:28At 95,000. Do I have 100 anywhere?
0:08:28 > 0:08:31New bid at 100. Thank you, madam, at 100.
0:08:31 > 0:08:32105?
0:08:32 > 0:08:34105, sir. 110?
0:08:35 > 0:08:38110. Who's first to 115?
0:08:38 > 0:08:40115.
0:08:40 > 0:08:42115. Is it 120?
0:08:42 > 0:08:45No? At 115.
0:08:45 > 0:08:47Are we all done?
0:08:47 > 0:08:50Your bid, sir, 922.
0:08:50 > 0:08:52First time to you, sir.
0:08:52 > 0:08:54Second time, number 922.
0:08:54 > 0:08:55Third and last time.
0:08:57 > 0:08:59Sold. That's yours, sir. Congratulations. Well done.
0:08:59 > 0:09:02Well, that guide price didn't last long.
0:09:02 > 0:09:06That determined bidding came from the father of the new owner,
0:09:06 > 0:09:1121-year-old Sam, who bought the property for £115,000.
0:09:11 > 0:09:16Sam runs his own events security business and was inspired to
0:09:16 > 0:09:20start in property by his dad who's been developing for over 20 years.
0:09:20 > 0:09:23Will this investment prove to be a safe one?
0:09:23 > 0:09:26- Sam, good to meet you.- And you, mate.- Congratulations.- Thanks.
0:09:26 > 0:09:29Tell me why you wanted to buy this place?
0:09:29 > 0:09:30Well, just an investment really.
0:09:30 > 0:09:34- Went to auction, fancied it and bought it.- Right, as easy as that?
0:09:34 > 0:09:37- Yep.- Were you looking for a property specifically like this
0:09:37 > 0:09:39or this particular property?
0:09:39 > 0:09:42No, me and my dad went to auction and saw a cheap house
0:09:42 > 0:09:44in Wolverhampton which is where we're from.
0:09:44 > 0:09:48- It wasn't planned to buy these two...- Right.- ..just a day out.- Two?
0:09:48 > 0:09:51- Yes.- You bought two? - Yes.- On a day out?- Yes.
0:09:52 > 0:09:56- Had you been to visit them beforehand?- No.- No? Why?
0:09:56 > 0:10:00Didn't get time. Just one of those things, just bought them.
0:10:00 > 0:10:04# Fools rush in where angels fear to tread... #
0:10:06 > 0:10:09Now, of course, we are not saying Sam is being foolish
0:10:09 > 0:10:12but can you tell I'm a little bit nervous about this?
0:10:12 > 0:10:14Sam has bought two properties without viewing,
0:10:14 > 0:10:18potentially opening himself up to a world of pain.
0:10:18 > 0:10:21I really hope he knows what he's doing.
0:10:21 > 0:10:23So what did you think when you walked in?
0:10:23 > 0:10:27It weren't too bad. I thought it would be a lot worse than it was.
0:10:27 > 0:10:31It looks pretty clean to me. Nothing major so it isn't a bad buy.
0:10:31 > 0:10:34- Is this the sort of thing you do a lot of?- No. Not really,
0:10:34 > 0:10:36Not without checking them out properly first.
0:10:36 > 0:10:41- This is a little gamble.- Right. Do you think it's going to pay off? - I hope so.
0:10:41 > 0:10:46- Not advisable, though, is it?- No. Not at all. I wouldn't do it again.
0:10:46 > 0:10:49Why this house? It must have been something at the auction that attracted you.
0:10:49 > 0:10:51Seemed pretty cheap for the area.
0:10:51 > 0:10:55- I thought, "Give it a go."- Tell me what you're going to do to it.
0:10:55 > 0:10:58Hopefully, refurb. New kitchen, new bathroom, strip the wallpapers off,
0:10:58 > 0:11:01if it needs re-plastering, re-plaster it,
0:11:01 > 0:11:04and paint up, new carpets, new wooden floor.
0:11:04 > 0:11:07Do the gardens up, hopefully ready to sell.
0:11:07 > 0:11:12# Don't speak, I know what you're thinking
0:11:12 > 0:11:14# And I don't need your reasons
0:11:14 > 0:11:17# Don't tell me cos it hurts... #
0:11:17 > 0:11:22Yes, he's a man of few words, Sam, but I'm still worried that
0:11:22 > 0:11:25none of those words seemed to have mentioned the subsidence.
0:11:25 > 0:11:27Has he spotted it?
0:11:27 > 0:11:29When we bought the property we didn't know about it.
0:11:29 > 0:11:33When we did come to see it we saw the subsidence at the front, got surveying done.
0:11:33 > 0:11:36They told us what the problem was, how much it'd cost to fix it
0:11:36 > 0:11:37and wasn't a big issue.
0:11:37 > 0:11:39Tell me what the problem was.
0:11:39 > 0:11:42Apparently, it's a root at the front which you can see
0:11:42 > 0:11:46outside now, it's right next to the house. That cracked the foundations.
0:11:46 > 0:11:48What are they going to have to do to sort it out?
0:11:48 > 0:11:51Dig the roots out, dig it down, underpin it
0:11:51 > 0:11:52and it should be good to go.
0:11:52 > 0:11:55What kind of costs have you been quoted for that?
0:11:55 > 0:11:57- About £2,000.- Not so bad really.
0:11:57 > 0:12:01'Phew, looks like Sam's been very lucky, that could have been a lot worse.
0:12:01 > 0:12:04'Sam plans to keep the layout as it is
0:12:04 > 0:12:07'and he's planning to do the work in just a month.'
0:12:09 > 0:12:11So, tell me what you're going to spend.
0:12:11 > 0:12:14About ten grand, I reckon, to do everything.
0:12:14 > 0:12:17- Including the subsidence? - Yeah, hopefully.- Great.
0:12:17 > 0:12:20- Who does the work?- Me and my dad. We try to, anyway.
0:12:20 > 0:12:23- You've got building experience? - Just a bit of DIY.
0:12:23 > 0:12:25You're not going to be doing the underpinning?
0:12:25 > 0:12:29- No, builders for that. - Not a job for a DIY enthusiast.
0:12:29 > 0:12:32- And then back to the auctions for another one?- Hopefully, yes.
0:12:32 > 0:12:36- If everything goes to plan.- If it doesn't sell?- Just rent it out.
0:12:36 > 0:12:39Can't sit on it and wait for it to sell.
0:12:39 > 0:12:42- Well, congratulations.- Thank you. - Good luck with it.
0:12:42 > 0:12:44- Look forward to seeing how you get on.- Thank you.
0:12:47 > 0:12:50So, Sam not seeing the property before he bought it.
0:12:50 > 0:12:54Still, it seems that resolving the major issues isn't going to
0:12:54 > 0:12:57be quite as expensive as I feared.
0:12:57 > 0:13:00However, you never know with building works.
0:13:00 > 0:13:03How will he get on? You can find out later in the show.
0:13:09 > 0:13:13Welcome to Hilton, situated just ten miles outside Derby.
0:13:15 > 0:13:19It's very popular, not just because of its easy commute to the city
0:13:19 > 0:13:22but since gravel production stopped here in 1945,
0:13:22 > 0:13:25the site of the facility has gradually turned into
0:13:25 > 0:13:28a picturesque nature reserve.
0:13:28 > 0:13:31This makes Hilton a very beautiful place to live.
0:13:33 > 0:13:36As I'm walking down this path towards the property I'm here to see,
0:13:36 > 0:13:40I just get the feeling I'm in a really nice family neighbourhood.
0:13:40 > 0:13:42Anyway, here it is.
0:13:42 > 0:13:44It is a three-storey, three-bed property
0:13:44 > 0:13:47with a guide price of around £125,000 plus.
0:13:49 > 0:13:52It's lovely on the outside, let's have a look on the inside.
0:13:56 > 0:13:59Nice, spacious hallway.
0:14:00 > 0:14:02Central heating I can see, which is a good start.
0:14:02 > 0:14:04Stairs up to the bedrooms.
0:14:04 > 0:14:07Into the kitchen, which is a decent size.
0:14:07 > 0:14:11It's in good nick as well, it looks like it's been looked after.
0:14:11 > 0:14:15This is a keeper for me, which is good for the budget.
0:14:16 > 0:14:17What else have we got?
