RDA Estates

"experts in residential property investment"

7 Cromwell Road Hove, Hove, East Sussex, BN3 3EA

A newly refurbished one double bedroom, second floor, south facing property with easy access to Hove Station and a new 99 year Lease. An ideal rental property.

£ 175,000.00
Initial outlay required: £ 58,030.00
Category: Leasehold
Property Type: One Bedroom
Beds: 1
Baths: 1.00
Status: Sold
Outline:
A newly refurbished one double bedroom, second floor, south facing property. Located within a beautiful period building, this property enjoys the benefits of wide, well maintained communal hallways and stairs - as well as a new 99 year Lease. An ideal rental property

Facilities:
Shower

Location:
Cromwell Road is a highly sought after location - just around the corner from Hove Station and close to several local bus routes. There is easy access to all other local amenities. Sussex County Cricket Ground is just along the road and Hove seafront with its lawns, promenades and leisure activities is only a short walk away. A perfect rental location.

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

Property Details:
Entrance: Approach via steps from street to communal front door and communal entrance hall with stairs rising to second floor and private front door.
Lounge: Open plan lounge with kitchen area. 20'6 narrowing to 14' x 13'9 Lounge: Two south facing sash windows with east facing sash window to side - all with quality roller blinds fitted. Airing cupboard housing consumer unit and hot water tank. Electric heating, wooden floor, picture rail and high skirting. Kitchen: Newly fitted with range of soft close units comprising eye level wall cupboards and drawer units with roll top work surfaces over. Four ring electric hob with electric oven below and extractor fan canopy above. Stainless steel sink unit with mixer tap. Overhead storage cupboards.
Bedroom: 12'3 x 7' South facing sash window, coved ceiling, carpet and high skirting.
Bathroom: Newly fitted with white suite comprising panelled bath with hot and cold taps and wall mounted electric shower unit with curved glass shower screen. Low level wc, vanity wash hand basin with cupboard below and mirrored cupboard above, recessed down lighting, tiled floor and fully tiled walls.
Lease: New 99 year Lease


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 £175,000  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £175,000  
Estimated Update £1,000  incl 10% Supervision
Stamp Duty £1,750  
TOTAL £177,750  
 
Estimated Rental Income
Rent per week £179  
Rent per month £776  
Rent per year £9,308  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,606 @ 15% plus VAT
Ground Rent £100 per annum
Maintenance Charge £700 per annum
TOTAL £2,406 per annum
 
Summary
Gross Rent Per Year £9,308  
Annual Operating Costs £2,406  
Nett Cash In Hand pa £6,902  
Nett Cash In Hand pm £575  
 
Mortgage - Assuming 70% Loan £122,500  
 
Total Cash Outlay £58,030  

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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