RDA Estates

"experts in residential property investment"

2 Marlborough Court, The Drive, Hove, East Sussex, BN3 3JX

A two double bedroom raised ground floor flat situated in the heart of central Hove. Hove mainline railway station and Hove seafront are within a short walk.

£ 259,950.00
Initial outlay required: £ 86,865.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: For Sale
Outline:
This flat is situated in a sought after purpose built block adjacent to all the local amenities. The flat benefits from gas fired central heating and double glazed windows.

Facilities:
Double Glazing,Gas Fired Central Heating,Shower,Balcony

Location:
This property is situated in the heart of central Hove and is within a short walk of Hove mainline railway station, Hove sewafront and all the local amenities.

Nearby:
Shopping Area,Town Centre,Train Station,Coffee Shop,Beach,Restaurants,Sussex County Cricket Ground

Property Details:
Hallway: Wood flooring, radiator, wall mounted entry phone and storage cupboards.
Lounge: 19' x 10'2 double glazed window and double glazed door providing access onto the balcony. Wood flooring, radiator.
Kitchen: 9'2 x 6 Units to three walls comprising base cupboardsand drawers and eye level cupboards, built in oven and hob with brushed chrome extractor. Worksurfaces with inset stainless steel sink with mixer taps and drainer. Space for fridge freezer.
Bedroom 1: 15'8 x 8'4 A bright dual aspect room with double glazed windows and wood flooring. Fitted cupboard, radiator.
Bedroom 2: 12'9 x 7'5 A bright. dual aspect room with two double glazed windows and wood flooring. Fitted cupboards and radiator.
Shower Room: White suite with chrome fittings, comprising of a shower cubicle, glazed sliding shower door, low level wc and pedestal wash basin. Tiled walls, tiled floor and wall mounted heated towel rail.
Outside: Balcony with glass and wrought iron balustrade with space for table and chairs.
Lease: tbc


A Financial Forecast highlighting costs and projected income is included for each property. This data enables clients to make informed decisions before proceeding with a purchase. Please see below for Financial Forecast Guide.

Asking Price £259,950  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £259,950  
Estimated Update £3,500 incl 10% supervision fee
Stamp Duty £2,600  
TOTAL £266,050  
 
Estimated Rental Income
Rent per week £230  
Rent per month £997  
Rent per year £11,960  
 
Owner's Annual Operating Costs
Rental Agent's Fees £2,063 @ 15% plus VAT
Ground Rent £0 per annum
Maintenance Charge £1,500 per annum
TOTAL £3,563 per annum
 
Summary
Gross Rent Per Year £11,960  
Annual Operating Costs £3,563  
Nett Cash In Hand pa £8,397  
Nett Cash In Hand pm £700  
 
Mortgage - Assuming 70% Loan £181,965  
 
Total Cash Outlay £86,865  

ASKING PRICE
The price of the property as advertised.

SET UP COSTS
These are costs associated with the purchase of the property.

The Solicitors Fees are the costs for undertaking the legal work. This fee does not include the disbursements. The RDA Research Fee of £2,000 covers our expenses in relation to sourcing and identifying the property as an ideal investment in terms of asset growth and rental potential. It also includes our assistance with the purchase process. RDA monitors and progress chases property purchases and assists with all/any matters arising on behalf of our clients.

The fee is payable in two parts. £1,000 is due upon a client’s decision to purchase. This initial payment is not refundable but can be carried forward to an alternative purchase should the sale fall through. The balance of £1,000 is payable upon exchange of contracts of sale. When a mortgage is required the cost of the lender's arrangement fee and survey also need to be factored in.

PURCHASE COSTS
These are the direct costs of purchasing the property. Assumed Purchase Price is the price which RDA anticipates being able to negotiate on behalf of the client. Estimated Update is based on RDA's recommendations for refurbishment. Stamp Duty Land Tax is the tax payable to the UK Government when you buy property.

OWNER'S ANNUAL OPERATING COSTS
Rental Agent's Fees are deducted monthly by the rental agent. Ground Rent is an annual fee charged by the Freeholder of a Leasehold property.

Maintenance Charges are a share of the costs of the maintenance of the building and the building insurance but do not include occasional internal maintenance costs.

SUMMARY
An overview of the annual income and expenditure.

TOTAL CASH OUTLAY
Calculated as 30% of the Assumed Purchase Price plus Estimated Update, Stamp Duty and Set Up Costs.

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