LARGE CONVERTED FIRST FLOOR THREE BEDROOM APARTMENT
£210,000 New 125 year Lease
A good sized, gas central heated, three double bedroom apartment in need of some modernisation, close to Hove's seafront with shopping and excellent bus services just a short walk.
Initial outlay required: £82,245
SALE AGREED
Location: Seafield Road runs south from Church Road to the Kingsway. The area has excellent local shopping facilities and a superb fast frequent bus route to the city centre. Hove's seafront with its lawns, promenades, bathing beaches is less than 5 minutes stroll. Both Brighton & Hove mainline stations are within easy reach making London about an hour from the front door.
Description: A good sized three double bedroom gas central heated converted apartment with great potential in need of modernisation. Presently let on a shorthold tenancy. The apartment would benefit from modernisation.
Approximate Area: 800 sq feet
Entrance:
Lounge: 22'5 x 11'5 Recessed double cupboards with original doors, radiator, opening to Kitchen
Kitchen: 10' x 7'9 A range of fitted kitchen units, roll edged work surface with inset stainless steel single drainer and sink, inset ceramic hob, with electric oven below and extractor above, space for appliances with plumbing.
Bedroom: 17'4 x 12' Built in wardrobe, radiator, triple bay window
Bedroom: 10'2 x 9'9 Built in wardrobe, radiator, sash window
Bedroom:9'6 x 6' Coved ceiling, radiator, sash window
Bathroom: White suite, comprising panelled bath with electric shower over, pedestal wash hand basin, built in airing cupboard housing hot water cylinder, slatted shelving above.
Inner Hallway with doorway to separate low level wc & oval wash hand basin.
Outgoings:
Lease: new 125 lease
Maintenance: £1,000
Ground Rent: £100
Recommended Update: New Kitchen,. New Bathroom, Carpets, redecoration & blinds
A professional electrical survey may reveal work not covered by the update.
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: address-here
Financial Forecast Guide
| Asking Price | £210,000 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £210,000 | |
| Estimated Update | £15,000 | incl 10% supervision fee |
| Stamp Duty |
£2,100 |
commencing @ 1% over £125k |
| TOTAL | £227,100 | |
| Estimated Rental Income | ||
| Rent per week | £202 | |
| Rent per month | £875 | |
| Rent per year | £10,504 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,851 | @ 15% plus VAT |
| Ground Rent | £100 | per annum |
| Maintenance Charge | £1,000 | per annum |
| TOTAL | £2,951 | per annum |
| Summary | ||
| Gross Rent Per Year | £10,504 | |
| Annual Operating Costs | £2,951 | |
| Nett Cash In Hand pa | £7,553 | |
| Nett Cash In Hand pm | £629 | |
| Mortgage - Assuming 70% Loan | £147,000 | |
| Total Cash Outlay | £82,245 | |