RDA Estates

"experts in residential property investment"

22 Vernon Terrace Brighton, Brighton, East Sussex, BN1 3JH

This second floor, one bedroom period conversion is situated in a highly sought after area close to Brighton Station. A perfect rental property.

£ 172,000.00
Initial outlay required: £ 59100.00
Category: Share of Freehold
Property Type: One Bedroom
Beds: 1
Baths: 1.00
Status: Sold
Outline:
A one bedroom converted flat in a well maintained period building. This property benefits from gas fired central heating, roof top views to the South Downs - as well as a Share of the Freehold.

Facilities:
Gas Fired Central Heating,Shower

Location:
Vernon Terrace is ideally situated - walking distance from both Brighton Station and the ever popular district of Seven Dials which boasts an enviable selection of shops and restaurants.

Nearby:
Shopping Area,Town Centre,Train Station,Coffee Shop,School,Restaurants

Property Details:
Entrance: Approach via steps from street to communal front door, communal entrance hall and stairs leading to second floor and private front door.
Hallway: Split level entrance hall with thermostat for central heating, radiator and door entry system.
Lounge: Lounge with recessed kitchen 11'1 x 10'5 Large west facing sash windows with roof top views extended over South Downs. Built in cupboard housing gas fired central heating boiler, radiator. Recessed Kitchen 7' x 5'10 Fitted with range of units comprising eye level wall cupboards and base cupboard units with roll top working surface over. Single bowl, single drainer stainless steel sink unit with mixer tap. Four ring electric hob with electric oven below, tiled surround, appliance space and plumbed space for washing machine.
Bedroom: Steps down to bedroom 10'8 x 9'7 West facing sash window, radiator built in wardrobe.


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 £172,000  
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £172,000  
Estimated Update £3,000  incl 10% Supervision
Stamp Duty £1,720  
TOTAL £176,720  
 
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 £0 per annum
Maintenance Charge £625 per annum
TOTAL £2,231 per annum
 
Summary
Gross Rent Per Year £9,308  
Annual Operating Costs £2,231  
Nett Cash In Hand pa £7,077  
Nett Cash In Hand pm £590  
 
Mortgage - Assuming 70% Loan £120,400  
 
Total Cash Outlay £59,100  

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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