22 Vernon Terrace Brighton, Brighton, East Sussex, BN1 3JH
This second floor, one bedroom period conversion is situated in a highly sought after area close to Brighton Station. A perfect rental property.
|A one bedroom converted flat in a well maintained period building. This property benefits from gas fired central heating, roof top views to the South Downs - as well as a Share of the Freehold.|
|Gas Fired Central Heating,Shower|
|Vernon Terrace is ideally situated - walking distance from both Brighton Station and the ever popular district of Seven Dials which boasts an enviable selection of shops and restaurants.|
|Shopping Area,Town Centre,Train Station,Coffee Shop,School,Restaurants|
|Entrance:||Approach via steps from street to communal front door, communal entrance hall and stairs leading to second floor and private front door.|
|Hallway:||Split level entrance hall with thermostat for central heating, radiator and door entry system.|
|Lounge:||Lounge with recessed kitchen 11'1 x 10'5 Large west facing sash windows with roof top views extended over South Downs. Built in cupboard housing gas fired central heating boiler, radiator. Recessed Kitchen 7' x 5'10 Fitted with range of units comprising eye level wall cupboards and base cupboard units with roll top working surface over. Single bowl, single drainer stainless steel sink unit with mixer tap. Four ring electric hob with electric oven below, tiled surround, appliance space and plumbed space for washing machine.|
|Bedroom:||Steps down to bedroom 10'8 x 9'7 West facing sash window, radiator built in wardrobe.|
|Redecoration, new shower and new kitchen appliances.|
|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||£172,000|
|Estimated Update||£3,000||incl 10% Supervision|
|Estimated Rental Income|
|Rent per week||£179|
|Rent per month||£776|
|Rent per year||£9,308|
|Owner's Annual Operating Costs|
|Rental Agent's Fees||£1,606||@ 15% plus VAT|
|Ground Rent||£0||per annum|
|Maintenance Charge||£625||per annum|
|Gross Rent Per Year||£9,308|
|Annual Operating Costs||£2,231|
|Nett Cash In Hand pa||£7,077|
|Nett Cash In Hand pm||£590|
|Mortgage - Assuming 70% Loan||£120,400|
|Total Cash Outlay||£59,100|
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.