0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, auction properties come in all sorts of shapes
0:00:05 > 0:00:09and sizes, from tiny terraces to massive mansions.
0:00:09 > 0:00:12Yeah, and the auction room is often the place to get a very good deal.
0:00:12 > 0:00:14Yeah, so why not head down to your local auction
0:00:14 > 0:00:16and see what's on offer.
0:00:41 > 0:00:44Well, it's at all go at an average property auction.
0:00:44 > 0:00:46And I'll tell you what, the bidding can sometimes go at quite
0:00:46 > 0:00:49- a frantic pace.- Yes, you have to keep on your toes to keep up.
0:00:49 > 0:00:52But make sure you don't let things run away with you.
0:00:52 > 0:00:55Yeah, let's hope today's buyers took that advice onboard.
0:00:55 > 0:00:58How did they get on? Let's find out.
0:00:58 > 0:00:59In Farningham, Kent,
0:00:59 > 0:01:03there's plenty of room on this plot, with a bizarre bonus.
0:01:03 > 0:01:08You get a high-end motor too. No, seriously, you do.
0:01:09 > 0:01:13In Aspatria, Cumbria, a hidden house with obvious problems.
0:01:13 > 0:01:15Big rooms, um...no floors.
0:01:15 > 0:01:17HE LAUGHS
0:01:17 > 0:01:18Yea... Right.
0:01:19 > 0:01:25And in Wallington, London, well, this flat is a tad tight for space.
0:01:25 > 0:01:28This is the one room. This is it!
0:01:30 > 0:01:33All these properties have been bought at auction. We'll find out who got them
0:01:33 > 0:01:36and how much they paid when these homes went under the hammer.
0:01:36 > 0:01:38GAVEL BANGS Yours!
0:01:42 > 0:01:46Farningham in Kent is a quaint village complete with pretty river,
0:01:46 > 0:01:51pub and local shops. With good transport links direct to London,
0:01:51 > 0:01:54it's no surprise that this is a sought-after village.
0:01:56 > 0:01:58The ducks seem to like it, too.
0:01:59 > 0:02:02Slap-bang right in the heart of this beautiful village and
0:02:02 > 0:02:05a few minutes' walk from the local shops
0:02:05 > 0:02:07is the lot I'm here to see today.
0:02:07 > 0:02:09Now, it's in a conservation area
0:02:09 > 0:02:14and it is sat right next to this beautiful 13th-century church.
0:02:14 > 0:02:16It's gorgeous!
0:02:16 > 0:02:19But it's not a house I've come to look at. Nope, it is a plot of land.
0:02:19 > 0:02:23And it is right at the back here. And it's huge!
0:02:23 > 0:02:26Wow, what an opportunity.
0:02:26 > 0:02:28# When I saw you, yeah, when I saw you
0:02:28 > 0:02:33- # I said - Ooh...
0:02:33 > 0:02:37# I'm living in a box but I'm out when opportunity nox
0:02:37 > 0:02:39# Ooh... #
0:02:39 > 0:02:44Well, this is a huge site and I just love this wall attached.
0:02:44 > 0:02:46Now I happen to know it's about 300 years old
0:02:46 > 0:02:49because one of the local villagers told me earlier.
0:02:49 > 0:02:50It must belong to the church.
0:02:50 > 0:02:54I mean, how lovely having that church dominating this site?
0:02:55 > 0:02:59It looks like some work has already started and as the plot is
0:02:59 > 0:03:03just under half an acre, not everything you see here is for sale.
0:03:04 > 0:03:07The plot adjacent was purchased a year ago,
0:03:07 > 0:03:09so this here, not for sale.
0:03:11 > 0:03:14This is. That isn't.
0:03:14 > 0:03:17Got it? Good.
0:03:18 > 0:03:23Now, the guide price was £850-£900,000,
0:03:23 > 0:03:27which sounds like a lot, but it's big enough to get a few houses on.
0:03:27 > 0:03:29I did say it was an opportunity,
0:03:29 > 0:03:33and even more so because it comes with planning permission.
0:03:33 > 0:03:35So, that's good news, I suppose.
0:03:35 > 0:03:39Now, dating back to the 2012 plans - they were approved and the
0:03:39 > 0:03:43original buildings that were here on the site were then demolished.
0:03:43 > 0:03:46You can see the remnants just laying around.
0:03:46 > 0:03:51Now, planning permission is for the building of four detached houses.
0:03:51 > 0:03:54So, ready to go, I suppose.
0:03:54 > 0:03:57# Baby, I'm ready to go
0:03:57 > 0:04:00# I'm back and ready to go... #
0:04:00 > 0:04:01REWIND NOISE
0:04:01 > 0:04:03Wait a minute - hold on, because
0:04:03 > 0:04:06there is more to the history of this plot.
0:04:06 > 0:04:10And more restrictions than the conservation area.
0:04:10 > 0:04:12Let me explain.
0:04:12 > 0:04:15So, previously, this site housed a metalworks.
0:04:15 > 0:04:18Taking on a plot like this, well, tests
0:04:18 > 0:04:21will need to be done before any building can even take place.
0:04:21 > 0:04:25There'll need to be a contamination study and a soil report.
0:04:25 > 0:04:29That'll need to be done. And anyone taking on this site will be
0:04:29 > 0:04:33bound by Section 106 of the Town and Country Planning Act
0:04:33 > 0:04:36which among other things requires
0:04:36 > 0:04:38a sum to be paid to the council
0:04:38 > 0:04:42and that is based on the projected profits of this lot.
0:04:43 > 0:04:46So, it's beginning to seem like the dark clouds are rolling in.
0:04:48 > 0:04:51But, hey ho, there's always a silver lining.
0:04:51 > 0:04:55With this, you get a high-end motor, too.
0:04:55 > 0:04:57No, seriously - you do!
0:04:57 > 0:04:59This is part of the deal.
0:04:59 > 0:05:02# The best things in life are free
0:05:02 > 0:05:04# Now that we've got each other
0:05:04 > 0:05:07# The best things in life are free... #
0:05:07 > 0:05:10Another thing you can't put a price on is advice.
0:05:10 > 0:05:13And we're about to get some from a local estate agent.
0:05:15 > 0:05:18I want to know what she thinks about this piece of land.
0:05:19 > 0:05:21The plot is a good size
0:05:21 > 0:05:25and I understand it comes with planning, which is excellent.
0:05:25 > 0:05:28It's a sought-after area, and being a conservation area,
0:05:28 > 0:05:32it's very rare that you get opportunities like this one.
0:05:32 > 0:05:36I think that this is a fantastic opportunity for whoever
0:05:36 > 0:05:38purchases it.
0:05:38 > 0:05:41The other development in the area is an old mill,
0:05:41 > 0:05:44and all these properties are going to sealed bids, so that
0:05:44 > 0:05:46just gives you an idea of the demand
0:05:46 > 0:05:49for property in this popular village.
0:05:49 > 0:05:53The plans are for four five-bed detached houses.
0:05:53 > 0:05:56What could each one achieve on the market?
0:05:56 > 0:06:00I think from the plans that I've seen and knowing the area,
0:06:00 > 0:06:06how sought-after it is, between £795,000-£895,000.
0:06:08 > 0:06:11Well, this certainly is a decent sized plot in a beautiful area,
0:06:11 > 0:06:13with planning permission,
0:06:13 > 0:06:16all the demolition has already been done for you, and don't forget
0:06:16 > 0:06:20you've got that development up the road, apparently in huge demand.
0:06:20 > 0:06:25Let's see who saw this as a great opportunity when it went to auction.
0:06:25 > 0:06:27Ladies and gentlemen, start me if you will.
0:06:27 > 0:06:30Shall we say £800,000? You say
0:06:30 > 0:06:33800. Thank you, sir. 800, I am bid.
0:06:33 > 0:06:35810, anywhere? Over at the doorway, 810.
0:06:35 > 0:06:40820? 820, 830? 830. 840?
0:06:40 > 0:06:42You distracted me there, 840. Thank you.
0:06:42 > 0:06:47850? 850, 860? 860, 870? 70, 80.
0:06:47 > 0:06:51880, 890. Right, new bidder, thank you, at 890. Make it 900.
0:06:51 > 0:06:58900, 910, 20. You say 20, thank you. And 30, and 30 and 40.
0:06:58 > 0:07:02940 and 50. 50 and 60. And 60 and 70.
0:07:04 > 0:07:06There's no. 960,000 sitting down.
0:07:06 > 0:07:11He's back at 970. 980. 980, 990.
0:07:11 > 0:07:13No?
0:07:13 > 0:07:15I'd have said a million pounds at this stage,
0:07:15 > 0:07:16just to frighten him off!
0:07:16 > 0:07:18First time, second time,
0:07:18 > 0:07:22your good self sitting down with the glasses, don't worry. I've got you.
0:07:22 > 0:07:27£980,000 then for the third and final time. Yours, sir. Well done.
0:07:27 > 0:07:29980. Thank you.
0:07:29 > 0:07:30The successful bidder was Mike,
0:07:30 > 0:07:34who has bought this in partnership with his friend Steve.
0:07:34 > 0:07:37They're full-time property developers who purchased
0:07:37 > 0:07:40this lot for almost a million pounds.
0:07:40 > 0:07:43But do they have a million reasons for buying it?
0:07:43 > 0:07:45I'm keen to find out.
0:07:45 > 0:07:47- Mike and Steve, congratulations. - Thank you.- Thank you.
0:07:47 > 0:07:50What a lovely part of the world Farningham is.
0:07:50 > 0:07:51So you've got some exciting plans.
0:07:51 > 0:07:56Now, I know this site already came with plans to build four houses.
0:07:56 > 0:07:59- Four detached houses, yes.- Are you going to be going with those plans?
