TWO BEDROOM FIRST FLOOR PURPOSE BUILT FLAT
£180,000
A truly spacious two bedroom flat in a purpose built extension on an older building opposite Preston Park. The first floor flat occupies the whole floor with a good wide hallway, large bright lounge, very good sized kitchen & bathroom, two double bedrooms, gas central heating and allocated off street parking - a huge plus in a city where parking is expensive.
Initial outlay required: £56,514
Location: Adjacent to Preston Park with its sporting opportunities, gardens & fine lawns. Easy walking distance of main shopping at Preston Circus & London Road. Excellent fast & frequent local bus service to city centre, station and sea front.
Description: A spacious two double bedroom first floor flat, gas central heating (new boiler in 2007. ) Low maintenance and long lease make it ideal for letting.
Approximate Area: 680 square feet
Entrance: Communal entrance with stairs and lift to first floor. Personal entrance leading to hallway with radiator, entryphone system and recess cupboard.
Lounge: 16'7 x 13'4 into bay window, radiator, hatch to kitchen, TV and telephone points.
Kitchen: 9'10 x 10'2 Matching range of wall and base units, a double stainless steel sink drainer, space and plumbing for washing machine, space for fridge freezer, free standing gas cooker. Wall mounted gas central heating boiler (new in 2007) vinyl flooring, service hatch to lounge.
Bedroom One: 13'7 x 10'4 Radiator.
Bedroom Two: 10'10 x 8'4 Built in wardrobe, radiator.
Bathroom: Panel bath, pedestal wash hand basin, low level wc, radiator,
Outside: Allocated car parking in Bay 6
Outgoings:
Lease: 125 years from 1987 (101 years left)
Maintenance: £1,000 per annum
Ground Rent: £55 per annum
Recommended Update: Redecoration, blinds, carpets, new kitchen, new bathroom when tenant leaves (£14,000) *
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 6, 8 STANFORD AVENUE, BRIGHTON BN1 6AA
Financial Forecast Guide
| Asking Price | £180,000 | |
| Set Up Costs | ||
| Solicitors Fees | £650 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £175,000 | |
| Estimated Update | * | incl 10% supervision fee |
| Stamp Duty | £1,750 | commencing @ 1% over £175k |
| TOTAL | £176, 750 | |
| Estimated Rental Income | ||
| Rent per week | £196 | |
| Rent per month | £849 | |
| Rent per year | £10,192 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,796 | @ 15% plus VAT |
| Ground Rent | £55 | per annum |
| Maintenance Charge | £1,000 | per annum |
| TOTAL | £2,851 | per annum |
| Summary | ||
| Gross Rent Per Year | £10,192 | |
| Annual Operating Costs | £2,851 | |
| Nett Cash In Hand pa | £7,340 | |
| Nett Cash In Hand pm | £611 | |
| Mortgage- Assuming 70% Loan | £122,500 | |
| Total Cash Outlay | £56,514 | |