RDA Estates

"experts in residential property investment"

3 Amber Court Salisbury Road, Hove, East Sussex, BN3 3AA

A West facing purpose built ground floor flat in an ideal location. This good sized property has two double bedrooms and benefits from gas fired central heating.

£ 249,950.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: Sold
Outline:
A ground floor flat with a west facing lounge in a popular purpose built block. This property has a new 125 year lease from March 2015.

Facilities:
Double Glazing,Gas Fired Central Heating,Shower

Location:
Ideally situated in a residential yet convenient area of Hove, moments from Sussex County Cricket Gound. Amber Court is just a short walk from a wide selection of shops and restaurants as well as the lawns and promenades of Hove seafront. Hove mainline railway station is within walking distance and there are regular bus services to the city centre and beyond.

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

Property Details:
Hallway:

Entryphone, radiator, storage cupboard.

Lounge:

16'7 x 14'1 West facing, large picture window, radiator, tv aerial point.

Kitchen:

11'7 x 7'7 Range of modern base units comprising cupboards and drawers with matching wall units in beech effect. Grey roll edge worktop with inset stainless steel sink and single drainer with mixer tap, inset white gas hob with matching white electric oven below and extractor above. Space and plumbing for washing machine and fridge. Part tiled walls, wood effect vinyl flooring, radiator.

Bedroom 1:

11'7 x 13'10 Full height built-in wardrobes, double glazed window, radiator.

Bedroom 2:

8'10 x 8'6 Double glazed windows, radiator.

Bathroom:

Modern white bathroom suite comprising bath with shower over, pedestal wash basin with mirror over, low level wc, radiator.

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 £249,950  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £249,950  
Estimated Update            £0 incl 10% supervision fee
Stamp Duty     £2,500  
TOTAL £252,450  
 
Estimated Rental Income
Rent per week        £220  
Rent per month        £953  
Rent per year     £11,440  
 
Owner's Annual Operating Costs
Rental Agent's Fees     £1.973 @ 15% plus VAT
Ground Rent            £70 per annum tbc
Maintenance Charge     £523 per annum
TOTAL     £2,566 per annum
 
Summary
Gross Rent Per Year     £11,440  
Annual Operating Costs     £2,566  
Nett Cash In Hand pa     £8,873  
Nett Cash In Hand pm        £739  
 
Mortgage - Assuming 70% Loan £174,965  
 
Total Cash Outlay   £80,265  

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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