0:14:17 > 0:14:20Down the hallway, in here we've got a downstairs toilet.
0:14:22 > 0:14:25We've got a bit of storage in there, and into the living room area
0:14:25 > 0:14:28which is a decent size.
0:14:28 > 0:14:31Nice feature fireplace, it would need a lick of paint just to
0:14:31 > 0:14:35brighten it up a bit, and maybe new carpets as well.
0:14:35 > 0:14:38But these double doors going out into the back garden I do like.
0:14:38 > 0:14:42Little bit overgrown but you can turn it around, no problem at all.
0:14:42 > 0:14:43A bit of decking as well.
0:14:43 > 0:14:46From what I've seen so far down here, I am liking.
0:14:46 > 0:14:47Let's have a look upstairs.
0:14:50 > 0:14:54A nice back garden, good-sized rooms, a toilet downstairs
0:14:54 > 0:14:58and there's even a playground literally a stone's throw away.
0:15:00 > 0:15:03To me, this place is crying out to be an excellent family home
0:15:03 > 0:15:05but let's not get ahead of ourselves.
0:15:05 > 0:15:08I've still two more floors to explore.
0:15:08 > 0:15:12OK, upstairs. What have we got up here?
0:15:12 > 0:15:17We have got a nice big bedroom with lots of light coming in just there.
0:15:17 > 0:15:19A double bed in there, no problem at all.
0:15:19 > 0:15:23The bathroom just here, with a shower over the bath as well
0:15:23 > 0:15:25in good condition.
0:15:25 > 0:15:29The whole thing about this house is, it's all well looked after.
0:15:29 > 0:15:33Into the second bedroom on this floor, it is a bit smaller,
0:15:33 > 0:15:36may be best used as a nursery or a child's bedroom.
0:15:36 > 0:15:38Let's have a look at the top of the house.
0:15:41 > 0:15:44Up to the top of the house and we've got the master bedroom.
0:15:44 > 0:15:48Nice big size, two big windows letting lots of light in.
0:15:48 > 0:15:50I do like that.
0:15:50 > 0:15:53Let's hope this is a bit of storage. It is.
0:15:53 > 0:15:56That is fitted wardrobes just there.
0:15:56 > 0:15:59And an en-suite as well with shower.
0:15:59 > 0:16:03Really nice space up here, definitely an adults' area.
0:16:03 > 0:16:06Kids downstairs, adults up here, a bit of privacy
0:16:06 > 0:16:08and no queue for the shower.
0:16:08 > 0:16:10Spot on.
0:16:10 > 0:16:14# O Fortuna... #
0:16:14 > 0:16:18Sometimes in property development things aren't always as they seem.
0:16:18 > 0:16:22Just when things were looking good and I thought this could be
0:16:22 > 0:16:26the perfect family home, I've found trouble.
0:16:26 > 0:16:29Music: O Fortuna by Carl Orff
0:16:30 > 0:16:33Not only would you have to repaint this house,
0:16:33 > 0:16:35I've seen another problem.
0:16:35 > 0:16:38You might have replace a few spindles as well.
0:16:38 > 0:16:41I know I'm clutching at straws but that's all I can find.
0:16:41 > 0:16:43# I'm spinning around
0:16:43 > 0:16:46# Move out of my way
0:16:46 > 0:16:50# I know you're feeling me because you like it like this... #
0:16:50 > 0:16:53OK, so maybe I was being a little bit dramatic.
0:16:53 > 0:16:56Assuming you can deal with those rogue spindles,
0:16:56 > 0:17:00I really don't see too much wrong with this place.
0:17:00 > 0:17:02# I know you like it like this... #
0:17:02 > 0:17:04What does a local property expert think?
0:17:04 > 0:17:06We've asked one along to find out.
0:17:06 > 0:17:10Generally, the property needs a good lick of plaint, new flooring,
0:17:10 > 0:17:14tidy up outside and it should be ready for the open market.
0:17:14 > 0:17:16But as this needs very little work,
0:17:16 > 0:17:20is there any opportunity to add value and make a profit?
0:17:20 > 0:17:26Overall, I feel the improvements really should be done within £2,000.
0:17:26 > 0:17:29If I were to place the property on the open market I'd recommend
0:17:29 > 0:17:32an asking price of £159,000.
0:17:32 > 0:17:36Some potential, then. What about the rental valuation?
0:17:36 > 0:17:39I feel it would likely achieve £700 per calendar month.
0:17:41 > 0:17:45I've got to say, this house has the potential to be the easiest
0:17:45 > 0:17:48and quickest turnaround I've come across so far.
0:17:48 > 0:17:51The kitchen is intact, the bathrooms are intact,
0:17:51 > 0:17:54yes, you would have to spend a bit of money on paint, but you might
0:17:54 > 0:17:57be able to save a bit of money if you can resurrect those carpets.
0:17:57 > 0:18:00Let's see who spotted it when it went under the hammer.
0:18:01 > 0:18:03Lot number 45.
0:18:03 > 0:18:07A modern three-storey, three-bedroom townhouse. Start me at 140.
0:18:07 > 0:18:09130,000.
0:18:09 > 0:18:13Who's got 125 to start me? 125.
0:18:13 > 0:18:1520? 120, I'll take as a start, thank you.
0:18:15 > 0:18:18At £120,000.
0:18:18 > 0:18:20120,000. 121?
0:18:20 > 0:18:24121? 121. 121,000.
0:18:24 > 0:18:26122 at the back. At 122.
0:18:26 > 0:18:30123 is bid. 123...
0:18:30 > 0:18:33This was one popular property and the bids came thick and fast.
0:18:33 > 0:18:36We rejoin the bidding at £130,000.
0:18:36 > 0:18:38130,000. 131.
0:18:38 > 0:18:42132. I'll take the half. 132,500.
0:18:42 > 0:18:44133 is bid.
0:18:44 > 0:18:47133,500. 134.
0:18:47 > 0:18:50134,500. 135.
0:18:50 > 0:18:52135,500?
0:18:53 > 0:18:58No. For £135,000 then, we're going to sell.
0:18:58 > 0:19:01For £135,000 once.
0:19:01 > 0:19:03Twice, third time.
0:19:03 > 0:19:05Sold at 135, thank you.
0:19:05 > 0:19:08The successful bidders were Steve
0:19:08 > 0:19:10and his slightly surprised-looking wife, Lisa.
0:19:15 > 0:19:18Steve works in IT and they both are local to Hilton.
0:19:18 > 0:19:24This £135,000 purchase marks their first attempt at property development.
0:19:24 > 0:19:27So, I met them back at the house to find out their plans.
0:19:30 > 0:19:33- Congratulations.- Thank you. - Same to you, Lisa. Well done.
0:19:33 > 0:19:35It's a little gem, isn't it?
0:19:35 > 0:19:38It's so nice, there's not a lot that needs doing to it.
0:19:38 > 0:19:41Is that what you were looking for? A property like that?
0:19:41 > 0:19:43Not initially.
0:19:43 > 0:19:48But because we live in the locality...
0:19:49 > 0:19:54..I thought I'd have a look and it turned out to be something good.
0:19:54 > 0:19:57- Is has, hasn't it?- Yes. - You've done well.
0:19:57 > 0:20:00I didn't actually view the property until last night,
0:20:00 > 0:20:03- I didn't see it until last night. - So who viewed it then?- Lisa.
0:20:03 > 0:20:05- Just you on your own, Lisa?- Yes.
0:20:05 > 0:20:08So, you actually stuck to the Hammer rules, but you didn't.
0:20:08 > 0:20:10No, not at all, you know? Did a lot of research.
0:20:10 > 0:20:12The one thing I didn't do was come round and have a look,
0:20:12 > 0:20:15but Lisa took plenty of photographs, so I just had a look at those
0:20:15 > 0:20:17and went, "If you're happy, I'm happy."
0:20:17 > 0:20:20So, once you found it, how was the auction for you?
0:20:20 > 0:20:23- It wasn't the first auction we've been to.- OK.
0:20:23 > 0:20:25We've been to three, four auctions before,
0:20:25 > 0:20:28so we've bid on property, not won the properties,
0:20:28 > 0:20:30but this one, because it was in the village,
0:20:30 > 0:20:33Lisa said it's ideal, so we went for it.
0:20:33 > 0:20:35- The top limit we set at 135. - Yes. OK.