0:07:59 > 0:08:01We're not going to go with the original plans,
0:08:01 > 0:08:07we secured some land on an option behind the site before the auction,
0:08:07 > 0:08:10to enable us to build four bigger houses.
0:08:10 > 0:08:14- So, wait a minute, so you've already got the land behind here?- Yes.
0:08:14 > 0:08:16Which is fantastic. And now I can
0:08:16 > 0:08:18- see why this was worth so much to you.- Yeah.
0:08:18 > 0:08:21So how long ago did you buy the land?
0:08:21 > 0:08:23- We secured it about a year ago, didn't we?- A year ago, yes.
0:08:23 > 0:08:26So really, this was only valuable to you guys in that auction room,
0:08:26 > 0:08:30- wasn't it?- Yes.- Yes, it was. - So you had to get this on the day. - Yes.- Yeah.
0:08:30 > 0:08:33So, has that now enabled you to build some bigger, better houses?
0:08:33 > 0:08:35- Yeah, much bigger.- Much bigger, yeah.
0:08:35 > 0:08:38I think the original planning was for 6,000 square feet.
0:08:38 > 0:08:41And I think we're going to manage 10,000 square feet,
0:08:41 > 0:08:42so it's quite a lot bigger.
0:08:42 > 0:08:45So let's talk about what you're actually going to be building here.
0:08:45 > 0:08:49- Four houses.- Yeah, four houses in the form of a courtyard,
0:08:49 > 0:08:52with a large house on the left running up the side of the wall,
0:08:52 > 0:08:56two more in the middle, and one on the right running up the side.
0:08:56 > 0:08:59However, as I mentioned, there were conditions attached to the
0:08:59 > 0:09:04building here, including that Section 106, and as it turns out,
0:09:04 > 0:09:06the lovely church is going to
0:09:06 > 0:09:09be the beneficiary instead of the Council.
0:09:09 > 0:09:10As part of this development,
0:09:10 > 0:09:15we have to build them a Sunday School which we're quite
0:09:15 > 0:09:19excited about and that's in lieu of a Section 106 agreement.
0:09:19 > 0:09:21So tell me a little bit more about the Section 106 agreement?
0:09:21 > 0:09:24Because that means that you just have to give something back, don't you?
0:09:24 > 0:09:27- Yeah.- A Section 106 agreement on a site like this would be
0:09:27 > 0:09:30a contribution to local infrastructure - schools, libraries.
0:09:30 > 0:09:34In this case, it's very unusual that they allowed us to contribute
0:09:34 > 0:09:37- and build a Sunday school. - Yeah.- Wow.
0:09:39 > 0:09:41Well, that has to be a win-win.
0:09:41 > 0:09:45Conservation regulations mean adhering to strict rules on materials.
0:09:45 > 0:09:48Building these houses to a high standard,
0:09:48 > 0:09:51that meets all these conditions will not be cheap.
0:09:51 > 0:09:54Their estimated budget is, wait for it...
0:09:54 > 0:09:58between 1 to 1.2 million.
0:09:58 > 0:10:02And how long do you think this is going to take you to build?
0:10:02 > 0:10:04- Um...- 12 months?- Nine months.
0:10:04 > 0:10:07- THEY LAUGH - I LOVE it!
0:10:07 > 0:10:09- A year...nine months. - Yeah, nine months.
0:10:09 > 0:10:12- The optimist, the pessimist.- Yeah.
0:10:12 > 0:10:15Well, of course either time scale could face readjustment if those
0:10:15 > 0:10:17soil tests for contamination
0:10:17 > 0:10:19turn out to be problematic.
0:10:19 > 0:10:23In the worst-case scenario, it could mean removing the soil.
0:10:24 > 0:10:28As if that wasn't enough, it turns out that house-building goes
0:10:28 > 0:10:29back a long way on this site
0:10:29 > 0:10:34because there was, once upon a time, a Roman villa here.
0:10:34 > 0:10:35Another complication!
0:10:37 > 0:10:39We have to have an archaeological report on the site.
0:10:39 > 0:10:42So they'll come down and do trial pits
0:10:42 > 0:10:44to see if there's any remains, which we hope not. And um...
0:10:44 > 0:10:47Well, look at my face, I got quite excited.
0:10:47 > 0:10:49I was like, "Wow, you might find something!"
0:10:49 > 0:10:53- Well, hopefully not.- Hopefully not. - Because obviously, it would slow the progress.
0:10:53 > 0:10:55I mean, that REALLY can slow it down, can't it?
0:10:55 > 0:10:57Yeah, it can stop us completely.
0:10:57 > 0:11:00And of course there is one other relic that did come with this plot.
0:11:02 > 0:11:04So what're you going to do with the Bentley, then?
0:11:04 > 0:11:06Well, we're going to return it to its original owner
0:11:06 > 0:11:08and we're going to get it lifted off the site.
0:11:08 > 0:11:12See, I think that would really suit you. I can see you behind that wheel.
0:11:12 > 0:11:15- THEY LAUGH - Thank you!
0:11:15 > 0:11:19OK, let's now steer this conversation back on track.
0:11:19 > 0:11:21I want to see those plans.
0:11:22 > 0:11:24This is the front elevation of the property.
0:11:24 > 0:11:28- It shows you what it's going to look like.- It's quite exciting, isn't it?
0:11:28 > 0:11:32- Wow.- It is.- Absolutely beautiful, and so traditional.
0:11:32 > 0:11:35- I can see that it's really going to tie in with the church.- Yeah.
0:11:35 > 0:11:39The front elevations are all flint with brick quoins which will be
0:11:39 > 0:11:43handmade bricks and then handmade tiles on the roof,
0:11:43 > 0:11:46so, yeah, it'll be really... It'll fit in perfectly.
0:11:46 > 0:11:50Absolutely beautiful building and I am so excited to see this go up
0:11:50 > 0:11:53- in either nine months or a year. - Nine months.- Nine months!
0:11:53 > 0:11:55- Nine months.- 12. - THEY LAUGH
0:11:55 > 0:11:57It's good that you've allowed for 12.
0:11:57 > 0:11:59Guys, I'm so excited, it's been fabulous meeting you
0:11:59 > 0:12:03- and I'm really excited, well done. - Thank you.- Thank you.- Thank you.
0:12:04 > 0:12:09There is just so much to do in 12 months. Or is it going to be nine months?
0:12:09 > 0:12:15I can't wait to see the finished product of this magnificent site.
0:12:15 > 0:12:18Join me later in the programme, and you can see how it's all gone.
0:12:30 > 0:12:34I'm on the edge of the small market town and farming community of
0:12:34 > 0:12:37Aspatria, on the edge of the Lake District in Cumbria.
0:12:37 > 0:12:39You've got Carlisle 20 miles away,
0:12:39 > 0:12:43the seaport of Maryport close by, and the name Aspatria actually comes
0:12:43 > 0:12:48from the Scandinavian and Celtic meaning ash tree of St Patrick.
0:12:48 > 0:12:49Well, that's interesting,
0:12:49 > 0:12:51but what are the properties around here like?
0:12:56 > 0:12:59Well, there are quite a few character houses round here,
0:12:59 > 0:13:02for sure. And plenty of the kind of amenities you'd hope for
0:13:02 > 0:13:06in an agricultural town in the heart of the Cumbrian countryside.
0:13:06 > 0:13:09You've got shops, schooling, a post office, and a train station,
0:13:09 > 0:13:12so you can commute to the neighbouring towns,
0:13:12 > 0:13:15or even Carlisle from here, fairly easily.
0:13:15 > 0:13:20But one of Aspatria's greatest advantages is its setting.
0:13:20 > 0:13:24From the top of the town you can enjoy these panoramic views
0:13:24 > 0:13:28over acres and acres of farmland and natural beauty.
0:13:31 > 0:13:34Well, the properties that tend to come up for sale around here
0:13:34 > 0:13:39are generally terraces or ex-local authority houses, which makes
0:13:39 > 0:13:43the auction lot I'm here to see really interesting.
0:13:43 > 0:13:47Because it is a three, possibly four-bedroom, detached
0:13:47 > 0:13:49property in a secluded spot
0:13:49 > 0:13:51with its own grounds...
0:13:51 > 0:13:53Sounding great so far.
0:13:53 > 0:13:55The only negative
0:13:55 > 0:13:59could be the words in the auction catalogue
0:13:59 > 0:14:04which say that, "it is requiring complete renovation throughout."
0:14:04 > 0:14:08Guide price was £45,000 +
0:14:08 > 0:14:11and somewhere behind all this...
0:14:11 > 0:14:13DOG BARKS
0:14:13 > 0:14:15..foliage is the house.
0:14:18 > 0:14:21Well, it's worth noting that the Ownership and Access Rights
0:14:21 > 0:14:25relating to that grassy route I've just walked up
0:14:25 > 0:14:30are pretty vague and even the title deeds don't shed any light.
0:14:30 > 0:14:34So, you'd be advised to get your solicitor to clarify your legal
0:14:34 > 0:14:39position, as this is the only way in and only way out.
0:14:39 > 0:14:40- ECHOING:- Help!
0:14:43 > 0:14:46So what on Earth am I going to find in here?
0:14:46 > 0:14:51Well, love the flagstone floor. That's nice.
0:14:51 > 0:14:54Going to be a bit of an issue because it's definitely not going to
0:14:54 > 0:14:58have a damp proof course. So, unfortunately that is going to have
0:14:58 > 0:15:00to come up, to get some kind of damp proof course in.
0:15:00 > 0:15:02Big rooms, no floors!
0:15:02 > 0:15:04HE LAUGHS
0:15:04 > 0:15:05Yea... Right.
