8 Edward House, New Church Road, Hove, East Sussex, BN3 4BH
A first floor purpose built three bedroom flat in a popular block. Features include south facing balcony, separate garage and communal gardens. Good asset growth potential.
|A spacious, modern three bedroom flat benefitting from gas fired central heating and double glazing with a proven track record as an excellent rental property.|
|Double Glazing,Garage,Garden,Gas Fired Central Heating,Parking,Shower,Balcony|
|Situated in a prime residential area in one of the most sought after locations in Hove close to the seafront with its delightful lawns, promenades and beaches. The property is ideally situated for easy access to Hove's plethora of cosmopolitan bars, cafes, restaurants and shops. Local buses provide fast, frequent services throughout the city and beyond.|
|Shopping Area,Coffee Shop,Beach,Park,Restaurants,Sussex County Cricket Ground|
|Entrance:||Services and meter cupboard, built in cloaks cupboard, further built in storage cupboards, double radiator, telephone point, door entryphone, cupboard housing hot water cylinder and cold water tank, slatted shelving and coved ceiling.|
|Lounge:||19'3 x 10'9 Well proportioned dual aspect lounge located at the front of the building, with sliding double glazed doors opening onto the south facing balcony. West aspect double glazed windows, two radiators, coved ceiling.|
|Kitchen:||11'3 x 10'0 Spacious kitchen comprising wall and base units with roll edge laminate worksurfaces over, single drainer stainless steel sink positioned below double glazed window overlooking communal garden below, wall mounted boiler, double radiator space for appliances.|
|Bedroom 1:||16' x 9'9 Double bedroom with double glazed window to the rear of the block overlooking communal garden below, radiator, built in wardrobe.|
|Bedroom 2:||12'11 x 7'9 Double bedroom with double glazed windows to the rear, built in wardrobe, radiator.|
|Bedroom 3:||12'9 x 6'8 Double glazed window to the rear, radiator.|
|Bathroom:||White suite comprising panelled bath with electric shower above, pedestal wash hand basin, low level wc, part tiled walls, double radiator, double glazed window.|
|Separate WC:||With low level w.c, hand wash basin, radiator, double-glazed window.|
|Outside:||West facing balcony accessed via lounge, communal garden, garage|
|Lease:||Share of Freehold|
|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)|
|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.
|Set Up Costs|
|Solicitors Fees||£780||incl VAT excl disbursements|
|Assumed Purchase Price||£329,950|
|Estimated Update||£0||incl 10% supervision fee|
|Stamp Duty||£3,300||commencing @ 1% over £125k|
|Estimated Rental Income|
|Rent per week||£265|
|Rent per month||£1,150|
|Rent per year||£13,800|
|Owner's Annual Operating Costs|
|Rental Agent's Fees||£2,381||@ 15% plus VAT|
|Ground Rent||£0||per annum|
|Maintenance Charge||£1446||per annum|
|Gross Rent Per Year||£13,800|
|Annual Operating Costs||£3,827|
|Nett Cash In Hand pa||£9,974|
|Nett Cash In Hand pm||£831|
|Mortgage - Assuming 70% Loan||£230,965|
|Total Cash Outlay||£105,065|
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.
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.
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.