0:20:35 > 0:20:37We said, "Any more than 135, we are out of it,"
0:20:37 > 0:20:39just as we did with other properties.
0:20:39 > 0:20:42So I did the bidding.
0:20:42 > 0:20:45Unknown to Lisa, I was still bidding when she thought we'd lost it.
0:20:45 > 0:20:46- Really?- Yeah.
0:20:46 > 0:20:49Where had you gone? Were you by the side of Steve...?
0:20:49 > 0:20:53- I was... I was by the side of him, but in my handbag.- Yes.
0:20:53 > 0:20:55It's all right, little signals, like that.
0:20:55 > 0:20:57- I was giving the old head. - Really?- Yes.
0:20:57 > 0:20:59Lisa heard the bidding going up,
0:20:59 > 0:21:00but didn't realise it was me bidding,
0:21:00 > 0:21:03so it was a case of, "What? We've won?" at the end,
0:21:03 > 0:21:04with a strange look on her face.
0:21:04 > 0:21:07# If you really love me, baby
0:21:07 > 0:21:09# Nod your head... #
0:21:11 > 0:21:13Well, I think this must have come as a pretty pleasant surprise,
0:21:13 > 0:21:16as I think they are onto a winner with this one,
0:21:16 > 0:21:20especially as they kept to their budget of £135,000.
0:21:20 > 0:21:24So, what do they intend to do with this property?
0:21:24 > 0:21:25My first impressions,
0:21:25 > 0:21:28it looks like it just needs painting throughout, top to bottom.
0:21:28 > 0:21:32Um... There is a little bit of cat damage on some of the spindles.
0:21:32 > 0:21:37- Yeah.- Maybe fill them, replace them. Apart from that...not a great deal.
0:21:37 > 0:21:38- A bit of work in the garden. - Back garden.
0:21:38 > 0:21:41Kitchen looks pretty good. We even found a dishwasher last night.
0:21:41 > 0:21:42DION LAUGHS
0:21:42 > 0:21:46- Just cropped up?- Yeah. We just didn't realise it was there.
0:21:46 > 0:21:50When you were looking for property, were you looking for something
0:21:50 > 0:21:53like this to rent out or to sell on straight away?
0:21:53 > 0:21:55What kind of properties were you looking for?
0:21:55 > 0:21:57To sell on, straight away -
0:21:57 > 0:22:04initially, it was something that would need a lot of work doing,
0:22:04 > 0:22:10but as I say, this one...just...just appeared,
0:22:10 > 0:22:14and I think, hopefully, it should be for the best.
0:22:14 > 0:22:16- I think you did a good job.- Yeah.
0:22:16 > 0:22:20I couldn't agree more - I think Lisa has found an ideal property
0:22:20 > 0:22:22for a first development.
0:22:22 > 0:22:24It's local, so they can access it easily,
0:22:24 > 0:22:27and they know the housing market round here.
0:22:27 > 0:22:30There's also not too much work to be done.
0:22:30 > 0:22:34What made Lisa want to invest in property in the first place?
0:22:34 > 0:22:35I had some money in the bank.
0:22:35 > 0:22:38- You like to be busy, don't you?- Yes. - That's one thing, so...
0:22:38 > 0:22:41I'm in between jobs at the moment, so...
0:22:41 > 0:22:44Rather than go back to full-time work,
0:22:44 > 0:22:47have a go at this as a full-time project.
0:22:47 > 0:22:49Yeah, that's it.
0:22:49 > 0:22:51But this, two to three weeks, could be it, hopefully.
0:22:51 > 0:22:54- Would that be your timescale, then? Two to...?- Yeah.
0:22:54 > 0:22:55Two- to three-week turnaround?
0:22:55 > 0:22:58Well, between us, we've got a few teenage lads
0:22:58 > 0:23:00that can give us a hand.
0:23:00 > 0:23:03I've got two boys from my first marriage,
0:23:03 > 0:23:05and Lisa has got three.
0:23:05 > 0:23:08Harrison, Harry, George, Daniel...
0:23:08 > 0:23:09- Joe.- ..and Joe.
0:23:09 > 0:23:11THEY LAUGH I want you to name check them,
0:23:11 > 0:23:14so they can't get out of not doing any work and not helping out.
0:23:14 > 0:23:16- True, that's a good idea, yeah! - What will they do?
0:23:16 > 0:23:18What will they come and do for you?
0:23:18 > 0:23:20Uh... I think they can be helping us...
0:23:20 > 0:23:22There's not a lot of work to do in the garden,
0:23:22 > 0:23:24so I'm sure they can help out in there, painting...
0:23:24 > 0:23:27We'll find them something to do. There will be something for them...
0:23:27 > 0:23:30It'll be handy, won't it, really? Just have bodies round.
0:23:30 > 0:23:32They've all volunteered, in all fairness, though.
0:23:32 > 0:23:37I'm sure... They'll do a couple of hours each,
0:23:37 > 0:23:39and that's all that we ask.
0:23:39 > 0:23:41# Can't get out of bed... #
0:23:43 > 0:23:45Now I'm just being mean.
0:23:45 > 0:23:47I'm sure the boys will be up and at 'em,
0:23:47 > 0:23:50and hopefully, their help with the labouring
0:23:50 > 0:23:53will allow Steven and Lisa to keep their budget to a grand.
0:23:57 > 0:24:01This is Lisa and Steve's first venture into the property world.
0:24:01 > 0:24:03I think Lisa has found a little gem.
0:24:03 > 0:24:05There's hardly anything that needs to be done.
0:24:05 > 0:24:07They have given themselves a £1,000 budget,
0:24:07 > 0:24:09but who is going to do all the work?
0:24:09 > 0:24:13Will it be Lisa or will she actually get those five sons out their bed,
0:24:13 > 0:24:15getting their hands dirty?
0:24:15 > 0:24:18You can find out how they get on later on in the programme.
0:24:19 > 0:24:21Still to come, the layout of this flat in Middlesex
0:24:21 > 0:24:24is frying my brain.
0:24:24 > 0:24:27But, from the kitchen, you walk straight into a bedroom.
0:24:27 > 0:24:28I've never seen that before.
0:24:31 > 0:24:34And was trouble brewing in Derby for Lisa and Steve?
0:24:35 > 0:24:38The refurb wasn't quite as straightforward as we thought.
0:24:44 > 0:24:46Welcome back to Wolverhampton,
0:24:46 > 0:24:48where I was looking at this three-bed semi
0:24:48 > 0:24:53with a very attractive guide price of £50,000 plus.
0:24:53 > 0:24:56Downstairs had some really good-sized rooms,
0:24:56 > 0:24:59as well as a large back garden.
0:24:59 > 0:25:02But upstairs... Well, there was evidence of a real problem.
0:25:04 > 0:25:05It's sloping this way.
0:25:05 > 0:25:08If you look up there, it's sloping that way.
0:25:08 > 0:25:10We've got a crack there.
0:25:10 > 0:25:11MARTIN SIGHS
0:25:11 > 0:25:15This house...has got some serious problems.
0:25:15 > 0:25:18# Red alert, red alert It's a catastrophe
0:25:19 > 0:25:21# But don't worry
0:25:21 > 0:25:23# Don't panic... #
0:25:23 > 0:25:26Yes, my alarm bells were ringing
0:25:26 > 0:25:29and I thought either this plant at the front
0:25:29 > 0:25:31or this tree at the rear
0:25:31 > 0:25:34could be causing problems with the foundations.
0:25:34 > 0:25:36It didn't seem to put off new owner Sam, though,
0:25:36 > 0:25:40who had bought the property for £115,000 -
0:25:40 > 0:25:42over double the guide price.
0:25:42 > 0:25:45But maybe that was because he hadn't seen the property
0:25:45 > 0:25:49before he bought it. Oh, dear.
0:25:49 > 0:25:51- Is this the sort of thing you do a lot?- Not really.
0:25:51 > 0:25:54- Normally I check them out properly first. - MARTIN LAUGHS
0:25:54 > 0:25:56This is, you know, a little gamble.
0:25:56 > 0:25:59# You got to know when to hold 'em
0:25:59 > 0:26:02# Know when to fold 'em
0:26:02 > 0:26:05# Know when to walk away
0:26:05 > 0:26:07# And know when to run... #
0:26:07 > 0:26:10Sam had given himself a budget of £10,000
0:26:10 > 0:26:13and hoped he could get the house turned around in a month
0:26:13 > 0:26:15and get it back on the market to sell.
