RDA Estates

"experts in residential property investment"

22 Aymer House, New Church Road, Hove, East Sussex, BN3 4FH

A top floor three bedroom purposed built flat in an excellent residential area. A great investment with plenty of potential for asset growth.

£ 249,950.00
Initial outlay required: £ 71,770.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 3
Baths: 1.00
Status: Sold
Outline:
A well managed purpose built block.

Facilities:
Double Glazing,Gas Fired Central Heating,Shower

Location:
New Church Road is the prime residential area in Hove, a short walk to the sea front, with high street facilities in the adjoining Church Road. A fast frequent bus service puts the city centre minutes away and easy access to mainline stations. VIEW MAP  STREET VIEW

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

Property Details:
Entrance: Storage cupboard housing meter, airing cupboard with slatted wooden shelving, two wall mounted radiators.
Lounge: 15'4 x 11'1 Dual aspect double glazed bay window overlooking New Church Road, two wall lights, tv point, telephone point and wall mounted radiator.
Kitchen: 8'8 x 8'2 Wall & base kitchen units with roll edge work surfaces inset 1 1/2 bowl sink and drainer with mixer taps, four ring hob with extractor over and oven under. Washing Machine and refrigerator, part tiled walls, built in storage cupboard and double glazed window with views towards the sea.
Bedroom 1: 13'7 x 10'11 Fitted wardrobe cupboard with hanging and shelving, tv point, wall mounted radiator.
Bedroom 2: 13' x 8'2 Fitted shelving and cupboard, double glazed window overlooking New Church Road, telephone point and wall mounted radiator.
Bedroom 3: 8'9 x 7'2 Double glazed window with sea views and wall mounted radiator.
Bathroom: White suite comprising pedestal wash hand basin, panelled bath with mixer taps, electric shower over, part tiled walls, opaque double glazed window and heated towel rail radiator.
Lease: 100 years remaining


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 £249,950  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  
 
Purchase Costs
Assumed Purchase Price £249,950  
Estimated Update   £15,000 incl 10% supervision fee
Stamp Duty     £2,490 commencing @ 1% over £125k
TOTAL £267,440  
 
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          £75 per annum
Maintenance Charge     £1,300 per annum
TOTAL     £3,438 per annum
 
Summary
Gross Rent Per Year   £11,960  
Annual Operating Costs     £3,438  
Nett Cash In Hand pa     £8,522  
Nett Cash In Hand pm        £710  
 
Mortgage - Assuming 70% Loan £174,300  
 
Total Cash Outlay   £94,970  

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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