4 Lorna Court, Lorna Road, Hove, East Sussex, East Sussex, BN3 3EL
A South facing purpose-built flat located on a popular residential street in the very centre of Hove. This good sized property has two double bedrooms and benefits from gas-fired central heating, double-glazed windows and a long-term tenant in-situ.
A South facing purpose-built flat located on a popular residential street in the very center of Hove. This good sized property has two double bedrooms and benefits from gas-fired central heating, double-glazed windows and a long-term tenant in-situ.
|Double Glazing,Gas Fired Central Heating,Shower|
The best of both worlds - located on a quiet residential street tucked just behind Cromwell Road. The flat is within ten minutes from Hove Station - ideal for commuters - and less than five minutes walk from Church Road and Western Road, and the wide variety of cafes, restaurants, pubs, parks and shops located there.
|Shopping Area,Town Centre,Train Station,Coffee Shop,Beach,Park,School,Restaurants,Sussex County Cricket Ground|
Front door, leading to small storage space, leading to internal flat door.
Coved ceiling, radiator, good-sized storage cupboard.
14'9" x 12'8" Coved ceiling, double radiator, three large bay double-glazed sash windows, television aerial point, thermostat control.
Coved ceiling, wall-mounted gas combination boiler, double-glazed sash window to side, part-tiled walls, roll edge work surfaces with range of fitted eye and base level units, fitted hob, electric oven, extractor hood above, washing machine and fridge/freezer.
9'2" x 11'8" Coved ceiling, radiator, double-glazed sash window to rear.
10'2" x 9'6" Coved ceiling, radiator, double-glazed sash window.
Coved ceiling, part-tiled walls. Fitted bathroom suite comprising low-level w.c, panelled bath and matching sink weith cupboards below, wall mounted electric shower, frosted sash window to side, radiator
Share of Freehold
While the current, long-term tenant is in-situ no redecoration or refurbishment works will need to be carried out. Once the tenant vacates, to maximise the rental return, a refurbishment will need to be carried out, including new kitchen, new bathroom, new carpets throughout and redecoration throughout. An update at the end of the current tenancy is estimated to cost approximately £20,000.
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 South facing purpose-built flat located on a popular residential street in the very center of Hove. The flat is within close proximity to several local schools, as well as the wide variety of cafes, restaurants and entertainment venues located minutes away in Hove.
This good sized property has two double bedrooms and benefits from gas-fired central heating, double-glazed windows and a long-term tenant in-situ.
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||£260,000|
|Estimated Update||£20,000||incl 10% supervision fee|
|Estimated Rental Income|
|Rent per week||£225.00|
|Rent per month||£975|
|Rent per year||£11,700|
|Owner's Annual Operating Costs|
|Rental Agent's Fees||£2,018.25||@ 15% plus VAT|
|Ground Rent||£39||per annum|
|Maintenance Charge||£2,184||per annum|
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.