RDA Estates

"experts in residential property investment"

19 Cowdray Court, Cromwell Road, Hove, Hove, East Sussex, BN3 3ER

A bright, fifth floor, two bedroom apartment in a purpose built block in walking distance from Hove mainline railway station. This property is adjacent to Sussex County Cricket Ground with some views over the cricket pitch. It also benefits from a brand new 125 year lease.

£ 265,000.00
Initial outlay required: £ 87,930.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: For Sale
Outline:
A bright top floor flat with two double bedrooms and a south facing balcony with views over Sussex County Cricket Ground. This property features a modern kitchen and bathroom, a passenger lift and a new 125 year lease.

Facilities:
Shower,Balcony

Location:
Cowdray Court is located in a central area of Hove adjacent to Sussex County Cricket Ground and in close proximity to Hove mainline railway station, local bus routes and Hove seafront. The local shops, cafes and restuarants are easily accessible.

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

Property Details:
Lounge: 4'3 x 10'11 Bright, airy lounge with south facing balcony overlooking the cricket pitch. Neutral walls and carpet, electric night storage heater.
Kitchen: 10'11 x 7'1 Modern kitchen with range of work surfaces with inset stainless steel sink with mixer taps and drainer. Range of matching base cupboards, drawers and wall cupboards. Extractor hood, space for fridge and washing machine.
Bedroom 1: 14'9 x 10'4 Neutral walls and carpet. Electric night storage heater.
Bedroom 2: 10'10 x 10'7 Neutral walls and carpet. Electric night storage heater.
Bathroom: 6'9 x 5'10 Modern bathroom suite. Panelled bath with shower over, pedestal wash basin and low level wc.
Outside: South facing balcony accessed via lounge with views over Sussex County Cricket Pitch
Lease: New 125 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 £265,000  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £265,000  
Estimated Update £3,000 incl 10% supervision fee
Stamp Duty £2,650  
TOTAL £270,650  
 
Estimated Rental Income
Rent per week £228  
Rent per month £988  
Rent per year £11,856  
 
Owner's Annual Operating Costs
Rental Agent's Fees £2,045 @ 15% plus VAT
Ground Rent £0 per annum
Maintenance Charge £2,100 per annum
TOTAL £4,145 per annum
 
Summary
Gross Rent Per Year £11,856  
Annual Operating Costs £4,145  
Nett Cash In Hand pa £7,711  
Nett Cash In Hand pm £643  
 
Mortgage - Assuming 70% Loan £185,500  
 
Total Cash Outlay £87,930  

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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