FIRST FLOOR STUDIO FLAT WITH COMMUNAL GARDEN
£114,950 LEASEHOLD
A well presented studio flat with separate kitchen and a delightful communal garden situated in a popular area of Hove - an ideal property for rental.
Initial outlay required: £39,630
SOLD
Location: This apartment is situated in the ever popular Poets Corner area of Hove. There is easy access to all local amenities and a delightful park. Hove railway station provides fast, frequent links to London Victoria and Gatwick Airport. The local buses provide quick regular services to the city centre and beyond.
Description: A well presented, well proportioned first floor studio flat. This studio benefits from a separate kitchen and communal gardens.
Approximate Area: 325 square feet
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Entrance: Communal entrance hall with an allocated, lockable storage cupboard and door to communal gardens. Stairs to first floor leading to private front door. Entrance hall with access to roof storage via loft hatch.
Studio Room: 15'9 x 13'6 Bay sash windows to front aspect, neutral carpet. Electric storage heater, security entrance phone and television point.
Kitchen: 11'4 x 5 Window overlooking communal gardens to the rear. Fitted wall and base units with matching drawers. Rolled edge work surfaces with inset stainless steel sink unit. Part tiled walls. Space and plumbing for washing machine, space for cooker, space for tall fridge freezer.
Internal Lobby: Built in double airing cupboard housing hot water cylinder with shelving and storage.
Bathroom: White suite comprising low level wc, pedestal hand basin and panel enclosed bath with electric shower over.
Outside: Communal gardens with patio and lawned area situated at rear of building.
Outgoings:
Lease: 68 years remaining (the vendor is currently negotiating the lease extension)
Maintenance: £500 per annum
Ground Rent: £38 per annum
Recommended Update: Redecoration of kitchen, bathroom & entrance hall, new kitchen & bathroom lights, new kitchen & bathroom flooring, new kitchen appliances, heated towel rail, new 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: FLAT 3, 107 MONTGOMERY STREET, HOVE
Financial Forecast Guide
| Asking Price | £114,950 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £114,950 | |
| Estimated Update | £3,000 | incl 10% supervision fee |
| Stamp Duty | nil | commencing @ 1% over £175k |
| TOTAL | £117,950 | |
| Estimated Rental Income | ||
| Rent per week | £120 | |
| Rent per month | £520 | |
| Rent per year | £6,240 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,076 | @ 15% plus VAT |
| Ground Rent | £38 | per annum |
| Maintenance Charge | £500 | per annum |
| TOTAL | £1,614 | per annum |
| Summary | ||
| Gross Rent Per Year | £6,240 | |
| Annual Operating Costs | £1,614 | |
| Nett Cash In Hand pa | £4,626 | |
| Nett Cash In Hand pm | £385 | |
| Mortgage - Assuming 70% Loan | £80,465 | |
| Total Cash Outlay | £39,630 | |