Flat 2, 53 Lorna Road Hove BN3 3EL

53lornardsmall.jpg ONE BEDROOM FIRST FLOOR FLAT
£154,950 SHARE OF FREEHOLD

A one bedroom, first floor converted flat in an attractive terraced house.  An ideal buy to let investment.
Initial outlay required: £52,180

 

Location:  Lorna Road is a very conveniently situated for easy access to Hove mainline railway station, the local amenities and regular bus services to the city centre and beyond.  Hove seafront, the delightful St Ann's Wells Gardens and Sussex County Cricket Club are all nearby.

Description:  A first floor one bedroom converted flat in an attractive terraced house.  This property benefits from a modern kitchen and gas central heating as well as a Share of the Freehold.

Approximate Area:  350 square feet

Entrance:  Communal entrance, stairs rising to first floor.  Private front door leading to  entrance hall with storage cupboard with fitted shelves.

Lounge:  13'9 x 9'8  Superb feature fireplace with mosaic inset tiles and ornate surround and mantle.  Three South facing sash windows.  Shelving in recess.  Neutral carpet.  Radiator.

Kitchen:  9'7 x 6'  Range of modern fitments comprising stainless steel single drainer sink unit inset into worktops with cupboard and space and plumbing for washing machine below.  Further worktops incorporating four ring electric hob with oven below.  Further cupboard and drawers.  Space for fridge.  Range of fitted wall units incorporating extractor/cooker hood.  Wall mounted Worcester combination boiler.  South facing window.

Bedroom:  11'11 x 9'11  Fitted wardrobe, neutral carpet, radiator.  Door with stairs descending to:

En-Suite Bathroom:  White suite comprising panelled bath with mixer tap and shower attachment with curtain and rail.  Pedestal wash basin with tiled splashback.  Low level wc.  Radiator/towel rail.  Sash window with obscured glass.

Outgoings:

Lease: Share of Freehold
Maintenance: £360 pa
Ground Rent: N/A

Recommended Update:  New blinds, hob, washing machine, fridge, kitchen light, and shower

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 2, 53 LORNA ROAD HOVE BN3 3EL
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 £2,000
Stamp Duty £1,550 commencing @ 1% over £125k
TOTAL £158,500  
 
Estimated Rental Income
Rent per week £150  
Rent per month £650  
Rent per year £7,800  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,346 @ 15% plus VAT
Ground Rent nil per annum
Maintenance Charge £360 per annum
TOTAL £1,706 per annum
 
Summary
Gross Rent Per Year £7,800  
Annual Operating Costs £1,706  
Nett Cash In Hand pa £6,095  
Nett Cash In Hand pm £508  
 
Mortgage - Assuming 70% Loan £108,465  
 
Total Cash Outlay £52,180