Flat 1, 4 Sillwood Terrace, Brighton, East Sussex, BN1 2LR
A very spacious two bedroom converted flat, located in the city centre with all amenities on the doorstep. An ideal rental property.
|A two bedroom first floor converted flat with a bright, open feel. Impressive features include a 23' x 18' lounge, two good sized double bedrooms and two bathrooms.|
|Gas Fired Central Heating,Shower|
|Shopping Area,Town Centre,Train Station,Coach Station,Coffee Shop,Beach,Cinema,Restaurants|
|Entrance:||A spacious entry hall with doors to the lounge, both double bedrooms, the bathroom and shower room. Hatch to storage area, radiator and a door entry phone.|
|Lounge:||23' into bay x 18'3'' into chimney breast recess. A bright room with 11' high ceiling, tall sash cord windows to the front bay, feature period style fireplace and two radiators.|
|Kitchen:||9 x 7'8'' A white modern kitchen comprising a range of wall, base and drawer units with roll edged work surfaces over. Inset 4 ring hob with oven underneath and cooker hood over. Inset sink and drainer, integrated dishwasher and spotlights.|
|Bedroom 1:||12'7'' x 14'6'' narrowing to 8'3'' A spacious double bedroom with vaulted ceilings and radiator.|
|Bedroom 2:||11'3'' x 9'10'' Double bedroom with 8'3'' wide south facing sash window.|
|Bathroom:||7'3" x 6'3" Suite comprising panelled bath with mixer taps and shower attachment, pedestal wash hand basin, low level close coupled wc, tiled walls, radiator.|
|Shower Room:||7'6'' x 3'10" Suite comprising corner tiled shower cubical with fitted Mira shower, pedestal wash hand basin, low level close couple w.c, radiator, tiled walls.|
|Lease:||83 years remaining on lease|
|No update required|
|A professional electrical survey may reveal work not covered by the update. It is recommended that an electrical survey is carried in additon 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||£210,000|
|Estimated Update||£0||incl 10% supervision fee|
|Stamp Duty||£2,100||commencing @ 1% over £175k|
|Estimated Rental Income|
|Rent per week||£225|
|Rent per month||£975|
|Rent per year||£11,700|
|Owner's Annual Operating Costs|
|Rental Agent's Fees||£2,018||@ 15% plus VAT|
|Ground Rent||£150||per annum|
|Maintenance Charge||£1,994||per annum|
|Gross Rent Per Year||£11,700|
|Annual Operating Costs||£4,012|
|Nett Cash In Hand pa||£7,687|
|Nett Cash In Hand pm||£640|
|Mortgage - Assuming 70% Loan||£147,000|
|Total Cash Outlay||£67,880|
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.