[Scotland] studio flats in purpose made student made accommodation being sold cheaply at auctions - I don't understand why so cheaply.
One too many 'made' in the topic, sorry
I get that:
- auction = has to be cash buyer, but given their locations they're cheaper than 1 bed studios sold at auctions
- I have seen offers from landlords, in the same building, renting them out to professionals, they're just then responsible to pay council tax, but only for that single unit, checked the band and it's A.
- those auctions don't specify any monthly payments for the common areas. There are no legal packs attached, just home reports? But monthly payments cannot be too high, right, given how many flats they have crowded into those buildings?
- do you think each separate unit has a separate meter?
- maybe it's because banks won't ever lend on that, period, whereas with many standard auction properties that's not the case (unless above a takeaway, or in a council owned majority building)
What am I missing? Asking out of curiosity. If I were thinking of buying I'd just speak with solicitor.
It cannot be as simple as buy it, pay cash, and have a studio flat in central Glasgow for 35k, in exchange for some noise and monthly upkeep fees, which gives you access to shared free gym and living areas