Episode 3 Homes Under the Hammer


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If you've ever been to an antiques auction, you'll know how exciting auctions can be.

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It's one thing buying a teapot there. What about buying your house at auction?

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Today we meet some people who all decided to take the plunge.

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Let's see how they got on buying their homes under the hammer.

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-Portsmouth is home to HMS Victory,

-but who will be victorious in the auction battle for this house?

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There's potential in this south London terrace.

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Potential to extend, convert into flats,

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and I think potential to make somebody quite a lot of money.

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These properties have been sold at auction.

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We'll find out who bought them and what they paid when they went under the hammer.

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Being near the sea means that land and property in and around Portsmouth is always at a premium.

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The Fratton area of Portsmouth is no different,

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so finding a reasonably priced auction property in this area

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feels like my ship's come in.

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When you're doing research for any property,

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it's always wise to check out your neighbours or, at least, how much their property sold for.

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Now, a quick search online and I found out the last five houses

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that sold down this street sold for an average of £120,000, which makes this house not a bad buy.

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It's got a guide price of £100,000 to £105,000.

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Let's have a look around first.

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One of Byerley Road's selling points is that it's just a short walk to Fratton Station,

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but the downside is that the trains run right behind these houses.

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It's definitely not for someone who's looking for a bit of peace and quiet.

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So let's have a look around, then.

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It's a little bit cramped in here.

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The reception room's quite small

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and it looks as though somebody's already started a bit of a dodgy paint job.

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Got a corridor leading through to the second reception room, much bigger.

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I've got to say, it feels quite roomy in here.

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A lovely area under the stairs.

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You could put some doors there, you could store away your vacuum, all your coats, I quite like that.

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Somewhere to, perhaps, put a nice fireplace,

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you've got double-glazed windows, which is good.

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But what I really like is the fact that, through here,

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there's an extension and it goes quite a long way back.

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One of the rooms housed in that extension is the kitchen.

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It looks rather spartan, but there are plenty of work surfaces.

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It wouldn't take too much to rip out the old units and put in a new kitchen.

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The services are here.

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However, it's the other room in the extension that I'd like to change more.

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Now, this is the downstairs bathroom.

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The good news is there's a white suite, the bad news - it's stuck between the lounge and the kitchen.

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Now, Martin and I always say if you can get your bathroom upstairs it's worth doing.

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We always think it does add a little bit more value to your property.

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So I'm going to pop up there and see if we can do that.

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Upstairs consists of just two bedrooms.

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They're not a bad size, though probably not big enough to accommodate a bathroom, unless...

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Now I've been upstairs and have seen the size of the bedrooms, they're a great space.

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I don't think I'd want to eat into it by creating a bathroom, although you have got a couple of options.

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You could perhaps put an en suite through here.

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You could push all the way through across the stairs,

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encroach into the other bedroom and maybe put a shower and a toilet up here.

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You could also put a corridor along here.

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You could build on the extension out there, just like the neighbours have done.

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But when you take into account the costing

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and the time it's going to take, I just don't think it's worth it.

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This is a lovely little house that doesn't need too much doing to it.

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So let's see who fancies their chances at auction.

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145, now.

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We go to the terraced house for improvement and that's at 113 Byerley Road, Fratton in Portsmouth.

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Walking distance to the shops, two bedrooms and a bathroom.

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It's a good property to add value to here, plenty of potential in it.

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We've got a guide of 100 to 105.

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Anyone going to pop in at £100,000?

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£100,000, I'm bid. 100, I've got.

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And two? 102? 102 sitting down.

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And four, may I say?

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104 bid, I have.

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And six, now? And six?

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At £104,000. Six, James? 106.

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106 sitting down, he's too late.

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106. And eight?

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108. It's still worth it. 108.

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108, I'm bid. And 10? Nine I'll take if you wish.

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109, I'm bid. 110 sitting down, sir.

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110, 111. 112? 112 at the back?

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112? 112. 113, madam, can I take?

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113? And 14? 114. And 15? And 16?

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Just got a few seconds to think about that last decision.

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115,000 I've got. Are we all done at £115,000?

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I'm selling for the first time. 116, I've got. He won't go 117, I'm sure.

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Try it and...

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No? 117? £116,000 by the bar. You've been with me for a long time, sir.

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For the first time. £116,000 bid, I'm selling for the second time.

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116 for the third and final time. All done. Yours by the bar, sir.

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116, thank you very much. 3148.

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For 116,000, the new owner of the two-bedroomed terraced house in Byerley Road, Portsmouth is Murray.

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He lives just along the coast in Southampton with his wife and three children.

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I've been buying and selling property now for about five years, mostly with a partner.

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We've probably bought and sold about 20, I would say.

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We had up to about a dozen in a rental portfolio.