0:26:15 > 0:26:18Had he played his hand well?
0:26:23 > 0:26:25Well, seven months later,
0:26:25 > 0:26:29it's time we returned to Wolverhampton to find out.
0:26:40 > 0:26:41What a difference!
0:26:41 > 0:26:44From the newly painted exterior and front garden,
0:26:44 > 0:26:47now suitable for parking,
0:26:47 > 0:26:50to the freshly skimmed and painted walls,
0:26:50 > 0:26:54Sam has done a great job revitalising this dated house.
0:26:54 > 0:26:56But before he could do any of that,
0:26:56 > 0:27:00there was a certain structural issue he had to deal with.
0:27:00 > 0:27:02How did he get on sorting the subsidence?
0:27:02 > 0:27:05Well, we started off with the underpinning of the house.
0:27:05 > 0:27:09It was meant to be a small job, just one corner at the front.
0:27:09 > 0:27:11Ended up being the whole side of the house.
0:27:11 > 0:27:14We had a burst pipe under the garage,
0:27:14 > 0:27:17which caused the subsidence of the house.
0:27:17 > 0:27:19It was a bit of a heartache when we found out,
0:27:19 > 0:27:21but have to get on with it, don't you?
0:27:21 > 0:27:22You can't be taken down by it.
0:27:22 > 0:27:26# Ain't no stopping us now
0:27:26 > 0:27:28# We're on the move... #
0:27:28 > 0:27:31So the movement here was caused by a triple whammy -
0:27:31 > 0:27:34the plant roots, a burst pipe,
0:27:34 > 0:27:37and the tree roots at the back I was so worried about.
0:27:37 > 0:27:40However, having sorted the subsidence,
0:27:40 > 0:27:45Sam decided that the garage could be put to much better use.
0:27:46 > 0:27:48Originally, this was the garage.
0:27:48 > 0:27:52We opened up a walkway into the living room.
0:27:52 > 0:27:54We had a bedroom-study on this side
0:27:54 > 0:27:56and made a little shower room to the left.
0:27:56 > 0:27:58It was too small to bring a car into the garage,
0:27:58 > 0:28:01so to utilise the area, we made it into this.
0:28:01 > 0:28:05It should be beneficial to someone working from home,
0:28:05 > 0:28:06kids that need a play area
0:28:06 > 0:28:08or someone who needs a bedroom downstairs.
0:28:09 > 0:28:12Sam hadn't intended changing the layout,
0:28:12 > 0:28:15but I do think this is a much better use of the space,
0:28:15 > 0:28:20especially as there is still room to park a car at the front the building.
0:28:20 > 0:28:23But with the structural work, the decoration and also hidden work,
0:28:23 > 0:28:25like a complete rewiring of the property,
0:28:25 > 0:28:29I assume it took a little longer than his prediction of a month.
0:28:31 > 0:28:34From start to finish, the house took us six weeks.
0:28:34 > 0:28:36But...we were meant to start it last year,
0:28:36 > 0:28:41but we got busy with other projects which took longer than expected.
0:28:41 > 0:28:43Bought another business in-between,
0:28:43 > 0:28:45which took a lot of time, as I was setting up.
0:28:45 > 0:28:47So this house had to wait.
0:28:47 > 0:28:50Wow - it seems there really ain't no stopping Sam.
0:28:50 > 0:28:54He has bought another business while this project was going on
0:28:54 > 0:28:57and, although that caused a delay in starting the work,
0:28:57 > 0:29:00completing it all took six weeks.
0:29:00 > 0:29:02That's pretty impressive.
0:29:02 > 0:29:06However, Sam and his dad did intend to do a lot of the work,
0:29:06 > 0:29:09but as they were so busy on this other job,
0:29:09 > 0:29:10they had to hire in builders.
0:29:10 > 0:29:15I take it that original £10,000 budget was well and truly altered.
0:29:18 > 0:29:21Ended up spending about £25,000 on house,
0:29:21 > 0:29:25but that's because we built an extra bedroom downstairs, the shower room.
0:29:25 > 0:29:28We did it to a higher standard than we first were going to,
0:29:28 > 0:29:30and the subsidence went from one corner
0:29:30 > 0:29:33to the whole side of the house, so it had to be done.
0:29:35 > 0:29:39I think all Sam's changes make this house look so much better,
0:29:39 > 0:29:41but what do two local estate agents
0:29:41 > 0:29:44think of the work?
0:29:44 > 0:29:46This is the second time I've visited the property.
0:29:46 > 0:29:49I think that the most value and demand for the property,
0:29:49 > 0:29:51from what he's done here,
0:29:51 > 0:29:54comes actually from this fourth bedroom on the ground floor,
0:29:54 > 0:30:00because he's opened up a much wider range of prospective purchasers
0:30:00 > 0:30:04than the standard house would have attracted.
0:30:04 > 0:30:07Fourth bedroom is a very versatile bedroom.
0:30:07 > 0:30:10It can be used as a study, playroom,
0:30:10 > 0:30:13or if someone wanted to work from home, they could use it.
0:30:14 > 0:30:16So, it certainly has appeal,
0:30:16 > 0:30:19but having bought the property for £115,000,
0:30:19 > 0:30:22way over the £50,000 plus guide price,
0:30:22 > 0:30:26and now having spent £25,000 on the renovation,
0:30:26 > 0:30:29will all Sam's work be enough to make a profit?
0:30:29 > 0:30:31Let's get some figures.
0:30:34 > 0:30:40The property would fetch in the region of £175 - £180,000.
0:30:40 > 0:30:44I would market this property for the seller at £180,000.
0:30:44 > 0:30:47But if he were to rent it out on the current market,
0:30:47 > 0:30:51I feel that he would achieve something in the region
0:30:51 > 0:30:52of £650 per calendar month.
0:30:52 > 0:30:54A rental figure for this, I would say,
0:30:54 > 0:30:59would be £695 per calendar month.
0:30:59 > 0:31:02Sam always intended selling the property,
0:31:02 > 0:31:06so having spent a total of £140,000,
0:31:06 > 0:31:11those top figures would make him a potential profit of £40,000,
0:31:11 > 0:31:14minus the usual taxes and expenses.
0:31:14 > 0:31:17Whilst we'd never recommend it on Homes Under The Hammer,
0:31:17 > 0:31:20is this one gamble that has paid off for Sam?
0:31:22 > 0:31:24The gamble will pay off when it sells,
0:31:24 > 0:31:27but until then, it's still a gamble, isn't it?
0:31:33 > 0:31:36Welcome to Greenford in West London.
0:31:38 > 0:31:43In recent years, Greenford has benefited from the ripple effect
0:31:43 > 0:31:47spreading out from its more expensive neighbour Ealing.
0:31:47 > 0:31:49You definitely get more for your money round here.
0:31:49 > 0:31:51You can get a terraced house in this area
0:31:51 > 0:31:54for the price of a two-bed flat in Ealing.
0:31:56 > 0:32:00Yes, it'd be easy to miss Greenford, but you do so at your own cost.
0:32:00 > 0:32:03With wide, leafy streets, its own shopping centre
0:32:03 > 0:32:05and a 20-minute journey to Oxford Circus
0:32:05 > 0:32:07via the local train line,
0:32:07 > 0:32:10there is lots to like about this dear green place.
0:32:11 > 0:32:13# Cos I missed you
0:32:15 > 0:32:20# Yeah, I missed you... #
0:32:20 > 0:32:24Well, the property I am here to see is actually a flat.
0:32:24 > 0:32:27It is on the ground floor, just here, of this mid-terrace.
0:32:27 > 0:32:28It has got two bedrooms
0:32:28 > 0:32:34and it went to auction with a guide price of £130,000.
0:32:40 > 0:32:43So, in the auction catalogue, this is down as a flat,
0:32:43 > 0:32:46but it's actually a maisonette, because it has its own front door,
0:32:46 > 0:32:48which I think is a real bonus.
0:32:48 > 0:32:50I love to have your own front door -
0:32:50 > 0:32:53it is good to be independent from other people coming and going.
