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£270,000
Bedrooms
Bathrooms
This well presented two bedroom ground floor apartment would make an ideal first time buy, buy to let investment or second home. The property is located within easy walking distance of Lymington High Street, has allocated parking, a garden, garden room, store and bike store and the property is offered for sale with no forward chain.
Communal front door leading into the lobby. Private front door leading into apartment. Hallway with window to the front aspect and doors to all rooms. Bedroom one with window to the front aspect with white wooden shutters. Bedroom two with window to the rear aspect. Bathroom with modern suite comprising a panelled bath unit with mixer tap and shower over. Pedestal wash hand basin with mixer tap, low level WC, part tiled walls, radiator, extractor fan. Door from the hallway into the kitchen which has a comprehensive range of floor and wall mounted cupboard and drawer units with worktop over and inset single drainer sink unit with mixer tap over. Built-in electric cooker with four ring gas hob and extractor hood over. Space for tall fridge freezer. Space and plumbing for washing machine. Open plan to the sitting/dining room with windows to the rear aspect and sliding patio doors opening out to the decked rear garden and there is a timber built studio comprising of a garden room with window, power and light, adjacent store room and separate bike store with window to the side aspect.
To the front of the property there is allocated off road parking for one vehicle (the space on right hand side, next to the fence).
Tenure: Leasehold. Current owners own the Freehold.
Term: 999 years from 2014
Ground Rent: N/A
Service Charge & Maintenance: 20 per month (240 per annum) to include communal lighting and building maintenance
Pets: allowed
Short Term Lets/Airbnb: allowed
The property is within walking distance of the Lymington Town Train Station and the beautiful Georgian market town of Lymington, with its many independent shops, picturesque Quay, deep water marinas, sailing clubs and local Schools which have 'Good' and 'Outstanding' Ofsted ratings. Lymington has numerous highly regarded restaurants and designer boutiques and is surrounded by the outstanding natural beauty of the New Forest National Park. To the north are the New Forest villages of Brockenhurst and Lyndhurst and Junction 1 of the M27 which links to the M3 for access to London. There is also a branch line train link to Brockenhurst Railway Station (approx. 5.5 miles) which provides a half-hourly service to London Waterloo with a journey time of approximately 90 minutes.
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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