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Sold a few of those over last year or so, just so we can get some cash back out

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to do more buying, refurbishing and selling on.

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Are you a full-time property developer?

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No, I've got a day job, a fairly busy day job.

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I work in a bank and have done since I left school, so 25 years ago.

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So that keeps me pretty busy, so this is very much weekends, evenings and so on,

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but I've got a very good builder so I don't get too involved in the day-to-day stuff.

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Murray's banking background gives him a good insight into the property market

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and, importantly, how to find your purchases.

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This is an area that many people feel uncomfortable about,

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especially when spending - and perhaps borrowing - over 100,000.

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People often say, "Have a good relationship with your bank manager."

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-Now, what does that involve? Taking them out to lunch?

-That helps!

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Keep them informed of your business, really, good and bad,

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and make sure that if you do need something then you give them plenty of notice.

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Let's talk about this property now, Murray.

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Are you going to keep it?

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Yeah, this one I will keep for a short period, 12, 24 months,

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so I'm really just going to do a fairly minimal spend.

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So what do you call a limited spend?

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Probably get away with about between 6 and 7,

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depending on what we finally do with the bathroom and how that scrubs up, really,

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whether we need to replace it.

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The bathroom was my initial disappointment.

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I was like, "The bathroom's downstairs,"

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but you do kind of expect to see that in a terraced house like this.

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Are you going to move it upstairs, keep it downstairs?

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No, I think just given the terrace and the way the houses are here,

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there's an acceptance of a downstairs bathroom.

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You could put it upstairs but there would be cost, it would be time,

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and you would almost spoil the two good-sized bedrooms up there.

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Murray will project manage this renovation

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but rely heavily on the builder he uses for all his properties.

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This is key to allowing Murray to do two jobs at once.

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-Murray, you're a busy man - you're a banker, you've got property, do you ever have fun?

-Yeah.

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I've got a family, I've got three children, two boys and a girl.

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They keep me busy. The boys play football and rugby, but they're interested in property.

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They'll often come down, have a look at the properties with me and help clean up.

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-Is it something that you can see them doing in the future?

-I hope so.

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I hope that I can build it up over the next few years,

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but who knows with children?

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-So it's a family business, really?

-Yes. Yeah, yeah, that's the intention, yeah.

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Like most bankers, Murray is organised.

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He's one step ahead of the game.

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He's got his builder and he knows exactly where he's going next.

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He won't have any problem with the finance, but he's got to stick to his budget.

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The margins are so tight here. Let's see what happens later on in the programme.

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I'm in Tooting, southwest London, between Wimbledon and Streatham.

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This is Southcroft Road, about half a mile from Tooting High Street.

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We're here to see a three-bedroom mid-terrace with a guide price of 245,000 quid

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which for round these parts sounds a bit of a bargain to me.

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The exterior doesn't give away much, but once inside, it's just as well.

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The front reception room is a good size with an original fireplace, but the decor is tired.

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There's a second reception room at the back with this hideous light

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and a bizarre corridor leading to the only bathroom in the house

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with separate WC and the stairs.

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Through there is a kitchen in dire need of replacing.

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I noticed a smell permeating this house -

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damp and lots of it, probably rising damp, but it needs sorting.

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Upstairs, there are three good size rooms with more signs of damp.

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They are bigger than I thought, so you could move the bathroom up here.

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There is planning permission to build a two-storey extension at the back of the property.

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It will reduce the garden to almost nothing,

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but it opens up the possibility of converting the house into flats.

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But there's still a lot of work involved in renovating this house,

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especially if you wanted to move that bathroom upstairs.

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This house isn't without its problems, but it's not gonna cost too much to get them sorted out.

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Then you're left with a place that's got great potential to extend, to convert into flats

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and to make somebody a lot of money. Let's go to the auction.

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So, Lot 18, Tooting. I like Tooting. Where will I kick off on this?

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How much...? Yeah? 250?

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Yeah? You in the front, yeah? 255, just behind you.

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260? 260. 265.

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270...? 270.

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271. Yeah?

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Two-seventy... 275.

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280. 285.

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285, standing up.

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286 at the back? You're gonna lose it.

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285, standing up. Anyone else?

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First time, second time... 286. 287.

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288, sir.

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289?

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Yeah? 289. 290? Round it off to 290. 290.

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291, yeah?

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Well done. 291. 292.

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292.

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You had a crack. 293?

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293. 294. 295.

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296?

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296. Well done. 297.

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298?

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298?

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297, with you.

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First time, second time, third and last time, are you all done...?

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Sold, 297, well done.

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'The successful bid was made by first-time auction goers Satis and his wife Lourdes.

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'I had to meet them at their home in Surrey, rather than Tooting. I wonder why?'

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It's lovely to meet you both. Why are we meeting in your home?

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We were supposed to have completed yesterday, but there's been a small hiccup.