0:32:53 > 0:32:56Very dated in here, as you can see -
0:32:56 > 0:32:59you've got lots of textured wallpaper, a storage heater...
0:32:59 > 0:33:03It's not ideal, you might need to install gas central heating.
0:33:03 > 0:33:06A really lovely, big bedroom to the front.
0:33:06 > 0:33:09A rather green and very dated bathroom to the back here,
0:33:09 > 0:33:13and you know I mentioned textured wallpaper earlier?
0:33:13 > 0:33:16Well, my goodness... It's everywhere!
0:33:16 > 0:33:19Here, here, here... I mean, it's just all over,
0:33:19 > 0:33:22so that is something you will need to think about.
0:33:22 > 0:33:26Also, a bit of a '70s gas fire down here,
0:33:26 > 0:33:29but the room is a great size, it's a good shape,
0:33:29 > 0:33:31you can fit sofas along the walls...
0:33:31 > 0:33:32You can really turn this around
0:33:32 > 0:33:34and turn it into something really comfortable,
0:33:34 > 0:33:37so I do like the space that is offered.
0:33:37 > 0:33:40So, from the lounge, you've got the kitchen.
0:33:40 > 0:33:44Now, this is a great space. There is green, flowery tiles and...
0:33:44 > 0:33:46I think this is a wood-effect wallpaper,
0:33:46 > 0:33:49it almost like sticky-back plastic.
0:33:49 > 0:33:50I'm not sure that works -
0:33:50 > 0:33:53you might need to think about a full refurb here.
0:33:53 > 0:33:57But, from the kitchen, you walk straight into a bedroom!
0:33:57 > 0:33:58I've never seen that before.
0:33:58 > 0:34:01Kitchen into a bathroom, I've seen many a time,
0:34:01 > 0:34:03but not walking straight through your kitchen,
0:34:03 > 0:34:06with all the smells of eggs and bacon and whatever you're doing,
0:34:06 > 0:34:08straight into a bedroom.
0:34:08 > 0:34:10But I've racked my brains and there's not a lot you can do
0:34:10 > 0:34:12to change the layout here.
0:34:12 > 0:34:14You've also got little signs of damp on the ceiling,
0:34:14 > 0:34:16so I'd certainly get that looked at.
0:34:16 > 0:34:18So, not an ideal scenario.
0:34:20 > 0:34:23Moving outside and things start off well -
0:34:23 > 0:34:25there is off-street parking at the front,
0:34:25 > 0:34:27but round at the back of the property...well,
0:34:27 > 0:34:29there are more layout issues.
0:34:31 > 0:34:34So, with this ground-floor flat, you do get a garden.
0:34:34 > 0:34:36I think it needs a bit of a tidy.
0:34:36 > 0:34:38The bad news is you walk out of your front door
0:34:38 > 0:34:40onto somebody else's garden,
0:34:40 > 0:34:42because you don't actually own this side...
0:34:43 > 0:34:47It's this side that you own. But I do have a solution.
0:34:47 > 0:34:51If you want to have instant access out into your own strip of garden,
0:34:51 > 0:34:53I would change that window into French doors,
0:34:53 > 0:34:55allowing you to go from your lounge
0:34:55 > 0:34:57straight out into your patio area
0:34:57 > 0:35:00without having to cross over the neighbours' garden first.
0:35:00 > 0:35:02There you have it.
0:35:03 > 0:35:07However, the biggest problem with this flat isn't on the outside -
0:35:07 > 0:35:09and it's not on the inside, either.
0:35:09 > 0:35:13Nope - the biggest problem can be found in the legal pack.
0:35:13 > 0:35:16# You've got a problem
0:35:16 > 0:35:20# You'd better work it out for yourself... #
0:35:20 > 0:35:24Well, one big, fat negative with this property
0:35:24 > 0:35:26is the length of the lease.
0:35:26 > 0:35:30Now, it's one of the shortest I have ever come across on this programme,
0:35:30 > 0:35:32because there is just - wait for it -
0:35:32 > 0:35:3420 years left on this one.
0:35:34 > 0:35:36Now, with a lease as short as that, this property, well,
0:35:36 > 0:35:38it is pretty much unmortgageable
0:35:38 > 0:35:42and it means that you will be faced with a big old bill to extend it.
0:35:42 > 0:35:45Now, by law, you can apply to extend a lease
0:35:45 > 0:35:48after you've owned a property for two years,
0:35:48 > 0:35:50and the one bit of really good news
0:35:50 > 0:35:53is that there is a section 42 notice on this flat,
0:35:53 > 0:35:55meaning the previous owner
0:35:55 > 0:35:59has already started the legal process for a lease extension.
0:35:59 > 0:36:02# If you've got the money, honey
0:36:02 > 0:36:04# I've got the time
0:36:04 > 0:36:06# If you've got the money, honey
0:36:06 > 0:36:08# I've got the time... #
0:36:08 > 0:36:13Buying that extra time is still going to cost you some money,
0:36:13 > 0:36:16although at least the initial slog has been done.
0:36:16 > 0:36:18To instigate a section 42,
0:36:18 > 0:36:22you need to have a surveyor advise you on the sum you should pay
0:36:22 > 0:36:24and then your solicitor will serve notice.
0:36:24 > 0:36:27If, after a set period of time, no agreement is reached,
0:36:27 > 0:36:29then either side can apply
0:36:29 > 0:36:33to the Leasehold Valuation Tribunal for a ruling.
0:36:33 > 0:36:36Doesn't all that sound like fun, eh(?)
0:36:36 > 0:36:37Time to ask a local estate agent
0:36:37 > 0:36:39to give us her thoughts
0:36:39 > 0:36:41on what this time could cost in financial terms.
0:36:43 > 0:36:46A short lease, obviously, got to extend the lease
0:36:46 > 0:36:47and that can be very costly.
0:36:47 > 0:36:50You would need to seek a surveyor and a solicitor.
0:36:50 > 0:36:55It could cost in excess of £100,000, so not a cheap thing to do, really.
0:36:55 > 0:37:01That's almost as much as the £130,000 guide price.
0:37:01 > 0:37:04So what does she think the flat could be worth
0:37:04 > 0:37:07once the lease is extended and the flat has been renovated?
0:37:07 > 0:37:10When the property is refurbished and the lease extended, I think
0:37:10 > 0:37:13you could sell this for £270,000.
0:37:13 > 0:37:15And rental value?
0:37:15 > 0:37:18If this came on the rental market,
0:37:18 > 0:37:21it would rent for £1,300 per calendar month.
0:37:23 > 0:37:25Well, this is a very dated two-bed flat.
0:37:25 > 0:37:29It definitely needs an update and it's also got that incredibly
0:37:29 > 0:37:32short lease, just 20 years left to run.
0:37:32 > 0:37:33So who saw the positives
0:37:33 > 0:37:36and wasn't put off by the negatives with this flat?
0:37:36 > 0:37:38Let's find out who bid for it at the auction.
0:37:40 > 0:37:42We're going to move to lot eight, two-bed flat.
0:37:42 > 0:37:45Start at 140 on this one.
0:37:46 > 0:37:50140 on my right, straight off. 145 anywhere?
0:37:53 > 0:37:56145 with you. 145.
0:37:56 > 0:37:58150. 155, sir.
0:37:58 > 0:38:03155. 160. 165.
0:38:04 > 0:38:06161.
0:38:06 > 0:38:08162.
0:38:08 > 0:38:10165, yeah? 165.
0:38:10 > 0:38:12166.
0:38:12 > 0:38:17165, with you. 166 elsewhere?
0:38:17 > 0:38:21At 165, the gentleman on my left.
0:38:21 > 0:38:23166 elsewhere?
0:38:23 > 0:38:27It is back in. 166, 167.
0:38:27 > 0:38:30170. 171.
0:38:30 > 0:38:34You never know, that one might just do it. 171?
0:38:34 > 0:38:37If not, 170, first time.
0:38:37 > 0:38:40Second time.
0:38:40 > 0:38:42Third and last time, if you're done...
0:38:43 > 0:38:46Sold, 170, well bid.
0:38:46 > 0:38:50And that successful bid of £170,000 came from Mujeeb.
0:38:51 > 0:38:54Mujeeb's a taxi driver and also lets out a restaurant
0:38:54 > 0:38:58and though he has a little development experience,
0:38:58 > 0:39:00this is the first property he's bought at auction.
