Mixed-use corner building with consent for 4 flats
51 Belswains Lane, Hemel Hempstead HP3 9PWVacant freehold. Planning granted June 2024 (23/00828/FUL) to convert into four flats with rear extensions and a dormer.
2 lots in Hertfordshire this week, picked from the catalogues of the auction houses selling in the county. Watford, St Albans, Hemel Hempstead, Stevenage, Hertford and Potters Bar.
Vacant freehold. Planning granted June 2024 (23/00828/FUL) to convert into four flats with rear extensions and a dormer.
Let at £43,200 a year, a 12.3% gross yield on the guide. Long leasehold (around 1,068 years).
When the hammer falls you exchange contracts on the spot, pay a 10% deposit, and usually have 28 days to complete. That is too tight for most mortgages, and lots that need work, have no kitchen, or carry a planning angle often are not mortgageable at all. That is why experienced auction buyers arrange auction bridging finance before they bid, not after.
Agreeing terms in principle before the sale means you walk in knowing your ceiling, you can bid with confidence against cash buyers, and you do not risk losing your deposit because a lender went quiet in week three. It costs nothing to get indicative terms and there is no credit search at that stage.
Updated every Monday. Lot details are summarised from the auctioneers' published catalogues; always read the legal pack.