0:15:05 > 0:15:09So we're getting a flavour straight away of the kind of renovation
0:15:09 > 0:15:11project that's going to be involved here.
0:15:11 > 0:15:15New joists, new timbers. I mean, THAT is potentially quite expensive.
0:15:15 > 0:15:18It's the same story over there, but again a good-sized room
0:15:18 > 0:15:20and I like the layout of the property.
0:15:20 > 0:15:23In its day, this would have been a very grand house.
0:15:23 > 0:15:27And then down as you pass into the property, the area that was
0:15:27 > 0:15:30probably used as the kitchen.
0:15:30 > 0:15:34This one could definitely do with expanding, for sure.
0:15:34 > 0:15:36And, probably needs a new sink.
0:15:38 > 0:15:40Let's face it, it needs a new...
0:15:40 > 0:15:45basically everything to bring it up to modern habitable standards.
0:15:45 > 0:15:47But this place is full of fascinating features
0:15:47 > 0:15:51and historical character too that you don't often see these days.
0:15:51 > 0:15:53It's like stepping back in time.
0:15:53 > 0:15:57Well, up this really lovely wide staircase
0:15:57 > 0:16:02onto a nice-sized landing and lots of space.
0:16:02 > 0:16:06Good-sized double bedroom there, another double bedroom here.
0:16:06 > 0:16:09Very interesting little experience going down some
0:16:09 > 0:16:11steps into that little part of the property.
0:16:11 > 0:16:15What isn't possibly so lovely,
0:16:15 > 0:16:16is the bathroom, here.
0:16:16 > 0:16:21Now, if you're eating anything at the moment, you might want to
0:16:21 > 0:16:24put it down temporarily or turn the TV off, cos this is the bath.
0:16:24 > 0:16:29It's a lovely bath in principle, could do with a bit of a clean.
0:16:29 > 0:16:34And can you imagine what the loo will be like? Shall we take a look?
0:16:34 > 0:16:37HE CACKLES
0:16:37 > 0:16:40Oh, are you leaving? Oh, how surprising.
0:16:40 > 0:16:42OK, then. Let's go with the flow, so to speak,
0:16:42 > 0:16:45and focus on the lovely old features.
0:16:45 > 0:16:48Some ripe for reviving, and some not.
0:16:48 > 0:16:52But before you get distracted by the cutesy museum pieces,
0:16:52 > 0:16:54there are some more pressing matters.
0:16:59 > 0:17:01Well, as you might imagine,
0:17:01 > 0:17:04some of the foliage from outside
0:17:04 > 0:17:07has made its way into the property, coming through the windows.
0:17:07 > 0:17:12Well, I mean you are going to have to budget for replacing all these windows, of course.
0:17:12 > 0:17:14And what you're going to have to do with this place
0:17:14 > 0:17:15is get your shell sorted out.
0:17:15 > 0:17:19Make sure the roof is good, make sure the walls and the windows are all watertight.
0:17:19 > 0:17:21And then at least you can start
0:17:21 > 0:17:24on the internal renovations.
0:17:24 > 0:17:27And the major step in that is to get rid of all the foliage.
0:17:27 > 0:17:30I think this place is literally a hidden gem.
0:17:30 > 0:17:33Especially when you consider that
0:17:33 > 0:17:36attractive guide price of £45,000+.
0:17:37 > 0:17:40We asked the auctioneer who sold it to come along and give us
0:17:40 > 0:17:44- his assessment.- Well, isn't this a really interesting property?
0:17:44 > 0:17:47This is what you call a full renovation job.
0:17:47 > 0:17:51You'll certainly spend a lot more refurbing it than you would
0:17:51 > 0:17:54buying it in the first place. It needs everything, of course.
0:17:54 > 0:17:56It's certainly not for the faint-hearted.
0:17:56 > 0:17:58It's a full-on project.
0:17:58 > 0:18:01I'm very interested to see what the end result is.
0:18:01 > 0:18:05What kind of value could this old house achieve once it was restored?
0:18:05 > 0:18:09Well, I think if this property was done up to a really good
0:18:09 > 0:18:15standard, I think it would make a figure in excess of £200,000.
0:18:15 > 0:18:18Would it be worth considering renting this place out?
0:18:18 > 0:18:24The rental income would be probably £550-£600 per calendar month,
0:18:24 > 0:18:26so it doesn't offer a great yield.
0:18:26 > 0:18:29So I would expect somebody to buy it to live in,
0:18:29 > 0:18:32or to buy it to renovate and flip over and sell on.
0:18:34 > 0:18:37Well, you will sit in one of two camps
0:18:37 > 0:18:39when it comes to this property.
0:18:39 > 0:18:42The "I wouldn't touch it with a barge pole" camp or the,
0:18:42 > 0:18:46"Oh, wow, what an amazing opportunity" camp.
0:18:46 > 0:18:50Clearly, whoever bought it was in the latter.
0:18:50 > 0:18:53Let's find out who that was when it went under the hammer.
0:18:53 > 0:18:54Spacious detached property.
0:18:56 > 0:19:02In need of total renovation. At £40,000. Anybody here at 40?
0:19:02 > 0:19:03At 40, I'm bidding at seats.
0:19:03 > 0:19:08At 40, here? 41, 42, 43...
0:19:08 > 0:19:13From the start, the auction was between two determined bidders.
0:19:13 > 0:19:18We rejoin it as the bidding reaches 66,000.
0:19:18 > 0:19:21With you, Sir, at 66.
0:19:21 > 0:19:24At £66,000, are we all done?
0:19:24 > 0:19:25You're back in at 67, Madam.
0:19:25 > 0:19:2968, 69.
0:19:29 > 0:19:33Shake of the head at 70. With you, madam, at £69,000.
0:19:33 > 0:19:37At £69,000 then, for the first time.
0:19:37 > 0:19:41At £69,000 for the second time, I'm selling it.
0:19:41 > 0:19:44Third and final time to you, madam, selling away.
0:19:44 > 0:19:46- GAVEL BANGS - Well done.
0:19:48 > 0:19:52And so for £69,000, the dilapidated house was
0:19:52 > 0:19:56bought by Hazel. Hazel is a support worker helping people with
0:19:56 > 0:19:59learning difficulties to live independently.
0:19:59 > 0:20:03And this was bought as a family project with husband Ian
0:20:03 > 0:20:05and their children Hayley and Thomas.
0:20:07 > 0:20:11- Hazel, congratulations. - Thank you. I think!
0:20:11 > 0:20:14Tell me why you wanted to buy this place.
0:20:14 > 0:20:18- It's my son and daughter who's actually buying it.- Right.
0:20:18 > 0:20:20- And we're just going to help them out with the work.- Right.
0:20:20 > 0:20:25- So, is it their house to live in? - Possibly. Could be us.
0:20:25 > 0:20:28- All of us.- What?- And selling our house.- Wow.
0:20:28 > 0:20:30But we're not sure.
0:20:30 > 0:20:33We're just going to wait and see what it's like when we've finished
0:20:33 > 0:20:38- and if we want to come in.- Gosh, was that the original plan?- No.
0:20:38 > 0:20:41They were just wanting a house to get on the housing market and do
0:20:41 > 0:20:45one up and make some money, and then they can buy a house each then,
0:20:45 > 0:20:48- a bit more comfortably.- Right.
0:20:48 > 0:20:50But then we found this and we all love it.
0:20:50 > 0:20:54- We've done a house up before in similar conditions.- Right.
0:20:54 > 0:20:57- So tell me a bit about you and... Is it your husband?- Yep.
0:20:57 > 0:21:00Experienced in this kind of thing, or...?
0:21:00 > 0:21:03- My husband's a builder.- Oh, is he? Oh, right.- And my son is as well.
0:21:03 > 0:21:06Ah. Suddenly it all falls into place.
0:21:06 > 0:21:10Phew! That's a relief. Hazel had me worried for a moment.
0:21:10 > 0:21:13I thought this was a "heart leading the head" decision.
0:21:13 > 0:21:16But she's clearly under no illusion about the task in hand.
0:21:16 > 0:21:20She's confident that her husband and son have the experience
0:21:20 > 0:21:23to turn this derelict building into their family home.
0:21:23 > 0:21:27But where do you begin on such a project?
0:21:27 > 0:21:30We'll start with outside first.
0:21:30 > 0:21:32Cos we'll need a base to put things.
0:21:32 > 0:21:35And then, obviously, we'll start chipping the walls off,
0:21:35 > 0:21:39replastering, damp course, and electrics, plumbing.
0:21:39 > 0:21:43- Roof, walls, windows.- Well, the roof we think's all right.- Right.
0:21:43 > 0:21:45Really pleased with the roof. And there's going to be a
0:21:45 > 0:21:48single-storey extension downstairs, so it's more square.
0:21:48 > 0:21:49So the house is more square.
0:21:49 > 0:21:53- So, do you have a budget for those kind of works?- 40,000.- 40.
0:21:53 > 0:21:57- And what's the timescale? - About 18 months, we're hoping.- 18?
0:21:57 > 0:22:00Well, it's a weekend job. It's just going to be Saturdays if they're
0:22:00 > 0:22:03- not at work, or Sundays, if they don't work.- How is that going to be?
0:22:03 > 0:22:06Cos they're working as builders during the week - are they really
0:22:06 > 0:22:10going to want to come in and do this on the weekend, in the evenings?
0:22:10 > 0:22:15- Oh, yeah, my husband's done our house twice.- Oh, has he? So was he happy to get this place,
0:22:15 > 0:22:17or was he going, "Oh, no, here we go again?"
0:22:17 > 0:22:20- He didn't actually see it until we got the keys.- He didn't?
0:22:20 > 0:22:23- Right. And what did he say? - "What have we done?"