0:39:00 > 0:39:04I met up with him to find out more about his plans.
0:39:04 > 0:39:08- Mujeeb, congratulations.- Thank you. - Well done. Tell me your story.
0:39:08 > 0:39:12- Did you have your eye on this flat for a long time?- Not really.
0:39:12 > 0:39:17We were just working two doors away, the property we were renovating,
0:39:17 > 0:39:20and we saw this property came up on the market.
0:39:20 > 0:39:23We thought we'd go for it.
0:39:23 > 0:39:25- How much research did you do? - Nothing.
0:39:25 > 0:39:29We did try to come a couple of times but we didn't have the time right,
0:39:29 > 0:39:33the date was wrong and we couldn't look at the property from inside.
0:39:33 > 0:39:36Every time we came, we looked at the property from the outside
0:39:36 > 0:39:39and thought, next time we'll come and look at the property.
0:39:39 > 0:39:42So you didn't actually get a chance to view the property, which is not a good thing.
0:39:42 > 0:39:46Definitely. But we knew because we were working a few doors away,
0:39:46 > 0:39:47we knew, even if it would be in
0:39:47 > 0:39:50a worse condition, how much we would have to spend.
0:39:50 > 0:39:53Oh, no! That's not a good start.
0:39:53 > 0:39:57Always view the property if you can. At least Mujeeb knows
0:39:57 > 0:40:00the market around here, or knows the flats anyway.
0:40:00 > 0:40:03He'd read the legal pack and knew it had a short lease.
0:40:06 > 0:40:10There is one of the shortest leases I think I've ever
0:40:10 > 0:40:13- come across on this programme.- Yeah. - 20 years.- Yes, 20 years.
0:40:13 > 0:40:15So, what do you know about that
0:40:15 > 0:40:17and how much is it going to cost you to extend it?
0:40:17 > 0:40:20The biggest problem being this is the first time
0:40:20 > 0:40:22I am dealing with the lease.
0:40:22 > 0:40:25I did not know how much it is going to cost.
0:40:25 > 0:40:29We had a figure but the figure was going up a little bit.
0:40:29 > 0:40:33It's already being up to a figure of 40, which they didn't accept.
0:40:33 > 0:40:36I think from 40 to 50, we will get it.
0:40:36 > 0:40:39The previous owner was able to reach an agreement with
0:40:39 > 0:40:42the freeholder, hence the section 42.
0:40:42 > 0:40:45But Mujeeb is hopeful he can settle it.
0:40:45 > 0:40:48If he doesn't manage to do so,
0:40:48 > 0:40:52he will let the property rather than sell it, but let's not forget,
0:40:52 > 0:40:55while all this talk of lease extensions is going on,
0:40:55 > 0:40:58in the background there is still a flat to renovate.
0:41:01 > 0:41:02What are you going to do
0:41:02 > 0:41:05and how much money have you got to spend here, Mujeeb?
0:41:05 > 0:41:08We're not going to spend more than £10,000 on the property,
0:41:08 > 0:41:13- which I think is more than enough to get it done.- Really?!- Yes.- £10,000.
0:41:13 > 0:41:18New kitchen, new bathroom, flooring, wall coverings, really
0:41:18 > 0:41:21for £10,000? Are you going to do a lot of the work yourself?
0:41:21 > 0:41:24Yeah. Most of the work just cleaning up,
0:41:24 > 0:41:28most of the work will be local builders which I knew for a while.
0:41:28 > 0:41:31Something I've noticed is that your garden is over there
0:41:31 > 0:41:33and your flat door is over there
0:41:33 > 0:41:37so it means you've got to cross over the neighbour's garden to get to it.
0:41:37 > 0:41:39How are you going to get around that?
0:41:39 > 0:41:42Where the double window is, we want to make it into a patio.
0:41:42 > 0:41:47Then instead of going through the kitchen door, going into the garden,
0:41:47 > 0:41:53you just walk in from the living room to the patio and into the garden.
0:41:53 > 0:41:56So you want to put the French doors in this room,
0:41:56 > 0:41:59over there where the window currently is.
0:41:59 > 0:42:03- Is that inclusive in the £10,000? - Yes, all inclusive.- No way!- Yes.
0:42:03 > 0:42:07Do you sense I am a little sceptical, viewers?
0:42:07 > 0:42:10That seems an awful lot of work for ten grand.
0:42:10 > 0:42:15He has also set himself an ambitious timescale of eight to ten weeks.
0:42:15 > 0:42:17It's not like he has a lot of free time.
0:42:17 > 0:42:20Mujeeb is a very busy man.
0:42:20 > 0:42:23You have got your finger in so many pies.
0:42:23 > 0:42:26- You are busy man.- I am a busy man.
0:42:26 > 0:42:28I am not going to forget, I am a busy man.
0:42:28 > 0:42:32I have a few parrots and I love spending time with them.
0:42:32 > 0:42:35- You've got parrots? - I have got around 50 parrots.- 50?
0:42:35 > 0:42:38- Stop it!- Yes.- 50 parrots. How many kids?
0:42:38 > 0:42:41- Four kids.- Four kids. How many taxis?- One taxi.
0:42:41 > 0:42:45- How many properties?- One restaurant.
0:42:45 > 0:42:48- And?- Now I have this property.
0:42:48 > 0:42:51- And a lovely wife? - And a lovely wife. To look after me.
0:42:51 > 0:42:53- She looks after you. Somebody needs to.- Yes.
0:42:53 > 0:42:55- You've got a lot of people to look after.- Yes.
0:42:55 > 0:42:58- I really look forward to seeing the outcome. Congratulations.- Thank you.
0:42:58 > 0:43:02So Mujeeb is a busy man - four kids, one taxi,
0:43:02 > 0:43:06one restaurant and a very understanding wife.
0:43:06 > 0:43:08Oh, yeah, and 50 parrots!
0:43:08 > 0:43:11Will the lease extension land Mujeeb a big bill
0:43:11 > 0:43:15and ruffle his feathers? I can't wait to find out how he gets on.
0:43:15 > 0:43:18Join me later in the programme and you can find out.
0:43:21 > 0:43:25Well, we've seen how one of today's properties turned out.
0:43:25 > 0:43:28- What about the other two? - Have these projects gone to plan?
0:43:28 > 0:43:30I think it's time to find out.
0:43:33 > 0:43:36Welcome back to Hilton, just ten miles outside Derby, where I've
0:43:36 > 0:43:39come to look at this rather appealing three-bed house.
0:43:39 > 0:43:44Set over three floors with a lovely park nearby.
0:43:44 > 0:43:48You seem to get a lot for the £125,000 plus guide price.
0:43:48 > 0:43:52The living areas are a good size.
0:43:52 > 0:43:55There is a bathroom on the ground floor and the first floor.
0:43:55 > 0:43:57The bedrooms are bright
0:43:57 > 0:44:00and the master bedroom on the top floor even had an en-suite.
0:44:00 > 0:44:02So, what was the catch?
0:44:02 > 0:44:05# What you get is what you see
0:44:05 > 0:44:08# Ain't nothing more to it... #
0:44:08 > 0:44:11Yes, I genuinely couldn't find a catch.
0:44:11 > 0:44:15Apart from a lick of paint and new carpet here and there,
0:44:15 > 0:44:16this was in great nick
0:44:16 > 0:44:20and that's exactly what attracted husband-and-wife team Steve and Lisa
0:44:20 > 0:44:23to buy this for their first development.
0:44:23 > 0:44:26I think they got themselves a bit of a bargain when they paid
0:44:26 > 0:44:32£135,000 at auction, but it seemed to come as a bit of a surprise to Lisa.
0:44:32 > 0:44:35So I did the bidding.
0:44:35 > 0:44:38Unknown to Lisa, I was still bidding when she thought we had lost it.
0:44:38 > 0:44:43- Really?- I was by the side of him but in my handbag.- Were you really?
0:44:43 > 0:44:48- Yes.- Lisa heard the bidding go up but didn't realise it was me bidding.
0:44:48 > 0:44:52So it was a case of, "What, we've won?" at the end, with a strange look on her face.
0:44:52 > 0:44:54# What's going on?
0:44:54 > 0:44:56# What's going on...? #
0:44:59 > 0:45:03The couple hope to complete any work needed in two to three weeks
0:45:03 > 0:45:05with a budget of £1,000.