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We went to auction and bid on the property. We were successful.

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We had 15 days to complete after auction,

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but because our mortgage offer hadn't come through within the 15 days, we couldn't complete.

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But we were served notice after the 15 days

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with an additional five days in which to complete,

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but we thought we had an additional ten days to complete.

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Because we hadn't completed in five days, they withdrew the contract.

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'Once you've bought at auction, you pay a 10% deposit and the rest after an agreed period of time.

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'In this case, they didn't have a mortgage approved which could mean losing the house.'

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What's gonna happen now? What is the vendor saying?

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There's probably gonna be an increase in the price.

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-He's gonna put the price up?

-Yeah. But we don't know by how much.

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-They said £20,000.

-£20,000?!

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Yeah, they said 20 and we're gonna negotiate with the solicitor to reduce the amount.

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We don't know when they're gonna write the new contract.

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-And start all over again.

-And you'd paid deposit money, had you?

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-Yes, we paid 10% on the day.

-Which would be about 20...?

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-£29,700.

-£29,700?

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-Yeah.

-Theoretically, you could lose that, couldn't you?

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-Yeah.

-Yes.

-So, to clarify then, you either pay an, at this moment, unknown amount of extra money,

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-possibly £20,000...

-Possibly, yeah.

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..for being a day late

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-or you lose your £29,700 deposit?

-That's right.

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I can't believe you're smiling. You poor things!

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-You obviously love this house.

-Yeah.

-Why did you want to buy it?

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I know the area quite well.

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I grew up there. We've been looking for properties around that area.

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This one caught our eye because it had planning permission

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for a two-storey extension.

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We thought that was a good idea and that's why we decided to go for this property.

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-Are you buying it for personal use or for investment?

-For investment.

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-You'll rent it out?

-We'll be looking at letting it out initially.

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Then once we get some money in, we'll do the extension and then sell it on.

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Our main idea is to sell it on.

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-How much will it cost?

-About £15,000.

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'The couple currently run a shop and have been in the retail business for five years,

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'but have decided to do more property development.

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'They're both used to hard work, so the damp and renovation work shouldn't faze them.

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'That's if they get the house!'

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-How soon will you know what's gonna happen?

-In a couple of days.

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Probably by the end of the week.

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What's the best-case scenario?

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That hopefully the vendor comes to an agreement with the price.

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How much do you think would be OK?

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Possibly another 10,000? I still think it's a lot.

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-Just for a day.

-But we don't want to lose our deposit.

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-I hope it turns out all right. I really do.

-Thank you.

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-We'll come back in a few months and hopefully you'll be in there.

-Yeah.

-Hopefully, yeah.

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Well, Lourdes and Satis have got themselves into a bit of a pickle

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and it proves how important it is to read that legal pack.

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It seems they will be faced with more expense than they anticipated.

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Quite how much and whether they end up buying this place, we'll find out later.

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It's been a few months now since those properties were sold.

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Have the new owners made progress or do they have regrets?

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Let's go back and find out.

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We're back to the Fratton area of Portsmouth.

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Here, just a stone's throw from the station,

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part-time property developer, Murray, had bought a two-bed house for 116,000.

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As managing partner in a bank, he wanted to see what it was like on the other side of the tracks.

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Downstairs, the fireplace has gone

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and the place is generally spruced up with fresh paintwork and new carpets.

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Also, the dining room at the back has been given a new lease of life.

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We have completely redecorated the property,

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put in a new kitchen and new bathroom, new flooring

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and completely redone the garden which was an overgrown jungle, really.

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We're finished and ready to go.

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Murray works full time in a bank, which is useful for sorting out the finances.

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He doesn't do any of the work here himself, so key to all his property development is his builder.

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Because I'd been working with Robbie for about five years now

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and he's done maybe 20 properties or so, we can pretty much say to him, "The usual job, please, Rob,"

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and he'll deal with it, which is great. I don't have to give up too much time myself.

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Clearly having a reliable builder is critical to any development.

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While it costly to contract out, it's usually worth it for the quality and speed of the work done

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and in this case, Murray gets value for money.

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Murray might not be hands-on himself but one thing I'm sure he looks after is the cost and the budget.

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We initially thought up to 7,000, between six and seven,

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depending on how we finish the specification and so on.

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Because it's gone very much to plan we've come in at £6,700

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and that includes the carpet and putting in a brand-new fridge freezer and washing machine.

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We're pleased with that.

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The garden's been completely transformed, bringing a little bit of the beach front into the space.

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Murray likes to hang onto properties for a couple of years

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and, depending on the market conditions, sell on to enable further reinvestment.

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This will be property number five in his rental portfolio and he really seems to have got the property bug.

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Of course, you make money out of it at the end of the day.

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I guess that's ultimately why I do it alongside the main job

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to provide more income for the family to enjoy.

