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£20,000 Guide Price
LOCK UP GARAGE FOR SALE. Situated off a tree lined side road to the rear of some Purpose built apartments. Placed on the edge of the Norwood Lake area near to the main road of South Norwood Hill with its connections up to Crystal Palace and down to South Norwood through into Croydon. The area is served by several bus routes and Norwood Junction BR/Overground station with its frequent trains to London. The vendor informs us the garage will be offered with vacant possession. and please note the terms of usage : To use and occupy the Garage for the storage of one private motor car belonging to the Tenant or for the storage of household goods or furniture belonging to the Tenant and not for any other purpose and not to use the Garage for the purpose of any trade or business The approximate size of the garage is 17 x 9 feet and 7 feet at the entrance.
Lease Term : On an including the 11th December 2010 and including the 30th December 3009 (approximately 986 years unexpired)
Tenure : Leasehold
Service Charges : We are informed that garage owners are responsible for their own repairs, however any repairs that affects all of garages will be referred to the residents association AGM
Ground Rent : Garage owners are liable to pay an annual ground rent of 10 and insurance of 60
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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