RDA Estates

"experts in residential property investment"

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.

£ 250,000.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: Sale Agreed
Outline:

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.


Facilities:
Double Glazing,Sea Views,Shower,Balcony

Location:

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.


Nearby:
Shopping Area,Coffee Shop,Beach,Park,School,Restaurants

Property Details:
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.



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.

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