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# This is all about the money. #

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But how much additional income will this house with a train line at the bottom of the garden earn?

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Time to ask the estate agents to see if they give this one the green light.

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Murray bought the house for 116,000.

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With that £7,000 budget, he's spent in total £123,000.

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Is his account in the red or in the black?

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I think we'd put it on the market at 134,995.

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I'd expect less than that for a quick sale, but between 130 and 135.

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That's a quick £10,000 profit even with deductions -

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that's probably a better return than if Murray had put the money in the bank.

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I think from a rental point of view it's probably worth somewhere in the region of 575 to 625.

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Something more like 600 would actually be achieved.

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Overall, then, this has been a solid, no-frills investment.

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A decent short-term profit or a reasonable long-term income.

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It's not going to make Murray a fortune but it has made his money work better for him,

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plus there are other benefits he gets from his property sideline.

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It has helped me with my job as well because I've got to know about values and rents

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and how to run a business myself, which has been great.

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I've made money as well so that's got to be positive for me and my family.

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Pleased to get into property and looking forward to more.

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And with Murray's track record, I'm sure there are a few more properties down the line that he can bank on.

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Time now to see whether Lourdes and Satis have managed to resolve

0:22:380:22:42

their legal problems and get their hands on the keys

0:22:420:22:46

to that three-bedroomed terraced house in Tooting.

0:22:460:22:48

The couple bid £297,000 for the property at auction, but they didn't check the legal pack.

0:22:480:22:55

So, four months on, how have things worked out for them?

0:22:550:23:00

Because we had missed that deadline,

0:23:000:23:02

we had to pay an extra £20,000 in order to get the keys to the house.

0:23:020:23:08

It was pretty stressful at the time.

0:23:080:23:11

It's not the best of things, but it all worked out good in the end

0:23:110:23:16

and even though we had to pay that extra, we're still pleased that we got the property.

0:23:160:23:23

The couple are hoping to get back that £20,000 through legal channels,

0:23:230:23:28

but has it left them a bit short?

0:23:280:23:32

It did affect our budget because that was some of the money that we put aside to do up the property.

0:23:320:23:39

Lourdes and Satis set themselves an initial budget of 15 grand

0:23:390:23:44

to tackle the damp problems and refurbish the property.

0:23:440:23:47

They fitted in new units and put in a new window to transform the kitchen.

0:23:500:23:54

They knocked the WC and bathroom together to form one room with new tiles and new fittings.

0:23:560:24:02

They've fitted new carpets and redecorated throughout.

0:24:050:24:08

Amazingly, given the delay in getting started,

0:24:090:24:12

they've managed to bring the project in on time and under budget at £12,500.

0:24:120:24:17

The couple's long-term strategy has also enabled them to save a few pounds in the short term.

0:24:170:24:25

Our plans for this property are to rent it out initially,

0:24:250:24:28

then a year down the line, we would consider converting it to two flats,

0:24:280:24:35

then either sell it or rent it.

0:24:350:24:38

So we've gone for just a basic standard.

0:24:380:24:41

Once we do convert it to two flats, then we'll do it to a very high standard.

0:24:410:24:50

There's already planning permission for a single-storey extension

0:24:500:24:55

to convert this property into two single-bedroom flats.

0:24:550:25:00

But Lourdes and Satis would like additional planning permission

0:25:000:25:03

to convert it into two two-bedroom flats.

0:25:030:25:07

How much will this conversion cost?

0:25:070:25:10

We would spend, to convert it to two-bedroom flats, around £80,000 to £90,000, to finish it.

0:25:130:25:20

So far, the couple have spent around 330 grand on buying and refurbishing this property.

0:25:200:25:27

Assuming they can get that extra 20 grand back, that will drop to 310,000.

0:25:280:25:34

And if they do end up converting it into two flats, they'll have spent around £400,000.

0:25:340:25:40

So how much can they expect to make when they sell up and how much can they get as rent in the meantime?

0:25:420:25:50

I invited two local estate agents to have a look.

0:25:510:25:55

As a rental property, I'd put it on the market probably in the region of 1,400 a month.

0:26:140:26:18

I'd hope to achieve that. Certainly 1,300.

0:26:180:26:21

I'd expect this house to be marketed at 399,950 and most likely get around the 390 mark.

0:26:250:26:31

We might sell then!

0:26:310:26:34

I don't know. No, that's great.

0:26:340:26:37

That's well worth all the work we've gone through.

0:26:370:26:41

Well, with just a few finishing touches before they can start renting this place out,

0:26:450:26:49

it looks like a good outcome for Lourdes and Satis.

0:26:490:26:53

We'll see you next time for more homes under the hammer.

0:27:000:27:03

-See you then.

-Goodbye.

-Goodbye.

0:27:030:27:05

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