Modern Method of Auction
Auction date not yet published
We've tightened what earns a Pursue. A home now needs a published valuation, a strategy that still makes money after real running costs and lender stress tests, and no listing problems that would stop a mortgage. You'll see fewer Pursues, and each one has been checked harder.
See how verdicts work2-bedroom house · PL21 9SH
For saleReduced £15k (−9.1%) on 8 SepListed 81 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
Summary A pretty pre-1900 terraced cottage in the tranquil hamlet of Lutton, offering two bedrooms, a modern kitchen, exposed beams, and a feature granite fireplace with wood burner.
The property benefits from double glazing, a generous garden with stunning Dartmoor views, and a useful stone and block barn.
Description This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction.
The Modern Method of Auction is a flexible buyer friendly method of purchase.
We do not require the purchaser to exchange contracts immediately, granting 56 days for completion with an aim to exchange contracts 28 days from the date the buyer’s solicitor is in receipt of the draft contracts.
Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable Reservation Fee of 4.5% to a minimum of £6000 including VAT which secures the transaction and takes the property off the market.
Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability.
Further clarification on this must be sought from your legal representative.
The buyer will be required to sign an ‘Reservation Form’ to confirm acceptance of terms prior to solicitors being instructed.
Copies of the Reservation from and all terms and conditions can be found in the Property Information Pack, which can be downloaded for free from the auction section of our website or requested from our Auction Department.
Auctioneer's Comments This property is offered through Modern Method of Auction. Should you view, offer or bid your data will be shared with the Auctioneer, iamsold Limited.
This method requires both parties to complete the transaction within 56 days, allowing buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).
The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.5% of the purchase price including VAT, subject to a minimum of £6600.00 including VAT.
This fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.
Buyers will be required to complete an identification process with iamsold and provide proof of how the purchase would be funded.
The property has a Buyer Information Pack containing documents about the property.
The documents may not tell you everything you need to know, so you must complete your own due diligence before bidding.
A sample of the Reservation Agreement and terms and conditions are contained within this pack. The buyer will also make payment of no more than £349 inc. VAT towards the preparation cost of the pack.
Please confirm exact costs with the auctioneer. The estate agent and auctioneer may recommend the services of other providers to you, in which they will be paid for the referral.
These services are optional, and you will be advised of any payment, in writing before any services are accepted. Listing is subject to a start price and undisclosed reserve price that can change.
Entrance Hall Double glazed door to the side aspect, door access to lounge and cloakroom Lounge 15' 6" max x 15' 2" max ( 4.72m max x 4.62m max ) Double glazed window to the rear aspect, exposed wooden beams, granite chimney breast, wood burner, radiator Kitchen 16' 4" max x 8' 2" max ( 4.98m max x 2.49m max ) Double glazed window to the side aspect, modern kitchen with wall and base units, sink and draining board with mixer tap, built in oven and microwave, induction hob, extractor hood, space for fridge, freezer and washing machine, part tiled, Vaillant boiler, stairs with understairs cupboard, exposed beams Cloakroom Low level WC, corner wash had basin Landing Double glazed window to the side aspect, skylight, loft access, storage cupboard, radiator Bedroom One 14' 4" max x 8' 8" max ( 4.37m max x 2.64m max ) Two double glazed windows to the rear elevation with far reaching views, built in wardrobes, radiator Bedroom Two 12' 3" max x 7' 9" max ( 3.73m max x 2.36m max ) Double glazed window to the front aspect, radiator Bathroom Double glazed obscured window to the side aspect, bath with shower over, wash hand basin, low level WC, radiator Garden Good sized garden with incredible views over the fields and moors.
Agents Note Private Right of Way - There is a shared side access, with a right of way in favour of the neighbouring property.
Agents Note Please note that an aml fee is chargeable to the buyer once an offer is accepted to cover the cost of carrying out the required identity and anti-money laundering checks.
Once these checks have been completed, the fee cannot be refunded, even if the property purchase does not go ahead. 1.
Money laundering regulations - Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2: These particulars do not constitute part or all of an offer or contract. 3: The measurements indicated are supplied for guidance only and as such must be considered incorrect.
4: Potential buyers are advised to recheck the measurements before committing to any expense.
5: Connells has not tested any apparatus, equipment, fixtures, fittings or services and it is the buyers interests to check the working condition of any appliances.
6: Connells has not sought to verify the legal title of the property and the buyers must obtain verification from their solicitor.
Value & comps
No previous sales on record.
See the independent valuation, upside vs guide, and per-strategy max bid for this lot. Sign in to see it.
Returns
Set an offer; the calculator follows it.
We're still gathering serviced-accommodation data for this area.
Archie refurb estimate: a Pro feature
0.0% below starting price
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All investment calculators, property analyses, and AI-generated insights are for informational purposes only. Property investment carries risk and may result in financial loss. All calculations should be independently verified and you should consult with FCA-authorised financial advisers before making any investment decisions.
Past performance does not guarantee future results. Tax implications vary by individual circumstances.
Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
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FAQ
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