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£600,000
Part of our Signature collection is this rare opportunity to purchase this substantial building plot situated in a village location to the east of the City of Colchester and offering a plot of approximately 1 acre. The property is ready to be built and has planning permission granted by Tendring District Council under reference 22/01695/FUL for a substantial executive style family house with a GIA of approximately 5,000sqft, the annexe of just under 700sqft and a garage approaching 600sqft GIA.
The spacious family accommodation comprising reception hall giving access to all ground floor accommodation including the cinema room situated to the front of the property and home office which would make an ideal work from home space. There is an open plan kitchen/dining/family room stretching across the rear of the property and makes an ideal entertaining space with access via double doors into the garden room. Located off the kitchen is a good size pantry and boot room which in turn gives access to the utility room. The ground floor concludes with a cloakroom.
The first floor reception hall gives access to four double bedrooms and a snug area. All four bedrooms benefit from en-suite facilities whilst the master bedroom suite also enjoys a dressing room.
Outside
The property would benefit from a double garage and cart lodge together with potential annexe accommodation comprising open plan lounge/kitchen/diner, bedroom and a bathroom.
As previously mentioned the plot measures approximately 1 acre.
Location
The property occupies a non-estate position in the popular village of Thorrington offering straightforward access to Brightlingsea, Great Bentley and Clacton on Sea. The city of Colchester is also a short drive away offering further shopping and recreational facilities.
Directions
Please use the postcode CO7 8JA for SatNav.
Important Information
Services - We understand that all mains services are available in Station Road with the exception of gas.
Tenure - Freehold
EPC - n/a
Ref - WIT250043MM
Agents note
Further information can be provided of various reports already carried out by the current owner of the land to assist with the development of the plot including building regulation calculations and construction notes. Links to this can be provided to any prospective buyer upon request.
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.
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