RDA Estates

"experts in residential property investment"

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.

£ 329,950.00
Initial outlay required: £ 105,065.00
Category: Share of Freehold
Property Type: Two bedrooms or more
Beds: 3
Baths: 1.00
Status: Sold
Outline:
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.

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

Location:
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.

Nearby:
Shopping Area,Coffee Shop,Beach,Park,Restaurants,Sussex County Cricket Ground

Property Details:
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 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 £329,950  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £329,950  
Estimated Update £0 incl 10% supervision fee
Stamp Duty £3,300 commencing @ 1% over £125k
TOTAL £333,250  
 
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
TOTAL £3,827 per annum
 
Summary
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  

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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