Barge and pole: The £10,000 ‘bargain’ house with £300pa ground rents and 15% exit fees (and £450pa to the council to improve the area)

LKP has not seen one of these before: a derelict house in Middlesborough bought at auction for £10,000 from an outfit called Pay U Today Limited.

In fact, there is quite a bit of ‘pay you tomorrow’ as well: ground rents are £300 a year, and rise after five years, and there is a 15 per cent charge on sale. The lease is for 999 years.

Somehow it is doubtful whether Pay U Today Limited, based in Newton Le Willows, Merseyside, will be backward with other charges as well, such as sublet fees. Peter Wren is given as sole director.

The house is in a virtually abandoned area of Middlesborough, where houses have been cleared away completely, leaving grass-covered plots strangely surrounded by pavement and streets, complete with lampposts.

The house has been gutted by fire, leaving an empty shell.

There have been several too-good-to-be-true property offers over derelict houses in the North East.

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