Martin Roberts delivers devastating blow to Homes Under The Hammer buyers after grim discovery

Wales Online

7 days ago

Martin Roberts delivers devastating blow to Homes Under The Hammer buyers after grim discovery
Homes Under The Hammer's Martin Roberts was on hand to share crucial advice to potential buyers after they won the auction on a two-bed maisonette in Aylesbury, Buckinghamshire
Homes Under The Hammer presenter Martin Roberts warned prospective purchasers when eyeing the two-bedroom maisonette in Aylesbury, Buckinghamshire.
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During the repeat broadcast shown on BBC One on Wednesday, August 6, Martin, who has served as a specialist on the programme since it began in 2003, found it difficult to identify any issues with the ground-floor dwelling, which sat conveniently near the mainline railway station.
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According to Martin, the apartment possessed considerable charm and required only basic, uncomplicated renovations to enhance its marketability within the property sector.
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With a starting price of £95,000 plus, Martin found himself puzzled and wondering, "What's the catch?" At this juncture, he disclosed to audiences that the property held hidden complexities.
Like most apartments, this particular one operated under a leasehold arrangement. Martin clarified that most mortgage providers typically refuse to authorise loans when fewer than 80 years remain on the agreement.
Martin spotted a major issue
(Image: BBC)
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The Aylesbury maisonette was being marketed with merely 42 years remaining on its lease, indicating that any interested party would need to factor leasehold renegotiations into their financial planning, reports MyLondon.
Martin emphasised that such negotiations frequently demand "10s of thousands" and cautioned would-be investors to carefully evaluate their finances before committing their savings.
He remarked on camera, "Now there is one issue about this place that could be a problem. You could say it's like water off a duck's back. The lease on this place is only 42 years.
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Martin aired warning to any potential buyers
(Image: BBC)
"Now, when it comes to getting a mortgage, that could really be an issue. So you really need to get it sorted.
"Most mortgage lenders require at least 80 years on a lease to make it mortgageable. The buyer will need to start negotiating with the freeholder, and it can cost tens of thousands to extend the lease."
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Builder Andy and his wife Michelle managed to snap up the property at auction for £127,000. Unfortunately, the couple soon discovered more pressing problems.
Andy and Michelle snapped up the property for £127,000 at auction
(Image: BBC)
During an inspection of the loft space, Andy found a significant amount of insulation that had become home to nesting rats, necessitating the removal of the entire ceiling due to the infestation.
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Andy disclosed: "We've got a rat infestation." Martin inquired: "Tell me about that?" To which the builder responded: "We noticed a funky smell and thought we'd go up in the loft, and it just stinks."
Away from the camera, the host narrated: "It's not just the smell that's the issue. Rats have been known to damage electrical wiring and can carry disease, so Andy and Michelle will need to ensure they're properly attired when clearing out the loft."
The pair were fully aware of the lease issue, but as they intended to let the property, they disclosed that extending the lease wasn't an immediate concern, though they planned to address it eventually.
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Martin had no idea about the rat infestation
(Image: bbc)
Andy outlined their modest budget of £40,000 and expressed his ambition to complete all renovations within a six-week timeframe, with his own crew working full-time on the property.
Fast forward 11 weeks, and Andy, Michelle, and their 13-year-old son Kyle had entirely revamped the property.
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Despite encountering hurdles, the couple managed to stay under budget, spending only £31,500 on improvements. This meant the total cost of the project was just shy of £160,000.
A local estate agent estimated that negotiating the lease could cost the couple an additional £25,000. However, the agent also suggested that their newly renovated home could fetch £235,000 on the market, potentially yielding a pre-tax profit of approximately £50,000.
Despite the enticing potential profit, Michelle and Andy chose to retain the property, planning to let it for a minimum of £1,350 per calendar month.
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Homes Under The Hammer airs weekdays on BBC One, from 11:15am.