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Flat 4, Verner House, Hove BN3 2WB Print E-mail

Flat 4, Verner House, Hove BN3 2WB ONE BEDROOM SECOND FLOOR FLAT
£154,950 SHARE OF FREEHOLD

A one bedroom, second floor flat with a south facing balcony and sea views. Situated in a sought after location adjacent to Hove seafront, this property also benefits from a share of the freehold and gas central heating.
Initial outlay required: £43,023

SOLD

Location: This property is situated in a much sought after location, adjacent to the lawns, promenades and beaches of Hove seafront. Superb shopping facilities and a cosmopolitan selection of bars and restaurants are just a short walk away. Hove's mainline railway station provides fast, frequent links to London and Gatwick Airport and the local buses provide quick regular services to Brighton city centre and beyond.

Description: A one double bedroom, second floor converted flat with a south facing balcony and sea views. This property further benefits from share of the freehold, a south facing lounge, gas central heating and newly refurbished commonways.

Approximate Area: 450 square feet

Entrance: Newly refurbished commonways, stairs to second floor, personal door to entrance hall with entryphone system, central heating radiator and utility cupboard.

Walk In Utility Cupboard: 6'3 x 3'0 Currently housing provision for washing machine.

Lounge: 15'4 x 11'7 South facing sash windows, central heating radiator, double doors opening onto south facing balcony with a pleasant outlook towards the sea.

Kitchen: 10'2 x 6'8 Single drainer sink unit with cupboards beneath, laminate working surface with shelving and drawers under, further working surface with cupboard beneath, eye level wall cupboards. Provision for electric cooker, recently replaced Glow Worm gas condenser style boiler. Part tiled walls, central heating radiator, sash window.

Bedroom: 13'3 x 11'6 Recessed wardrobe cupboards, central heating radiator, neutral carpet.

Bathroom: Panel bath, mixer taps and shower attachment, pedestal wash hand basin, matching low level w.c.. Central heating radiator, part tiled walls.

Outgoings:

Lease: Share of Freehold
Maintenance: £650 pa
Ground Rent: n/a

Recommended Update: New appliances and blinds, retile bathroom.

A professional electrical survey may reveal work not covered by the update. It is recommended that an electrical survey is carried in additon to the valuation survey at a cost of GBP 180.00 (inclusive of VAT) 

These details are produced in good faith but are set out as a guide only and do not constitute any form of contract nor any statement contained therein to be representation or warranty. Any intended purchasers must satisfy themselves by inspection or under advice of their solicitor particularly in context of any approved plans for other on site or nearby development.

FINANCIAL FORECAST: FLAT 4, VERNER HOUSE, HOVE BN3 2WB
Financial Forecast Guide

Asking Price £154,950  
 
Set Up Costs
Solicitors Fees £645 incl VAT excl disbursements
Research Fee £1,500  
 
Purchase Costs
Assumed Purchase Price £154,950  
Estimated Update £2,140  
Stamp Duty nil commencing @ 1% over £175k
TOTAL £157,090  
 
Estimated Rental Income
Rent per week £156  
Rent per month £676  
Rent per year £8,112  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,399 @ 15% plus VAT
Ground Rent nil  
Maintenance Charge £650 per annum
TOTAL £2,049 per annum
 
Summary
Gross Rent Per Year £8,112  
Annual Operating Costs £2,049  
Nett Cash In Hand pa £6,063  
Nett Cash In Hand pm £505  
 
Mortgage - Assuming 75% Loan £116,213  
 
Total Cash Outlay £43,023  
 
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