RDA Estates

"experts in residential property investment"

3 Glynde House, Palmeira Avenue, Hove, East Sussex, BN3 3GG

A great two bedroom flat with garage in a top class residential area - a perfect rental property.

£ 229,950.00
Initial outlay required: £ 74,065.00
Category: Share of Freehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: Sold
Outline:
The flat is set back from the pavement with gardens between. The accommodation comes with a share of the freehold, and benefits from a 22' Lounge, modern double glazing throughout, communal central heating and a garage below. A share of the freehold and a garage are two huge benefits in todays market.

Facilities:
Double Glazing,Garage,Garden,Gas Fired Central Heating,Shower

Location:
Ideally situated for the excellent local buses, trains and shops, this property is within walking distance to Palmeria Square's famous Floral Clock, Sussex County Cricket Ground, Hove seafront and the many shops that line Chuch Road.  VIEW MAP  STREET VIEW

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

Property Details:
Entrance: Built in storage, door entry phone receiver. Door to the lounge.
Lounge / Dining: (narrowing to 9'8) A spacious room with feature curved wall, double glazed window to the front, radiator and coved ceiling. Door to lobby.
Lobby: Parquet floor, doors to both bedrooms, the bathroom and the kitchen.
Kitchen: 12 x 7'5 (narrowing to 5'3) White kitchen comprising wall, base and drawer units with work surfaces over, inset four ring gas hob with oven under and cooker hood over. Inset stainless steel sink with double glazed window positioned above, space for appliances.
Bedroom 1: 12'5 x 11'0 A dual aspect double bedroom with double glazed window to the front and side, fitted wardrobes, radiator.
Bedroom 2: 9'1 x 7'1 Double glazed window to the front, built-in storage.
Bathroom: White suite comprising panelled bath with shower over, hand wash basin, low level close coupled WC, tiled walls, radiator, double glazed windows with frosted glass, built in storage cupboard
Outside: Single Garage
Lease: 999 year from 1963


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 £229,950  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £229,950  
Estimated Update £0 incl 10% supervision fee
Stamp Duty £2,300 commencing @ 1% over £125k
TOTAL £232,250  
 
Estimated Rental Income
Rent per week £211  
Rent per month £915  
Rent per year £10,980  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,894 @ 15% plus VAT
Ground Rent £0 per annum
Maintenance Charge £1,650 per annum
TOTAL £3,544 per annum
 
Summary
Gross Rent Per Year £10,980  
Annual Operating Costs £3,544  
Nett Cash In Hand pa £7,435  
Nett Cash In Hand pm £619  
 
Mortgage - Assuming 70% Loan £160,965  
 
Total Cash Outlay £74,065  

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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