RDA Estates

"experts in residential property investment"

A bright two bedroom top floor flat in a converted building in central Hove.

Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: For Sale
Outline:
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.

Facilities:
Gas Fired Central Heating,Shower

Location:
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.

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

Property Details:
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.


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 £265,000  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £265,000  
Estimated Update            £10,640 incl 10% supervision fee
Stamp Duty     £3,250 commencing @ 1% over £125k
TOTAL £273,890  
 
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
Maintenance Charge

 £950

per annum
TOTAL  £3,085 per annum
 
Summary
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  

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.

 

Fields marked * are required
Subject *
Message *
Your Name *
Your E-mail *
Phone
Security Code *
Please insert the validation code below.