0:22:23 > 0:22:25LAUGHTER
0:22:25 > 0:22:27And what about you and your daughter?
0:22:27 > 0:22:29Well, we'll be helping as well. Yeah.
0:22:29 > 0:22:31I won't be on the roof or anything like that,
0:22:31 > 0:22:34- but my daughter was on the roof when we done our house.- Oh, really?
0:22:34 > 0:22:36- Yeah.- Helping tiling and stuff?
0:22:36 > 0:22:38Kicking ceilings in. She says it's very good!
0:22:38 > 0:22:41- Really? All right, OK. A bit of therapy.- Yep.
0:22:43 > 0:22:46Well, I don't think there'll be a shortage of opportunities to knock
0:22:46 > 0:22:48things out and bash in ceilings in this place.
0:22:48 > 0:22:52And it sounds like the whole family will be throwing themselves into the
0:22:52 > 0:22:57renovating work, which might make it hard to let the finished house go.
0:22:58 > 0:23:02At what point will you decide whether or not you're all going to move in as a family or
0:23:02 > 0:23:06- whether they're going to... - I think it's as we're going along and doing things, I think.
0:23:06 > 0:23:09Now, how are they about the thought that on the one hand they've got their own place
0:23:09 > 0:23:12and then suddenly Mum and Dad like it so much they're going to move in as well?
0:23:12 > 0:23:17Well, we'll probably sell ours and then they'll buy one with our money that we get off ours.
0:23:17 > 0:23:20Oh, OK. So it all works out in the end.
0:23:20 > 0:23:22- Yeah.- Well, I'm sure it's going to be dramatically different
0:23:22 > 0:23:26- when we come back. Look forward to seeing it. Good luck.- Thank you.
0:23:26 > 0:23:28LAUGHTER
0:23:28 > 0:23:31I think we need it! No, it'll be fine.
0:23:32 > 0:23:35Well, there you go. Funny, isn't it?
0:23:35 > 0:23:39There was a potential that people would absolutely run
0:23:39 > 0:23:42a mile from this place, but like me,
0:23:42 > 0:23:46Hazel and her family absolutely fell in love with it.
0:23:46 > 0:23:48The challenge now is to sort it out, but with two
0:23:48 > 0:23:53builders in the family, hopefully it won't be too much of an issue.
0:23:53 > 0:23:56But doing it on the weekends and in the evenings?
0:23:57 > 0:24:00Never going to be easy. You can find out how it turns out -
0:24:00 > 0:24:02can't wait - later in the show.
0:24:04 > 0:24:06Still to come, I'm having a very,
0:24:06 > 0:24:10very quick look around a studio flat in Wallington, Surrey.
0:24:11 > 0:24:14I don't think it's going to take very long.
0:24:15 > 0:24:18And there's no pain, no gain back in Cumbria.
0:24:18 > 0:24:21Ian actually fell and broke his ribs
0:24:21 > 0:24:23while he was putting in the new door.
0:24:26 > 0:24:28CHURCH ORGAN PLAYS
0:24:28 > 0:24:32Back to Farningham in Kent where we were looking at THIS.
0:24:32 > 0:24:33RECORD SCRATCHES
0:24:33 > 0:24:35No, next to the church!
0:24:35 > 0:24:37JAZZY MUSIC PLAYS
0:24:40 > 0:24:45Yes, for a guide price of 850,000 to 900,000, you could have this
0:24:45 > 0:24:49large plot of land in a highly desirable Kent village.
0:24:49 > 0:24:53Not only that, but the land had planning permission for four
0:24:53 > 0:24:56detached houses. So, easy peasy, then?
0:24:56 > 0:25:00Of course not! Not on this show.
0:25:00 > 0:25:03Previously, this site housed a metalworks.
0:25:03 > 0:25:07There'll need to be a contamination study and a soil report,
0:25:07 > 0:25:11that'll all need to be done before any building can even take place.
0:25:12 > 0:25:16Not only that, the site bore a Section 106,
0:25:16 > 0:25:20which meant the builders had to contribute to the community.
0:25:20 > 0:25:23There had to be an archaeological report on what had been
0:25:23 > 0:25:25the site of a Roman villa
0:25:25 > 0:25:29and on top of that, this is, not surprisingly, a conservation area.
0:25:29 > 0:25:33So that meant there would be restrictions on style and materials.
0:25:33 > 0:25:37Oh, and a classic motor that came as part of the lot, too.
0:25:37 > 0:25:42A bit random. None of that put off Mike, on the left, and Steve -
0:25:42 > 0:25:46two developers who purchased the land for 980,000.
0:25:46 > 0:25:50They were happy to tackle all these obstacles and have found
0:25:50 > 0:25:56a very pleasing solution to the Section 106 community contribution.
0:25:56 > 0:25:58Section 106 agreement on a site like this would be
0:25:58 > 0:26:02a contribution to local infrastructure - schools, libraries.
0:26:02 > 0:26:06In this case, it's very unusual that they allowed us to contribute
0:26:06 > 0:26:09- and build a Sunday School.- Yeah. - Wow.
0:26:09 > 0:26:11# Hi, hi, hi
0:26:11 > 0:26:15# Beautiful Sunday... #
0:26:17 > 0:26:20The budget for building four mews-style houses
0:26:20 > 0:26:24and the Sunday School was around 1.2 million
0:26:24 > 0:26:27and a timescale of between nine and 12 months.
0:26:28 > 0:26:31We're back after 18 months to see if Mike and Steve
0:26:31 > 0:26:36managed to make any progress in the face of adversity.
0:26:36 > 0:26:38MUSIC: That's Progress by Nik Kershaw
0:26:38 > 0:26:41# That's progress, that's progress
0:26:41 > 0:26:44# That's progress
0:26:44 > 0:26:48# They tell you, they tell you
0:26:48 > 0:26:52# That's progress
0:26:52 > 0:26:57It certainly is. All four houses are looking great from the outside.
0:26:57 > 0:27:00Not only that, but the finished building of what will become
0:27:00 > 0:27:04the Sunday School next to the church for the moment is acting as
0:27:04 > 0:27:08site office for Mike and Steve's account manager, Michelle.
0:27:08 > 0:27:10We dragged Mike away from his desk
0:27:10 > 0:27:12to talk us through the exterior layout.
0:27:17 > 0:27:22Right, what we've done, we've built four houses, five-bed houses,
0:27:22 > 0:27:24in a terraced formation courtyard.
0:27:24 > 0:27:26We've got two very similar ones in the middle
0:27:26 > 0:27:31and then two completely individual houses on the end.
0:27:31 > 0:27:33Each house has got its own double garage.
0:27:33 > 0:27:37The bricks are handmade and we've used traditional flint
0:27:37 > 0:27:40panelling to fit in with the village setting.
0:27:40 > 0:27:42And I think this is going to be one of those projects that
0:27:42 > 0:27:45in three or four years, you'll never know it was a new-build.
0:27:45 > 0:27:48And that's what we tried to achieve.
0:27:48 > 0:27:51And if you think these terraces look a little small to have five
0:27:51 > 0:27:54bedrooms, wait till you get inside.
0:27:54 > 0:27:58Each is unbelievably spacious, with multiple bathrooms
0:27:58 > 0:28:00and several living areas.
0:28:01 > 0:28:04- # So much more to you - Ooh...
0:28:04 > 0:28:07- # So much more to you - Ooh...
0:28:07 > 0:28:09# So much more to you
0:28:09 > 0:28:12# Than I ever realised... #
0:28:12 > 0:28:17I don't have any doubt that these houses are going to be beautiful,
0:28:17 > 0:28:21but there still is a bit of work to do, especially in the fourth house.
0:28:21 > 0:28:24However, one thing I wonder is if Mike
0:28:24 > 0:28:28and Steve feel they've been right to build these mews houses rather
0:28:28 > 0:28:31than the original plans for detached houses.
0:28:32 > 0:28:35We were very limited on the site space
0:28:35 > 0:28:38and we originally had detached houses.
0:28:38 > 0:28:40Now detached houses means we had gaps in between,
0:28:40 > 0:28:42which was a waste of space.
0:28:42 > 0:28:45Someone saying that we've changed it from a detached to a terraced,
0:28:45 > 0:28:48they might think we're crazy, but actually it's worked.
0:28:48 > 0:28:51Well, I think they've done really well to even get to this point,
0:28:51 > 0:28:54because there were a number of obstacles to overcome
0:28:54 > 0:28:56such as soil reports and archaeology.
0:28:58 > 0:29:01A small amount of contamination from the factory that was here
0:29:01 > 0:29:04originally, which we had to clear, which was no problem at all.
0:29:04 > 0:29:07- There wasn't really any archaeology problems at all.- No.
0:29:07 > 0:29:08They checked that out.
0:29:08 > 0:29:12That obviously all took the initial stages of the project.
0:29:12 > 0:29:15- But, no, everything's gone OK. We've had...- Service problems.
0:29:15 > 0:29:18We had some electric wires that were found. There used to be
0:29:18 > 0:29:22a substation on site and they were high-voltage and it took a lot of
0:29:22 > 0:29:26time to establish whose responsibility they were to remove.
0:29:27 > 0:29:31And after all that, then there was our old friend, Planning Permission.
0:29:34 > 0:29:37- It's added considerably, hasn't it? - 6 to 9 months.
0:29:37 > 0:29:39Sevenoaks is a conservation area.
0:29:39 > 0:29:42Very, very difficult to get the amendments we wanted.
0:29:42 > 0:29:44And it's caused us severe delays.
0:29:44 > 0:29:48But we have got the result we wanted in the end.
0:29:48 > 0:29:53So Steve's guess of a nine-month development wasn't quite right.
