22 Dolphin Court, Hove Street, Hove, East Sussex, BN3 2DN
A large two bedroom flat with a west-facing balcony benefiting from communal heating and hot water and central location.
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A large two bedroom flat with a west-facing balcony. The property benefits from communal heating and hot water, a long-term tenant in-situ and a new lease. |
| Double Glazing,Sea Views,Shower,Balcony |
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The property is located on a busy, popular street in central hove less than two minutes away from a small parade of local shops including a children's library, a coffee shop, a fashionable antiques store, a long-established pub and two very popular local restaurants. The beach is less than five minutes walk away and George Street and Church Road, both extremely popular shopping destinations, are within five minutes. The King Alfred, a local swimming pool, is less than ten minutes walk away. |
| Shopping Area,Coffee Shop,Beach,Park,School,Restaurants |
| Hallway: |
Bright entrance hall with storage cupboards to one side and entryphone to another. |
| Lounge: |
14' x 13'3" plus door recess, spacious room with double glazed windows, radiator and door to west facing balcony. |
| Kitchen: |
Modern fitted base and wall units, roll top work surfaces, fitted oven, hob and extractor, single inset sink and drainer, vinyl flooring, part tiled, space for appliances. |
| Bedroom 1: |
12'4" x 10' Large built in wardrobe, double glazed window and radiator. |
| Bedroom 2: |
10'10" x 8' Double glazed window and radiator. |
| Bathroom: |
Modern white suite comprising paneled bath with electric shower above, pedestal wash hand basin, double glazed window and vinyl flooring. |
| Separate WC: |
Part tiled with vinyl flooring. |
| Lease: |
To be extended as part of sale. |
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A professional electrical survey may reveal work not covered by the update. It is recommended that an electrical survey is carried in addition to the valuation survey at a cost of GBP 180.00 (inclusive of VAT) |
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These details are produced in good faith but are set out as a guide only and do not constitute any form of contract nor any statement contained therein to be representation or warranty. Any intended purchasers must satisfy themselves by inspection or under advice of their solicitor particularly in context of any approved plans for other on site or nearby development. |
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 | £250,000 | |
| Set Up Costs | ||
| Solicitors Fees | £780 | incl VAT excl disbursements |
| Research Fee | £2,000 | excl. VAT |
| Purchase Costs | ||
| Assumed Purchase Price | £250,000 | |
| Estimated Update | £0 | incl 10% supervision fee |
| Stamp Duty | £2,500 | commencing @ 1% over £125k |
| TOTAL | £252,200 | |
| Estimated Rental Income | ||
| Rent per week | £220 | |
| Rent per month | £950 | |
| Rent per year | £11,400 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,966 | @ 15% plus VAT |
| Ground Rent | £100 | per annum |
| Maintenance Charge |
£1,500 |
per annum |
| TOTAL | £3,566 | per annum |
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.
