TWO BEDROOM SECOND FLOOR FLAT
£195,000 LEASEHOLD
A spacious two bedroom apartment. This charming property on the second floor of a well maintained period building is situated in a highly sought after location.
Initial outlay required: £59,495
SOLD
Location: The Drive, a much sought after address, is the northward continuation of Grand Avenue. Ideally located for excellent shopping facilities and first class restaurants. Hove promenade with its lawns and bathing beaches is five minutes walk. Hove's mainline station with direct links to London Victoria and Gatwick Airport is within easy walking distance and the local buses provide quick, regular services to Brighton city centre and beyond.
Description: A beautiful, well maintained period building. Entrance hall with period staircase and stained glass windows. Two double bedrooms, good sized lounge, separate well fitted kitchen and modern bathroom. This property further benefits from central heating and a lift to the second floor.
Approximate Area: 550 square feet
Entrance: Communal entrance hall with both stairs and lift rising to second floor.
Hallway: Radiator, meter cupboard, neutral carpet
Living Room: 16'7 x 12' Tilt and turn double glazed window, textured ceiling, wooden fire surround, radiator and neutral carpet.
Kitchen: 12'6 x 5'4 Cupboard and drawer base units with roll edge work surface over single drainer sink unit, wall mounted unit, part tiled walls, washing machine, electric cooker, fridge, window to rear and vinyl flooring.
Bathroom: White suite comprising panelled bath, pedestal wash basin, low level wc, electric shower, shower screen, extractor fan, textured ceiling, part tiled walls, mirror fronted medicine cabinet and vinyl flooring.
Bedroom 1: 14' x 10'1 Two fitted wardrobes, radiator, textured ceiling and neutral carpet.
Bedroom 2: 12' x 8' Fitted wardrobes, textured ceiling, radiator, neutral carpet.
Outgoings:
Lease: 120 years remaining
Maintenance:£1,500 per annum
Ground Rent: Included in maintenance charge
Recommended Update: No update required
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: FLAT9, 47 THE DRIVE HOVE BN3 3JE
Financial Forecast Guide
| Asking Price | £195,000 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £185,000 | |
| Estimated Update | NIL | |
| Stamp Duty | £1,850 | commencing @ 1% over £125k |
| TOTAL | £186,850 | |
| Estimated Rental Income | ||
| Rent per week | £185 | |
| Rent per month | £802 | |
| Rent per year | £9,620 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,659 | @ 15% plus VAT |
| Ground Rent | incl in maintenance charge | |
| Maintenance Charge | £1,500 | per annum |
| TOTAL | £3,159 | per annum |
| Summary | ||
| Gross Rent Per Year | £9,620 | |
| Annual Operating Costs | £3,159 | |
| Nett Cash In Hand pa | £6,460 | |
| Nett Cash In Hand pm | £538 | |
| Mortgage - Assuming 70% Loan | £129,500 | |
| Total Cash Outlay | £59,495 | |