0:29:53 > 0:29:57- Steve always underestimates the time.- Yes, Steve's an optimist.
0:29:57 > 0:30:00- Yeah.- I think, we didn't realise the amount of changes
0:30:00 > 0:30:02we were going to do and we didn't realise how difficult
0:30:02 > 0:30:04they were going to be to get through.
0:30:04 > 0:30:07I think if the market was not
0:30:07 > 0:30:11so attractive, we would've considered making no changes at all.
0:30:11 > 0:30:15How did those delays affect their £1.2 million budget?
0:30:15 > 0:30:20- I think we going to top out at 1.35 million.- Mm.
0:30:20 > 0:30:23But we have increased the square-footage, which is quite fundamental, really.
0:30:23 > 0:30:27And more importantly, we've produced a product that we're proud of.
0:30:27 > 0:30:31Add that to the cost of the plot and the extra parcel of land
0:30:31 > 0:30:36bought beforehand and the build cost comes to 2.48 million.
0:30:36 > 0:30:38A huge investment.
0:30:38 > 0:30:42So, what will a local estate agent make of these four houses?
0:30:42 > 0:30:45I think these properties are absolutely fantastic.
0:30:45 > 0:30:47The two end properties are the special ones,
0:30:47 > 0:30:50obviously they're slightly larger. I mean, these houses are obviously
0:30:50 > 0:30:53brand-new, but they look like they've been here for ages.
0:30:53 > 0:30:56They really blend in with the village and the local church.
0:30:56 > 0:31:02We're agreed, they look lovely, but with over 2.4 million quid at stake,
0:31:02 > 0:31:07it's the numbers that will decide if this development is a real success.
0:31:07 > 0:31:09What could the houses sell for?
0:31:09 > 0:31:13OK, price ranges. There's four units here, and I would suggest
0:31:13 > 0:31:16that the bottom ones would probably go for 950,000
0:31:16 > 0:31:17or something of that order,
0:31:17 > 0:31:22with the larger one probably going for as much as £1.3 million.
0:31:22 > 0:31:23- Great, Yeah.- Yeah, reasonable.
0:31:23 > 0:31:26We may even get a higher bid on it, but, yeah, it's good.
0:31:26 > 0:31:30Yeah, that's great, it's made the changes worthwhile.
0:31:30 > 0:31:33A total combined price the estate agent gave us
0:31:33 > 0:31:37was a whopping 4.4 million.
0:31:38 > 0:31:41That would give Steve and Mike a profit of two million quid,
0:31:41 > 0:31:44minus the usual taxes and expenses.
0:31:44 > 0:31:47But if you think making that kind of money is easy,
0:31:47 > 0:31:49you should probably have a few words with Mike.
0:31:52 > 0:31:56Yeah, definitely. We've made more money, but I've gone grey.
0:31:56 > 0:31:58THEY LAUGH
0:31:58 > 0:32:01Aw! You don't look any different to us, Mike!
0:32:05 > 0:32:08Wallington in Surrey was once the centre for the production
0:32:08 > 0:32:10of lavender oil.
0:32:10 > 0:32:14Although it is still a green area, nowadays, the fields of lavender
0:32:14 > 0:32:18have been turned into a busy town centre, a train station,
0:32:18 > 0:32:21and plenty of new developments.
0:32:21 > 0:32:25So I say Wallington still smells pretty sweet to me.
0:32:25 > 0:32:28No pretty purple flowers at this time of year.
0:32:28 > 0:32:31But this road is less than a ten-minute walk from the train station,
0:32:31 > 0:32:34so THAT is definitely a good thing.
0:32:34 > 0:32:38And I'm here to see a property that went to auction with a guide price
0:32:38 > 0:32:42of £70,000 and it's just up there on the first floor.
0:32:43 > 0:32:47It's a studio flat conversion in a Victorian villa
0:32:47 > 0:32:49with off-road parking.
0:32:49 > 0:32:52Ooh, well, I really like the nice red front door
0:32:52 > 0:32:55and I've got to say, I'm not too disappointed by the communal areas.
0:32:55 > 0:32:59Really well kept and the good thing is, with this whole building,
0:32:59 > 0:33:02there's only four flats in here, so that door is not going to be
0:33:02 > 0:33:05banging every ten minutes with people coming and going.
0:33:05 > 0:33:07I'd see that as a real bonus.
0:33:07 > 0:33:09Not that I'm knocking this front door,
0:33:09 > 0:33:12which closed very quietly, but you get my drift.
0:33:12 > 0:33:15Anyway, two flights of stairs later...
0:33:17 > 0:33:19Well, let's have a look around inside
0:33:19 > 0:33:22and I don't think it's going to take very long.
0:33:22 > 0:33:25So, walking straight into the property, you've got a really
0:33:25 > 0:33:30nice little bathroom there, and in here, well, this is the one room.
0:33:30 > 0:33:31This is it!
0:33:31 > 0:33:34It's a studio flat and you just get this.
0:33:34 > 0:33:38So, a little bit on the small side. I know you expect that with studios.
0:33:38 > 0:33:40Here's the kitchen.
0:33:40 > 0:33:43Here's the lounge. That was the bathroom.
0:33:43 > 0:33:47So, I suppose you could think about getting a bed that maybe
0:33:47 > 0:33:50flips up onto the wall or maybe a sofa bed in here.
0:33:50 > 0:33:52You'd need to change the carpet,
0:33:52 > 0:33:55but I think you could leave the white paint on the walls.
0:33:55 > 0:33:56I'd even leave the kitchen.
0:33:56 > 0:33:59So that'd probably cost you 50 quid to change.
0:33:59 > 0:34:02There you go. I think that's all you need to do with this property.
0:34:02 > 0:34:06I just wish it were a little bigger, perhaps.
0:34:06 > 0:34:11Apart from the kitchen, the only storage is this small cupboard in the hallway.
0:34:11 > 0:34:14However, the bathroom is big enough to accommodate
0:34:14 > 0:34:17the washing machine, but only a shower.
0:34:17 > 0:34:20The living-bedroom does have nice, bright sash windows.
0:34:21 > 0:34:24# In a small world... #
0:34:24 > 0:34:26And a word of warning.
0:34:26 > 0:34:29If you don't want to inadvertently end up in a small world...
0:34:29 > 0:34:33As well as doing your pre-auction homework,
0:34:33 > 0:34:34don't forget that on the day,
0:34:34 > 0:34:38there's often a late-announcement sheet, which might affect
0:34:38 > 0:34:43the property you're viewing and you must always make sure you read this.
0:34:43 > 0:34:48In this case, well, it tells you the flat is actually a studio flat
0:34:48 > 0:34:52and not a one-bedder, as it says in the catalogue.
0:34:52 > 0:34:55So let's say you hadn't viewed the property before the auction
0:34:55 > 0:34:57and you didn't read this addendum sheet.
0:34:57 > 0:35:01Well, you might have bought less than you bargained for.
0:35:01 > 0:35:05We've asked a local estate agent to give us her opinions.
0:35:05 > 0:35:08First, the flat has only a 70-year lease,
0:35:08 > 0:35:11but it does have a share in the freehold, which means...
0:35:11 > 0:35:13It should be the case that the lease can be
0:35:13 > 0:35:15extended for costs only,
0:35:15 > 0:35:17without having to pay a freeholder
0:35:17 > 0:35:19quite a large sum of money to extend.
0:35:19 > 0:35:22That's something that I think is very, very important, because most
0:35:22 > 0:35:27buyers will want to know that the lease has at least 99 years left.
0:35:27 > 0:35:31Good news. But is there a market for studio flats in Wallington?
0:35:31 > 0:35:34There is a market for studio flats and I think it's very up-and-coming now.
0:35:34 > 0:35:37Lots of buyers are finding that one-bedroom flats are becoming
0:35:37 > 0:35:39out of reach with the rising market,
0:35:39 > 0:35:43so studio flats are definitely coming into their own now and prices
0:35:43 > 0:35:47are going up, so they're selling way easier than they used to.
0:35:47 > 0:35:50But somebody buying here wouldn't be buying a "forever home",
0:35:50 > 0:35:51so how's the commute?
0:35:53 > 0:35:55Wallington is great for commuters.
0:35:55 > 0:35:58There's a few stations.
0:35:58 > 0:36:01This flat is very, very close to Wallington train station,
0:36:01 > 0:36:04which takes commuters into London in about 35 minutes.
0:36:04 > 0:36:07There is also the choice of using Carshalton station, which has
0:36:07 > 0:36:11a quicker route and takes commuters into London in about 30 minutes.
0:36:11 > 0:36:13What would the value of the flat be,
0:36:13 > 0:36:16having been refurbished with an extended lease?
0:36:16 > 0:36:18Once this property's renovated,
0:36:18 > 0:36:21I would suggest it would achieve in the region of £160,000.
0:36:21 > 0:36:24If the owners decide to let the property,
0:36:24 > 0:36:27I would suggest it's worth in the region of £750 per calendar month.
0:36:28 > 0:36:30Yes, it's small.
0:36:30 > 0:36:32Well, it's VERY small, actually!
0:36:32 > 0:36:34But the good news is,
0:36:34 > 0:36:37it shouldn't take much time and money to turn this place around.
0:36:37 > 0:36:40So let's see who wanted it when it went to auction.
0:36:40 > 0:36:42Lot 184.
0:36:42 > 0:36:46We've got two reserves. It's in the same place as the last one, £80,000.
0:36:46 > 0:36:4880 I've got. 85?
0:36:48 > 0:36:52I've got 80 down at the front here. Looking for 85,000?
0:36:52 > 0:36:5385.
0:36:53 > 0:36:5585, sat down at the middle there, 85.
