A bright two bedroom top floor flat in a converted building in central Hove.
|A bright two bedroom top floor flat in a converted building in central Hove, a short walk away from Hove Station, the seafront and Hove Lawns.|
|Gas Fired Central Heating,Shower|
|Located in central Hove and just minutes away from Hove Station and all the restaurants, cafes and shops that Church Road has to offer. The property is within five minutes of Hove seafront and Hove Lawns. Ideal for commuters who don't want to stray too far from the seaside.|
|Shopping Area,Train Station,Coffee Shop,Beach,Park,School,Restaurants,Sussex County Cricket Ground|
|Hallway:||Small hallway with rooms leading in each direction.|
|Lounge:||16'2" x 12'2" Spacious lounge with large sash windows and impressive decorative fireplace.|
|Kitchen:||8'2" x 7'9" Practically shaped kitchen with large amount of cupboard and surface space, splash back tiles on all walls and a large street-facing sash window.|
|Bedroom 1:||11'7" x 10'11" Double bedroom with large sash window overlooking gardens below.|
|Bedroom 2:||12'9" x 7'9" Single bedroom with north-facing sash window and large storage cupboard housing gas-fired boiler, but with spare capacity for storage.|
|Bathroom:||8'5" x 4'9" White modern suite with shower above bath, vinyl flooring, square wash-hand basin and fully-tiled walls.|
|Lease:||Approximately 100 Years remaining.|
|The property would need fairly significant work carried out to it before it could be put on the lettings market. The existing kitchen would need to be removed and disposed of, and a new kitchen supplied and fitted in its place. The carpets are worn throughout and most, if not all, would need to be replaced. The walls and woodwork are scuffed faintly throughout and the flat would need all walls, woodwork and ceilings redecorated.|
|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|
|Research Fee||£2,000||excl. VAT|
|Assumed Purchase Price||£265,000|
|Estimated Update||£10,640||incl 10% supervision fee|
|Stamp Duty||£3,250||commencing @ 1% over £125k|
|Estimated Rental Income|
|Rent per week||£215|
|Rent per month||£935|
|Rent per year||£11,220|
|Owner's Annual Operating Costs|
|Rental Agent's Fees||£1,935||@ 15% plus VAT|
|Ground Rent||£200||per annum|
|Gross Rent Per Year||£11,220|
|Annual Operating Costs||£3,085|
|Nett Cash In Hand pa||£8,134|
|Nett Cash In Hand pm||£677|
|Mortgage - Assuming 70% Loan||£185,500|
|Total Cash Outlay||£91,170|
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.