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56 Market Place, Driffield, YO25 6AW
£125,000 Guide Price
DESCRIPTION
Chalk Barn had for many years been run as a successful showroom for a local Log Burner sales business BUT HAS BEEN GRANTED PLANNING CONSENT FOR THE CHANGE OF USE TO A HOT FOOD TAKEAWAY AND CAFE. The property is let on a 10 year lease at 1,000 pcm.
LOCATION
Located in a high-profile position within the Wolds Village of Langtoft, opposite the Village Green and with good visibility from the busy B1249 Driffield to Scarborough Road, this attractive building is available immediately.
ACCOMMODATION
GROUND FLOOR
SALES/SHOWROOM AREA
With wooden flooring, exposed chalk and brick walls, rustic brick fireplace with flue for a log burner, storage cupboard, inset ceiling spot lights and rear door to a small yard.
FIRST FLOOR
GALLERY
The open plan first floor serves as additional showroom/gallery space with exposed chalk and brick walls.
OUTSIDE
Small rear yard suitable for bin storage with a right of pedestrian access to it over the neighbouring property.
LEASE
The property is let on a a 15 year lease at a passing rent of 12,000pa on FRI terms.
SERVICES
Mains water, electricity and drainage are connected.
VIEWING
Strictly by appointment with the sole agents on 01377 241919.
Map location is not available for this property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
56 Market Place, Driffield, YO25 6AW
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