0:36:55 > 0:36:58Considering it's lot 184,
0:36:58 > 0:37:02'there's still plenty of bidders in the depleted auction room.
0:37:02 > 0:37:05'We rejoin the bidding at £99,000.'
0:37:05 > 0:37:0999? 100,000. Round it off, 100? 101?
0:37:09 > 0:37:11102?
0:37:11 > 0:37:14No? Bid's at the back, 101 - 102?
0:37:14 > 0:37:17Looking for £102,000, Lot 184.
0:37:17 > 0:37:21If not, 101 for the first, 101 for the second...?
0:37:22 > 0:37:24102.
0:37:24 > 0:37:28102, 103, 104, 105, 106.
0:37:30 > 0:37:33108, 108, 109,
0:37:33 > 0:37:35110.
0:37:37 > 0:37:41110, no? We've got 109 down here, looking for 110 elsewhere.
0:37:41 > 0:37:45If not, I'm selling at £109,000.
0:37:45 > 0:37:51Lot 184, 109 for the first, 109 for the second, 109 for the third and final time.
0:37:51 > 0:37:53If we're all done... Sold. 109,000.
0:37:55 > 0:37:58The purchasers were three brothers in the second row.
0:37:58 > 0:38:01They'd avoided our auction camera until the end,
0:38:01 > 0:38:04but two of them met me later at the studio flat
0:38:04 > 0:38:06they'd bought for £109,000.
0:38:08 > 0:38:11Lukas and Marcin, lovely to meet you both. Congratulations!
0:38:11 > 0:38:14- Thank you very much.- Thank you. - Now, interesting one, this.
0:38:14 > 0:38:16A rather small studio flat.
0:38:16 > 0:38:20- Did either of you view this prior to the auction?- To be honest, no.
0:38:20 > 0:38:22It wasn't our first choice.
0:38:24 > 0:38:28We were interested in a few other properties,
0:38:28 > 0:38:31but finally all of them...
0:38:31 > 0:38:34- Yeah?- ..went over our budget,
0:38:34 > 0:38:39so we decided to go through the catalogue and we spotted this one
0:38:39 > 0:38:44and we thought, it's a nice location, with links to London,
0:38:44 > 0:38:46very attractive guide price,
0:38:46 > 0:38:48so we started bidding.
0:38:48 > 0:38:52- So you didn't see the addendum? - We saw the addendum, we knew. - So you saw that?
0:38:52 > 0:38:55- So you knew this was a studio flat? - Yes, yes.
0:38:55 > 0:38:58- But you didn't view the property? - No.
0:38:58 > 0:39:01OK. So what's done is done. How do you feel now?
0:39:01 > 0:39:04- Marcin, how do you feel, now you've seen it?- Well, yes.
0:39:04 > 0:39:07We walked through the door and then we said,
0:39:07 > 0:39:10"Oh, my Gosh! Well, we bought it!"
0:39:10 > 0:39:13It's a really, really small area. But, um...
0:39:16 > 0:39:19We quite believe that we can manage something with this,
0:39:19 > 0:39:22- to do with the place.- Yeah. So, happy with the price you paid?
0:39:22 > 0:39:25I mean, I suppose it all depends on what you get it for
0:39:25 > 0:39:27and what you want to do with it.
0:39:27 > 0:39:29I mean, how do you feel now you've got it?
0:39:29 > 0:39:34- If I could give you £109,000 back, would you walk away?- Ah!
0:39:35 > 0:39:36Not really.
0:39:36 > 0:39:38Well... We understood this question,
0:39:38 > 0:39:40but I'm just thinking, "How do I answer it?"
0:39:40 > 0:39:42THEY LAUGH
0:39:42 > 0:39:46Um... Well, no, we'll still try and make a bit of money off it.
0:39:46 > 0:39:48- So you're still thinking...? - Yes, yes, we will still keep it.
0:39:48 > 0:39:50So you can still add value?
0:39:50 > 0:39:53- You still feel confident that you can add value...- I think so.
0:39:53 > 0:39:55..to £109,000?
0:39:55 > 0:39:59We strongly believe that the best investment is to invest with...
0:40:00 > 0:40:02..bricks and mortar, I will say,
0:40:02 > 0:40:05so it does definitely give us a profit.
0:40:05 > 0:40:07So what is the plan with this property?
0:40:07 > 0:40:12Well, the chief is to make this property
0:40:12 > 0:40:17quite nice place to live for a couple or young professionals.
0:40:17 > 0:40:20We've got a few options, actually.
0:40:20 > 0:40:24One of this is to change the layout, erm, perhaps.
0:40:24 > 0:40:26Erm...
0:40:26 > 0:40:28How? I'm really intrigued to know.
0:40:28 > 0:40:30Well, we started to think about it today, actually.
0:40:30 > 0:40:33- We think...- We'd like to remove the kitchen from this room.
0:40:33 > 0:40:35OK. So, you're going to get rid of the kitchen here?
0:40:35 > 0:40:39- So, perhaps we're going to knock down the part of this wall.- Yeah?
0:40:39 > 0:40:41Move this part little bit farther in here.
0:40:41 > 0:40:44- So, we change the shape of the bathroom.- Yes?
0:40:44 > 0:40:48Which give us a space for the kitchen behind this wall.
0:40:48 > 0:40:51OK. So, you're going to tuck the kitchen away,
0:40:51 > 0:40:55- so there's a separate kitchen, a separate bathroom.- Yes.
0:40:55 > 0:41:00Still might be open-plan, but at least we can use this wall for a storage or something like this.
0:41:00 > 0:41:03OK, because, at the moment, this is the problem.
0:41:03 > 0:41:04One of the walls is taken up.
0:41:04 > 0:41:07You can't put your storage and your units...
0:41:07 > 0:41:09That's true.
0:41:09 > 0:41:13Although, it does lend itself to being a nice, open-plan space,
0:41:13 > 0:41:16and I think it is what it is. You know, whoever's going to be
0:41:16 > 0:41:19using this property is not going to be coming along
0:41:19 > 0:41:21- with loads and loads of stuff. - Exactly.
0:41:21 > 0:41:23I mean, it's quite a big bathroom, when you actually go in there.
0:41:23 > 0:41:25I would say that's a luxury.
0:41:25 > 0:41:28You could maybe change that and just have a wet room.
0:41:28 > 0:41:30Something very small, with a really good shower,
0:41:30 > 0:41:33and then use the rest of the space to open the flat up.
0:41:33 > 0:41:36Yeah. That's why we are going to do the kitchen over there,
0:41:36 > 0:41:39- in the corridor, actually.- Yeah.
0:41:39 > 0:41:42Tell me what your speciality is. What do you like to do?
0:41:42 > 0:41:46Do you actually build or do you like to refurb inside?
0:41:46 > 0:41:48- Refurb, mainly.- Refurb insides.
0:41:48 > 0:41:52So, we can do carpentry, we can do tiling, we can do plastering, whatever we need.
0:41:52 > 0:41:56- Except the electric and plumbing. - Electrician and plumbing, that's...
0:41:56 > 0:41:59So, guys, what do you think you might want to do with this flat when it's finished?
0:41:59 > 0:42:01Sell it or rent?
0:42:01 > 0:42:03Our priority is to sell it, er,
0:42:03 > 0:42:06but depends on the value. If we have to,
0:42:06 > 0:42:09we're going to keep it for a year or two and then try to sell it.
0:42:09 > 0:42:13- OK. But sell at a profit, if possible?- Yes.
0:42:13 > 0:42:16Yes, absolutely. So, if we're not going to get a profit,
0:42:16 > 0:42:18we will rent it out.
0:42:18 > 0:42:22So, guys, how long do you think it's going to take you to do what you need to do here?
0:42:22 > 0:42:25Well, as you said, we've got a few options.
0:42:25 > 0:42:27If we choose to, erm...
0:42:28 > 0:42:31the longest option, which is to change the layout,
0:42:31 > 0:42:33we reckon about two weeks.
0:42:33 > 0:42:35Two to three weeks, something like that.
0:42:35 > 0:42:38Do you have any structural walls to deal with?
0:42:38 > 0:42:40- It's a partition wall... - Everything is OK.
0:42:40 > 0:42:43So, you don't have to worry about any permissions and RSJs.
0:42:43 > 0:42:45Great. Good news. Woohoo!
0:42:45 > 0:42:47OK. So, two weeks if you're going to do the layout change.
0:42:47 > 0:42:49- To three weeks.- To three weeks.
0:42:49 > 0:42:52- Let's say three weeks, because, you know...- Just in case.
0:42:52 > 0:42:54And if you're not going to do the layout change?
0:42:54 > 0:42:56The refurbishment downstairs?
0:42:56 > 0:42:59- One week.- One week.- Just a week. Just a new kitchen and a new bathroom.
0:42:59 > 0:43:01Well, obviously, yes.
0:43:01 > 0:43:03New, modern unit kitchen.
0:43:03 > 0:43:04New floor.
0:43:04 > 0:43:08Well, shouldn't be more than...one week.
0:43:08 > 0:43:10- Good luck with it and lovely to meet you both.- Thank you very much.
0:43:10 > 0:43:12- Congratulations. - Thank you very much.
0:43:13 > 0:43:17So, Marcin and Lukas didn't see inside the flat before the auction,
0:43:17 > 0:43:20but at least they knew it was a studio -
0:43:20 > 0:43:24but maybe not quite how small it actually is.
0:43:24 > 0:43:26What will they decide to do about the layout?
0:43:26 > 0:43:29Can they really improve what's here?
0:43:29 > 0:43:32Join me later on in the programme and you can find out.
0:43:36 > 0:43:39Well, we've seen what one of our buyers has managed to achieve. What about the other two?
0:43:39 > 0:43:43Yes, will it be a case of mission accomplished or back to the drawing board?