0:45:05 > 0:45:09They have five teenage sons as a "volunteer" workforce.
0:45:09 > 0:45:12Would everything go as smoothly as planned?
0:45:14 > 0:45:18Five weeks later and we have returned to Hilton
0:45:18 > 0:45:21to see how Lisa and Steve got on.
0:45:24 > 0:45:27MUSIC: 19-2000 by Gorillaz
0:45:27 > 0:45:30# Get the cool
0:45:30 > 0:45:33# Get the cool shoeshine
0:45:33 > 0:45:35# Get the cool
0:45:35 > 0:45:37# Get the cool shoeshine
0:45:37 > 0:45:39# Get the cool... #
0:45:39 > 0:45:42Well, the house is still looking great.
0:45:42 > 0:45:46So I think you can safely assume it was a quick lick of paint
0:45:46 > 0:45:48and that was that.
0:45:48 > 0:45:49No?
0:45:49 > 0:45:52The refurb wasn't quite as straightforward as we thought.
0:45:52 > 0:45:54As it turned out, the carpets weren't
0:45:54 > 0:45:58quite as clean as I thought they were.
0:45:58 > 0:46:01So we decided just to rip them up and start again.
0:46:01 > 0:46:06OK. So, paint and carpets, still easy-peasy.
0:46:06 > 0:46:09Let's get some values from an estate...
0:46:09 > 0:46:11Hang on. I think there is more.
0:46:13 > 0:46:16One of the most unexpected things was the boiler.
0:46:16 > 0:46:18I presumed when we bought the property the boiler was working
0:46:18 > 0:46:21but it turned out that it wasn't and hadn't been
0:46:21 > 0:46:24working for about seven years. All it required was a new pump.
0:46:24 > 0:46:26Originally I tried to repair the pump
0:46:26 > 0:46:29because I've got a workshop at home. Tried to rebush it.
0:46:29 > 0:46:32It didn't work. Ended up buying a new one.
0:46:32 > 0:46:35In the end it probably took me three to four hours
0:46:35 > 0:46:37and cost me around about £90 to fix.
0:46:37 > 0:46:40So in the end, it wasn't such a major issue after all.
0:46:40 > 0:46:42But if we had had to replace that, then we could have been
0:46:42 > 0:46:48looking at potentially £1,000-£1,500 on top of what we had already spent.
0:46:48 > 0:46:51Right, paint, carpets and the boiler. Sorted.
0:46:51 > 0:46:54Honestly, I thought this was supposed to be easy.
0:46:54 > 0:46:57Next you will be telling me those spindles were tricky.
0:46:58 > 0:47:01I had a little bit of a problem matching them in
0:47:01 > 0:47:03because the house is 12 years old
0:47:03 > 0:47:07so it was finding some spindles to match with the existing ones.
0:47:07 > 0:47:13So after spending two days driving around I came across 18 in a local
0:47:13 > 0:47:16joiner's workshop and they were nearly perfect.
0:47:16 > 0:47:18They're not far off, you wouldn't notice.
0:47:18 > 0:47:21It took me three hours to change them, so all in all,
0:47:21 > 0:47:22it worked out quite well.
0:47:22 > 0:47:24# It's tricky
0:47:24 > 0:47:28# Tricky, tricky, tricky, tricky Huh! #
0:47:28 > 0:47:30I couldn't have put it better myself.
0:47:30 > 0:47:35It goes to show that even those properties that look straightforward
0:47:35 > 0:47:37can have hidden problems.
0:47:37 > 0:47:41Thankfully, Lisa and Steve had their team of labourers to help them out,
0:47:41 > 0:47:43by that I mean their teenage sons.
0:47:44 > 0:47:46How did they get on?
0:47:49 > 0:47:53The boys did get involved to a certain level, not as much
0:47:53 > 0:47:58- as what we wanted them to, but they did help out, here and there.- Yes.
0:47:58 > 0:48:01- But sometimes it was easier without them, than with them.- Yes.
0:48:03 > 0:48:05Well, I suppose it's better than nothing.
0:48:06 > 0:48:10Have they managed to keep to their two-to-three-week timescale?
0:48:10 > 0:48:13- It took us three weeks of hard work.- Yes.
0:48:13 > 0:48:16Realistically, we were both exhausted when we finished,
0:48:16 > 0:48:20but, I mean, we were here till 11, 12 o'clock some nights.
0:48:20 > 0:48:22I was working during the day at my engineering job
0:48:22 > 0:48:25and Lisa was here during the day and during the evening as well,
0:48:25 > 0:48:29so between us we did... we did quite a few hours.
0:48:29 > 0:48:31What about that £1,000 budget?
0:48:31 > 0:48:37- We ended up around about 2,300-ish. - Yeah, just over 2,000.
0:48:37 > 0:48:40But that was including the carpets, which we didn't allow for.
0:48:40 > 0:48:42Well, it took a little more work,
0:48:42 > 0:48:45so will it still be able to turn a profit?
0:48:45 > 0:48:48We've asked along two local property experts to see what they think.
0:48:48 > 0:48:51This is my first time in this property
0:48:51 > 0:48:54and I'm quite surprised at how big it feels.
0:48:54 > 0:48:56I think with a three-storey house,
0:48:56 > 0:48:59they are very often a little bit narrower than this,
0:48:59 > 0:49:02but this has got a bit of width to it, so it's very good.
0:49:02 > 0:49:04If this was my property, I think
0:49:04 > 0:49:07I would try it on the open market to sell it in the first place,
0:49:07 > 0:49:10so if that didn't happen, then I would look at renting it.
0:49:10 > 0:49:12It would rent out very easily indeed.
0:49:12 > 0:49:15It would command a good income from the rental market
0:49:15 > 0:49:18and, in truth, renting it out is probably easier to achieve
0:49:18 > 0:49:20now than actually selling it.
0:49:21 > 0:49:25So, to sell or rent? That is the question.
0:49:25 > 0:49:27The original plan was to sell the property,
0:49:27 > 0:49:33but to rent in the short term may prove to be the more viable option.
0:49:33 > 0:49:35Let's see if their valuation shed any light
0:49:35 > 0:49:39on the investment total of £137,300.
0:49:39 > 0:49:43I think if this property were placed on the open market for sale
0:49:43 > 0:49:47today, it would achieve a price of around £155,000.
0:49:47 > 0:49:49If this went on today's market for sale,
0:49:49 > 0:49:53it would have a value of about £155,000.
0:49:53 > 0:49:55If the property were to go onto the rental market today,
0:49:55 > 0:49:58with the demand I would expect there to be, I would envisage
0:49:58 > 0:50:02a rental price being achieved of £700 per calendar month.
0:50:02 > 0:50:08If it went to rent, the rental value would be between £700 and £750
0:50:08 > 0:50:10a calendar month.
0:50:10 > 0:50:14With the total spend of just over 137,000,
0:50:14 > 0:50:18those top valuations would give Lisa and Steve a pre-tax profit
0:50:18 > 0:50:22of just under 18 grand or a yield of 6.5%.
0:50:23 > 0:50:25They always intended to sell,
0:50:25 > 0:50:28but have those valuations changed their mind?
0:50:28 > 0:50:32- I'm more swaying towards the rental. - Yes, definitely, definitely.
0:50:32 > 0:50:34With the valuation as it's come in at,
0:50:34 > 0:50:36the rental is definitely the way forward, I think.
0:50:36 > 0:50:41So this could be the first property in Lisa and Steve's rental portfolio.
0:50:41 > 0:50:45What have they thought of the first development experience?
0:50:45 > 0:50:50- How would you rate this experience? - Tiring, but fun.- Yes, it has,
0:50:50 > 0:50:53- it has been tiring. - It has been tiring and it's...
0:50:53 > 0:50:55But it's also been fun.
0:50:55 > 0:50:57A little bit of stress, tiring, but, yeah, enjoyable,
0:50:57 > 0:51:00actually, along the way, so, yeah, definitely do it again.
0:51:08 > 0:51:11Welcome back to Greenford in Middlesex on the outskirts
0:51:11 > 0:51:14of London, where I was looking at this two-bed ground-floor flat
0:51:14 > 0:51:18with a guide price of £130,000.
