LARGE SECOND FLOOR CONVERTED TWO BEDROOM APARTMENT
£200,000 New 125 year lease
A large, gas central heateded, 2 bedroom apartment on the top floor of a four storey doubled fronted period building, a short walk from Hove's seafront in need of some modernisation.
Initial outlay required: £79,145
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 2 bedroomed apartment on the top floor, gas central heated, some modernisation required, presented rented on shorthall tenancy.
Approximate Area: 800 sq feet
Entrance:With stairs to top floor landing, leaded light window, part pine panelled walls, skylight window, security entry phone system, built in storage cupboard housing meters, further full length recessed storage cupboard with shelving.
Lounge:16' x 13'5 West facing with recessed dining area, feature fireplace with tiled hearth and oak beamed surround, radiator.
Kitchen/breakfast room 16'7 x 7'7 Range of wall and floor units with stainless steel single drainer sink, built in electric oven, with 4 ring hob above, space and plumbing for washing machine, space for other appliances.
Bedroom: 16'7 x 12' Oval wash basin inset into vanity unit with cupboards beneath, built in wardrobe with sliding doors, two East facing windows, radiator.
Bedroom:13'5 x 11 West facing, built in wardrobe with sliding doors, oval wash hand basin inset into vanity unit with tiled splash-back, cupboard beneath, radiator
Bathroom:Suite comprising panelled bath, with electric shower above, low level wc, part tiled walls, recessed airing cupboard housing hot water cylinder, East facing window.
Outgoings:
Lease: New 125 year lease
Maintenance: £1,000
Ground Rent: £100
Recommended Update: Redecoration, New kitchen,New Bathroom, Blinds, Carpets
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: Flat 4, 22 Seafield Road, Hove, BN3 2TP
Financial Forecast Guide
| Asking Price | £200.000 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £200,000 | |
| Estimated Update | £15,000 | incl 10% supervision fee |
| Stamp Duty | £2,000 | commencing @ 1% over £125k |
| TOTAL | £217,000 | |
| Estimated Rental Income | ||
| Rent per week | £179 | |
| Rent per month | £775 | |
| Rent per year | £9,308 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,640 | @ 15% plus VAT |
| Ground Rent | £100 | per annum |
| Maintenance Charge | £1,000 | per annum |
| TOTAL | £2,740 | per annum |
| Summary | ||
| Gross Rent Per Year | £9,308 | |
| Annual Operating Costs | £2,740 | |
| Nett Cash In Hand pa | £6,567 | |
| Nett Cash In Hand pm | £547 | |
| Mortgage - Assuming 70% Loan | £140,000 | |
| Total Cash Outlay | £79,145 | |