0:43:43 > 0:43:45Let's not wait any longer to find out.
0:43:45 > 0:43:47MUSIC: Look Away by Big Country
0:43:49 > 0:43:52Earlier, I was in Aspatria in Cumbria to see a three-bed,
0:43:52 > 0:43:56detached property guided at £45,000+.
0:43:56 > 0:44:00That was, if you could find it, with the exterior looking like
0:44:00 > 0:44:02something out of a Grimms' fairy tale -
0:44:02 > 0:44:05and inside was just as grim.
0:44:06 > 0:44:07Especially the bathroom.
0:44:08 > 0:44:11If you're eating anything at the moment,
0:44:11 > 0:44:13you might want to put it down temporarily or turn the TV off,
0:44:13 > 0:44:15cos this is the bath.
0:44:16 > 0:44:19It's a lovely bath in principle, could do with a bit of a clean.
0:44:19 > 0:44:23And can you imagine what the loo will be like?
0:44:23 > 0:44:24Shall we take a look?
0:44:24 > 0:44:28# Now look away, look away
0:44:28 > 0:44:32# Hide your eyes from the land where I lie cold... #
0:44:35 > 0:44:38Yes, avert your eyes, those who appreciate hygiene.
0:44:39 > 0:44:43Hazel, though, didn't turn a blind eye when she bid £69,000.
0:44:43 > 0:44:47But, with her husband Ian and son Thomas both builders,
0:44:47 > 0:44:50this house wasn't quite so scary for them.
0:44:50 > 0:44:52And it was definitely a family project.
0:44:54 > 0:44:58- It's my son and daughter who's actually buying it.- Right.
0:44:58 > 0:45:00And we're just going to help them out with the work.
0:45:00 > 0:45:02Right. So, is it their house to live in?
0:45:02 > 0:45:03Possibly.
0:45:05 > 0:45:08It was moot whether siblings Thomas and Hayley would actually get
0:45:08 > 0:45:12possession of his house, because Mum and Dad had their eyes on it.
0:45:12 > 0:45:15One possibility was selling their current house
0:45:15 > 0:45:18and giving the kids some of the profits for deposits.
0:45:18 > 0:45:22They planned a 40-grand renovation budget,
0:45:22 > 0:45:26but they were going to be working on it at weekends and evenings.
0:45:26 > 0:45:29Three and a half years later, we're back to see
0:45:29 > 0:45:32if the nightmare house has become a dream home.
0:45:34 > 0:45:36MUSIC: Back To Life by 3OH!3
0:45:37 > 0:45:40Wow! What a difference on the outside.
0:45:40 > 0:45:42You can actually see the house now,
0:45:42 > 0:45:45and the family took away over 40 trees from the front.
0:45:46 > 0:45:49And what a grand exterior it is -
0:45:49 > 0:45:51matched on the inside.
0:45:51 > 0:45:54# Cos if the party is dead
0:45:54 > 0:45:57# We can bring it back to life
0:45:57 > 0:46:00# Yeah, we can make it through the night #
0:46:00 > 0:46:05The family are builders by trade and you can really see their handiwork
0:46:05 > 0:46:07on those original flagstones
0:46:07 > 0:46:10that have been recut and reshaped.
0:46:10 > 0:46:14Handiwork that is obvious in the two new living rooms.
0:46:14 > 0:46:18They have also added to the square footage with a brilliant extension.
0:46:19 > 0:46:23By using original materials salvaged from the house and the area,
0:46:23 > 0:46:27it's all very in keeping with what was here previously.
0:46:29 > 0:46:31Originally, it was a glass lean-to,
0:46:31 > 0:46:33tin shed type of thing,
0:46:33 > 0:46:36and it's now a single-storey extension.
0:46:36 > 0:46:39Luckily, there was enough sandstone in the house.
0:46:39 > 0:46:41When we knocked things down, er,
0:46:41 > 0:46:45there was enough sandstone there to rebuild, so, we didn't have to buy any sandstone.
0:46:45 > 0:46:47We did have to buy some slates.
0:46:47 > 0:46:48We got that off a local farmer.
0:46:48 > 0:46:51He had some of the slates,
0:46:51 > 0:46:52so, we could put them back on
0:46:52 > 0:46:54and keep it as original as we could.
0:46:54 > 0:46:57We've tried to re-use as much as we could.
0:46:59 > 0:47:03The sympathetic nods to the house's history continue upstairs,
0:47:03 > 0:47:08where the family have added a fourth bedroom by raising the roof in this room.
0:47:08 > 0:47:12They've added two additional bathrooms, with one being an en-suite.
0:47:15 > 0:47:16# Whoa!
0:47:16 > 0:47:18# We can bring it back to life #
0:47:19 > 0:47:23Thankfully, the hideous bathroom has been consigned to history,
0:47:23 > 0:47:27and it certainly shows off the handiwork of Hazel's husband Ian,
0:47:27 > 0:47:29son Thomas and nephew Ennis.
0:47:33 > 0:47:36Obviously, we've all pitched in, but we've had joiners in,
0:47:36 > 0:47:38plumbers, electricians.
0:47:38 > 0:47:41But everything else we've just done ourselves.
0:47:41 > 0:47:43It's been hard, but we've got there.
0:47:43 > 0:47:44Or getting there!
0:47:44 > 0:47:47Well, we had a lot of health problems in the family.
0:47:47 > 0:47:49Ian actually fell and broke his ribs
0:47:49 > 0:47:52while he was putting the new door
0:47:52 > 0:47:53in at the back there.
0:47:53 > 0:47:55He tried to lift the heavy sandstone on his own
0:47:55 > 0:47:57and he had a little wobble and
0:47:57 > 0:47:58fell and broke his ribs.
0:47:58 > 0:48:00Then, he got back to work,
0:48:00 > 0:48:03and then he fell again and broke them again at work.
0:48:03 > 0:48:04The same two ribs.
0:48:06 > 0:48:09Oh, Ian must have got a ribbing at work for that.
0:48:09 > 0:48:12Sorry, Ian! We do hope you get well soon.
0:48:12 > 0:48:15Between accidents and other setbacks, it's taken them
0:48:15 > 0:48:20two years more than their 18-month timescale, but it looks great.
0:48:20 > 0:48:22What about that budget?
0:48:22 > 0:48:25We were about 40,000. We've hit that.
0:48:25 > 0:48:26We're not quite finished yet,
0:48:26 > 0:48:29but we've hit the 40,000 spend in money, yeah.
0:48:30 > 0:48:32The family fell in love with the house,
0:48:32 > 0:48:34but they've decided against moving in
0:48:34 > 0:48:37and reverted to the original plan of selling on.
0:48:42 > 0:48:45So, they'll be keen to know what value it could attract
0:48:45 > 0:48:49on the sales market, which is where two local property experts come in.
0:48:50 > 0:48:53First, their thoughts, starting with the auctioneer,
0:48:53 > 0:48:56who saw it before the family made a few changes.
0:48:58 > 0:49:02Well, a few changes is an absolute understatement.
0:49:02 > 0:49:04We see a lot of houses, before and after,
0:49:04 > 0:49:08and I think this wins the prize.
0:49:08 > 0:49:10I've never seen such a transformation.
0:49:10 > 0:49:13It was hard to find, because it was overgrown with trees, you know,
0:49:13 > 0:49:15and there were trees going through the roof,
0:49:15 > 0:49:18there were no floors and earth floors... And look at it now!
0:49:18 > 0:49:21It's absolutely amazing. It's very impressive.
0:49:21 > 0:49:22It a beautiful property.
0:49:22 > 0:49:25It's kept its original features and characteristics,
0:49:25 > 0:49:27but it's also incorporated
0:49:27 > 0:49:31really well with the new kitchen and the bathrooms.
0:49:31 > 0:49:33I think the standard of finish is very high.
0:49:33 > 0:49:36I think it'll appeal to a larger family in the local area.
0:49:38 > 0:49:41The family have spent £109,000 buying
0:49:41 > 0:49:43and practically rebuilding the property.
0:49:43 > 0:49:46So, can they make a profit on the sales market?
0:49:47 > 0:49:50I think the owners will achieve in the sales market
0:49:50 > 0:49:55between £245,000 and £250,000.
0:49:55 > 0:50:00I'm fairly comfortable with maybe an asking price of £250,000,
0:50:00 > 0:50:05with a view to maybe negotiating south of that slightly.
0:50:05 > 0:50:07I'm happy with that!
0:50:07 > 0:50:09No, that's good.
0:50:09 > 0:50:10More than good, I'd say.
0:50:10 > 0:50:11At 250 grand,
0:50:11 > 0:50:16it'd be to the good of £141,000 profit,
0:50:16 > 0:50:18before the usual taxes and expenses.
0:50:18 > 0:50:22The experts also thought £600 per calendar month
0:50:22 > 0:50:26would be the rental figure, giving them a 6.5% yield.
0:50:26 > 0:50:28Hazel plans to look both markets
0:50:28 > 0:50:31and see which one gets the tails wagging.
0:50:31 > 0:50:32Whatever way they go,
0:50:32 > 0:50:35it will be sure to get her kids on the property ladder.
0:50:42 > 0:50:44It'll get them their first home.
0:50:44 > 0:50:46They bought their first home with that amount of money, really.
0:50:49 > 0:50:51MUSIC: Hi Ho Silver Lining by Jeff Beck
0:50:52 > 0:50:55We're heading back to Wallington in the London borough of Sutton,
0:50:55 > 0:50:58where famed guitarist Jeff Beck was born.
0:50:58 > 0:51:01It's also where I looked at a first-floor studio flat
0:51:01 > 0:51:02in this Victorian villa.