0:51:18 > 0:51:19The rooms were all a good size,
0:51:19 > 0:51:23even if the layout left a little to be desired.
0:51:23 > 0:51:27But from the kitchen, with all the smells of eggs and bacon
0:51:27 > 0:51:30and whatever you're doing, you walk straight into a bedroom.
0:51:30 > 0:51:32I've never seen that before.
0:51:32 > 0:51:38# Hey, good looking What you got cooking?
0:51:38 > 0:51:44# How's about cooking something up with me? #
0:51:46 > 0:51:48But a bigger issue than the layout was the lease
0:51:48 > 0:51:52which was a staggeringly short 20 years
0:51:52 > 0:51:56and any extension would cost tens of thousands of pounds.
0:51:56 > 0:51:59Luckily, the new owner, Mujeeb, knew about the lease
0:51:59 > 0:52:04when he bought the flat for 170,000, but if I was relieved about that,
0:52:04 > 0:52:06the feeling soon passed
0:52:06 > 0:52:09when I heard his budget for the internal work.
0:52:09 > 0:52:12We're not going to spend more than £10,000 on the property.
0:52:12 > 0:52:14- Really?- Yes.
0:52:14 > 0:52:15- £10,000?- £10,000, yes.
0:52:15 > 0:52:20New kitchen, new bathroom, flooring, wall coverings, really, for £10,000?
0:52:20 > 0:52:22- £10,000, yes.- No way!
0:52:22 > 0:52:26# You've got to make it happen
0:52:26 > 0:52:30# You've got to make it happen... #
0:52:31 > 0:52:35That budget also included new patio doors to access the garden
0:52:35 > 0:52:39and he wanted it all done in just eight to ten weeks.
0:52:39 > 0:52:42I thought that was a big ask, but could Mujeeb make it happen?
0:52:52 > 0:52:55Two months later, and we're back to find out.
0:53:08 > 0:53:12Nope, we didn't forget to record new footage, viewers.
0:53:12 > 0:53:16Mujeeb's clearly not done any of the work he was initially planning.
0:53:16 > 0:53:18So what has been done?
0:53:18 > 0:53:21We haven't done much work on it.
0:53:21 > 0:53:26The only changing we've done is just paint and new carpet and there was
0:53:26 > 0:53:29some electric work needed to be done
0:53:29 > 0:53:31for a certificate and that's it.
0:53:31 > 0:53:36So there are no patio doors, no new kitchen or bathroom,
0:53:36 > 0:53:40just paint and carpets. Why the change of plan?
0:53:40 > 0:53:43We've already got a buyer who wants to buy it as it is
0:53:43 > 0:53:46and that's the reason we don't want to do any work
0:53:46 > 0:53:49because they want to do everything the way they want it
0:53:49 > 0:53:51and that's why we thought we'd leave it
0:53:51 > 0:53:55and we just knocked down the price and they were quite happy on it.
0:53:55 > 0:53:58# Don't go changing
0:53:58 > 0:54:01# To try and please me... #
0:54:01 > 0:54:05Ah, so Mujeeb already has a buyer who wants to refit
0:54:05 > 0:54:08the flat themselves, but the sale can't go through yet
0:54:08 > 0:54:13as Mujeeb is sorting out that lease extension, so how's he getting on?
0:54:16 > 0:54:17# I love you
0:54:17 > 0:54:25# Just the way you are... #
0:54:26 > 0:54:29We didn't realise how long it would take to renew the lease.
0:54:29 > 0:54:33It is already nearly three months passed now
0:54:33 > 0:54:36and it might take another few months, a few weeks,
0:54:36 > 0:54:41it depends how quickly these people will come back to us.
0:54:41 > 0:54:45We already offer £40,000 for the extension of the lease
0:54:45 > 0:54:50and I think around £50,000 we will get it done.
0:54:51 > 0:54:54Sorting out that lease has taken longer than he expected,
0:54:54 > 0:54:57but Mujeeb's confident for 50 grand
0:54:57 > 0:55:00an agreement can be reached in the next few weeks
0:55:00 > 0:55:02and if that wasn't enough, until the lease has been sorted
0:55:02 > 0:55:06and the flat can be sold, Mujeeb has a tenant renting the flat.
0:55:06 > 0:55:11He never wastes a moment. Though his budget was initially £10,000,
0:55:11 > 0:55:15I'm assuming he's not spent quite that on these pared-down plans.
0:55:16 > 0:55:21With all the work, with the paint, carpet, electric and gas,
0:55:21 > 0:55:23the certificate, £1,500.
0:55:25 > 0:55:28Well, time to find out the opinion of two local estate agents.
0:55:28 > 0:55:32Mujeeb's not done much work on the inside, but assuming that
0:55:32 > 0:55:36short lease is no longer an issue, what do they think of the property?
0:55:36 > 0:55:38I think they've made it more desirable,
0:55:38 > 0:55:40the painted walls give it a nice fresh look,
0:55:40 > 0:55:43the carpets are nice, fresh and clean, so I think it has
0:55:43 > 0:55:44definitely improved it,
0:55:44 > 0:55:47but I think they could have made some further improvements.
0:55:47 > 0:55:48It's in a good location,
0:55:48 > 0:55:51in terms of the station and everything else it's close to,
0:55:51 > 0:55:53so we'd definitely have buyers for it and also tenants,
0:55:53 > 0:55:56so, you know, even in its current condition,
0:55:56 > 0:55:59you would still be able to let the property or sell it.
0:55:59 > 0:56:02Well, I don't think it's too much of a surprise that both agree
0:56:02 > 0:56:05that the flat could do with some more improvements,
0:56:05 > 0:56:08but they seem to think there's a demand for it, nonetheless.
0:56:08 > 0:56:12So with Mujeeb having bought the property for £170,000,
0:56:12 > 0:56:15spent £1,500 on the renovation
0:56:15 > 0:56:18and assuming he gets that lease extension for 50 grand,
0:56:18 > 0:56:20what could the flat be worth?
0:56:21 > 0:56:26If the lease was extended, this property could sell for £285,000.
0:56:26 > 0:56:28In its current condition with an extended lease,
0:56:28 > 0:56:32I would expect the flat to sell for somewhere in the region
0:56:32 > 0:56:34of £280,000 to £285,000.
0:56:34 > 0:56:38Well, assuming £50,000 for the lease,
0:56:38 > 0:56:43that would take Mujeeb's spend to £221,500,
0:56:43 > 0:56:44so that top valuation
0:56:44 > 0:56:48would give him a potential profit of over 63,000.
0:56:48 > 0:56:53In the meantime, Mujeeb is renting, so is he getting the market rate?
0:56:53 > 0:56:56What would the agents ask?
0:56:56 > 0:56:57In its current condition,
0:56:57 > 0:57:01this flat could rent out for £1,200 to £1,300 per calendar month.
0:57:01 > 0:57:03Per calendar month, I think
0:57:03 > 0:57:07you'd be looking at something in the region of £1,250 to £1,300.
0:57:08 > 0:57:12Mujeeb has a sale deal on the table and he has a tenant,
0:57:12 > 0:57:15so how do his figures stack up with the agents'?
0:57:15 > 0:57:21We've got a buyer, he's willing to pay 285 as it is
0:57:21 > 0:57:26and we're renting the place for 1,200 per month.
0:57:27 > 0:57:30That would give Mujeeb a yield of 6.5%
0:57:30 > 0:57:31while he has his tenant
0:57:31 > 0:57:36and a pre-tax profit of 63,500 when he comes to sell,
0:57:36 > 0:57:39so for all my initial scepticism about his renovation,
0:57:39 > 0:57:43Mujeeb appears to have done well here, without even spending
0:57:43 > 0:57:48his £10,000, though, of course, that lease still has to be settled.
0:57:48 > 0:57:51So would he buy a property like this again?
0:57:52 > 0:57:55Oh, definitely, yes, it was a good experience
0:57:55 > 0:57:56because I know in and out
0:57:56 > 0:58:00and for future, if any friend or family want to know,
0:58:00 > 0:58:03I'll know exactly which way you have to go through it.
0:58:06 > 0:58:08Have you been inspired by today's show?
0:58:08 > 0:58:12Well, we've got plenty more stories from the auction rooms next time.
0:58:12 > 0:58:16- Yep, looking forward to seeing you then. Goodbye.- Goodbye.- Bye-bye.