Renovation project

Going under the hammer this traditional two/three-bedroom terraced cottage, offering generous and flexible accommodation over two levels and extending to approximately 73m2. Requiring full modernisation throughout, the property presents a genuine opportunity to create a comfortable home or add value as a project, and will appeal to developers, investors and cash purchasers alike. The property comprises on the ground floor front facing lounge with staircase to the upper floor, which connects through to both the rear hallway and the adjoining, dual aspect dining room with feature fireplace. Could be used as an additional bedroom or office. The rear hallway leads to the fitted kitchen and shower room, and benefits from two useful storage cupboards and a door to the rear garden. On the upper floor are two comfortable double bedrooms, set within the roof space, each offering further scope for improvement. The property has gas central heating, which is not currently functional. Externally, the property fronts directly onto Wellgatehead, with a tired garden to the rear reached by stone steps. Formerly laid out with lawn, patio and a garden shed, the garden is now overgrown and will require clearance but offers excellent potential for landscaping once restored. For the investor, this sits in the South Lanarkshire Broad Rental Market Area, where the current three-bedroom Local Housing Allowance rate is £164.74 per week, equivalent to £713.87 per month, or £8,566.48 per year. LHA gives a useful benchmark for the rental income achievable from a benefit-market tenancy once the property is brought back into good order. A strong local market would suggest a rental figure more than the LHA rate for a private let. Early viewing is recommended of this characterful cottage. Council Tax Band B.

Tenure

Leasehold.

Area

Wellgatehead occupies a convenient position on one of Lanark's main thoroughfares, moments from the town centre. A full range of local amenities, schools and shopping is close at hand, while the town's rail and road links offer straightforward access across the central belt. The property lies within a designated Conservation Area.

Energy Efficiency Rating (EPC)

Current Rating D

Local Authority

South Lanarkshire Council

Additional Fees

Administration Charge - 3.6% inc VAT of the purchase price, subject to a minimum of £3600 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.