0:51:04 > 0:51:07Walking straight into the property, you've got a really nice
0:51:07 > 0:51:10little bathroom there, and in here,
0:51:10 > 0:51:12well, this is the one room.
0:51:12 > 0:51:16This is it. It's a studio flat and you just get this.
0:51:16 > 0:51:19109 for the third and final time. All done.
0:51:19 > 0:51:24The tiny flat went for a not-so-tiny 109,000,
0:51:24 > 0:51:27and it sold to brothers Michael, Marcin and Lukas.
0:51:28 > 0:51:29They bought the flat blind,
0:51:29 > 0:51:33but at least they had read the auction addendum on the day.
0:51:33 > 0:51:36So, Marcin, here on the left, and Lukas knew
0:51:36 > 0:51:41they were buying a studio, not a one-bed, as the catalogue suggested.
0:51:41 > 0:51:43Well, every cloud and all that...
0:51:44 > 0:51:48# And it's hi ho silver lining... #
0:51:48 > 0:51:50We walked through the door and then we said, "Oh, my gosh!
0:51:50 > 0:51:52"What have we bought?"
0:51:53 > 0:51:56It's a really, really a small area, but, erm...
0:51:59 > 0:52:03We quite believe that we can manage something with this, erm,
0:52:03 > 0:52:05to do the place better for living.
0:52:05 > 0:52:06So, you can still add value?
0:52:06 > 0:52:08You still feel confident that you can add value...
0:52:08 > 0:52:09I think so, yeah.
0:52:09 > 0:52:11..to £109, 000?
0:52:11 > 0:52:16We strongly believe that the best investment is to invest with
0:52:16 > 0:52:18bricks and mortar, I would say.
0:52:18 > 0:52:21So, does definitely give us a profit.
0:52:21 > 0:52:23But, in such a small space,
0:52:23 > 0:52:26I was curious to know how they were going to add the value.
0:52:26 > 0:52:28We'd like to remove the kitchen from this room.
0:52:28 > 0:52:31OK. So, you're going to get rid of the kitchen here?
0:52:31 > 0:52:34- So, perhaps we're going to knock down the part of this wall.- Yeah.
0:52:34 > 0:52:36Move this part a little bit further in here.
0:52:36 > 0:52:40- So, change the shape of the bathroom.- Yes.
0:52:40 > 0:52:43Which give us a space for the kitchen behind this wall.
0:52:43 > 0:52:46Optimistic, but when we returned four months later...
0:52:46 > 0:52:48MUSIC: Nothing Like This by Blonde and Craig David
0:52:48 > 0:52:51# I ain't felt nothing like this, like this
0:52:51 > 0:52:55# I ain't felt nothing like this, like this... #
0:52:55 > 0:52:58The brothers clearly had vision and imagination,
0:52:58 > 0:53:01because their changes are nothing short of TARDIS-like.
0:53:08 > 0:53:13I have to admit the use of the high ceiling to create a platform bed
0:53:13 > 0:53:16is a bit different to my fold-against-the-wall idea.
0:53:22 > 0:53:26Personally, although the laminate floor looks great,
0:53:26 > 0:53:28I prefer carpet on the first floor.
0:53:28 > 0:53:31Much more friendly to the neighbours below in high-heel season.
0:53:33 > 0:53:37# I ain't felt nothing like this, like this
0:53:37 > 0:53:41# I ain't felt nothing like this, like this
0:53:41 > 0:53:45# I ain't felt nothing like this, like this
0:53:45 > 0:53:48# No, I ain't felt nothing quite like this
0:53:48 > 0:53:49# Ooh, yeah. #
0:53:49 > 0:53:52The new door at the back of the lounge takes us
0:53:52 > 0:53:53to the new shower room.
0:53:56 > 0:54:00Well, hats off to the design of the available space.
0:54:00 > 0:54:03A fantastic job. But how did the brothers get on working together?
0:54:06 > 0:54:09Ah, always having arguments,
0:54:09 > 0:54:11because we've got different ideas, but, finally,
0:54:11 > 0:54:15we always get a compromise.
0:54:15 > 0:54:16So, that's fine.
0:54:16 > 0:54:19We have to go ahead, through the problems.
0:54:19 > 0:54:24So, no problems working in such a confined space then, eh, lads?
0:54:24 > 0:54:26There was no issue, to be honest.
0:54:26 > 0:54:29- We divide the work.- We handle it!
0:54:29 > 0:54:32Everyone stand in a corner and do something, so we handle it simply.
0:54:32 > 0:54:34No issue.
0:54:34 > 0:54:37The initial plan was for a £5,000 budget to do the
0:54:37 > 0:54:40reconfiguration and renovation,
0:54:40 > 0:54:41but they did obtain permission
0:54:41 > 0:54:43to change the windows from the landlord.
0:54:43 > 0:54:45So, how was the budget?
0:54:47 > 0:54:49We spent slightly higher, about £6,500.
0:54:51 > 0:54:52But,
0:54:52 > 0:54:54because of the windows, we wasn't sure
0:54:54 > 0:54:57if we going to replace the windows or not.
0:54:57 > 0:55:00That was extra cost, but the budget is still all right for us.
0:55:01 > 0:55:05The guys reckon they've completed the work - overall - within
0:55:05 > 0:55:08a three-week timescale, which was spread out while they waited
0:55:08 > 0:55:12for permission to change the windows and took a couple of holidays.
0:55:12 > 0:55:16They feel their property development company has only one option
0:55:16 > 0:55:18when it comes to cash flow.
0:55:18 > 0:55:21Yeah, we're going to have to sell it. Definitely to sell it.
0:55:21 > 0:55:24So, hope there will be someone who will love this flat.
0:55:27 > 0:55:31Well, let's see if two local estate agents love this flat.
0:55:31 > 0:55:35They have all the necessary local knowledge to value the new rooms,
0:55:35 > 0:55:36and this lady has seen it before.
0:55:38 > 0:55:40I'm really impressed with the changes they've made to the flat.
0:55:40 > 0:55:43Um, very surprised about the change of layout,
0:55:43 > 0:55:45but I think it works really, really well.
0:55:45 > 0:55:48They've utilised the space well, which is very good.
0:55:48 > 0:55:51The finish is, well, second to none. It's very, very good.
0:55:51 > 0:55:55Erm, yeah, it's a lovely flat that will attract quite a wide market, which is very good.
0:55:57 > 0:55:59What about, shall we say, unconventional features,
0:55:59 > 0:56:03like the bed platform and the lights?
0:56:03 > 0:56:06The suspended bed is probably going to have mixed reviews,
0:56:06 > 0:56:09depending on how tall you are,
0:56:09 > 0:56:12but again, it utilises the best of what you've got.
0:56:12 > 0:56:15Someone could easily change it, obviously, if they wanted to.
0:56:15 > 0:56:18I think the finish is very nice. They've kept it bright.
0:56:18 > 0:56:22The white is a good idea, cos it makes the smaller space look bigger.
0:56:22 > 0:56:25I like the lights under the bed. I think they're a really sweet idea
0:56:25 > 0:56:28and just gives it a little bit of something extra.
0:56:28 > 0:56:32The boys are in the process, with the owners and with the rest of the flats in the house,
0:56:32 > 0:56:36of extending the lease, which is currently only 70 years.
0:56:36 > 0:56:39It'll just cost the solicitors' fees to renew.
0:56:39 > 0:56:42So, is that something that would have a bearing on the value?
0:56:43 > 0:56:45It is important to extend the lease.
0:56:45 > 0:56:48Mortgage lenders aren't too keen on lending with a lease under,
0:56:48 > 0:56:50probably, around 65 years,
0:56:50 > 0:56:53so, buyers would be concerned buying a lease with around 70.
0:56:53 > 0:56:58Solicitors would also advise them to get costs on extending the lease themselves,
0:56:58 > 0:57:01and first-time buyers are normally quite stretched financially,
0:57:01 > 0:57:04with their deposit and everything, so, it's a very good idea
0:57:04 > 0:57:06for the sellers to extend the lease.
0:57:06 > 0:57:09So, what's it worth, with an extended lease,
0:57:09 > 0:57:11in the condition that it's in now?
0:57:12 > 0:57:17If we were listing this property today, it would go on the market for £189,950,
0:57:17 > 0:57:20but we'd expect to achieve a minimum of £180,000.
0:57:20 > 0:57:22If I was to put this on the market for sale,
0:57:22 > 0:57:25I would now look at figures in the region of 175,000.
0:57:26 > 0:57:29The total spend so far, including the windows,
0:57:29 > 0:57:31comes out at £115,500.
0:57:33 > 0:57:35Take that from the top figure,
0:57:35 > 0:57:39and you're left with 73,500 quid,
0:57:39 > 0:57:41minus whatever it costs to lengthen the lease.
0:57:44 > 0:57:45We're so surprised with that.
0:57:45 > 0:57:49We never expect this value, to be honest.
0:57:49 > 0:57:53Well, all we can say, we're so proud what we've done,
0:57:53 > 0:57:56and so happy that someone appreciate our work.
0:57:57 > 0:58:00Yeah, were definitely very happy with this completion.
0:58:00 > 0:58:03That's what we expect, but we're really, really happy.
0:58:03 > 0:58:05Aww, happy chappies.
0:58:12 > 0:58:15Hopefully, you've enjoyed what you've seen on today's show.
0:58:15 > 0:58:18And maybe even learned a trick or two along the way.
0:58:18 > 0:58:20Yes, well, there are plenty more auction properties out
0:58:20 > 0:58:21there for us to show you.
0:58:21 > 0:58:24So, make sure you join us next time here on Homes Under The Hammer.
0:58:24 > 0:58:26- Goodbye.- Bye-bye.- Goodbye.