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£2,750,000 Guide Price
Location
Oak View Lodge is situated within a residential area to the East of Braintree town centre. Freeport Shopping Village, Leisure Park and Train Station are within walking distance less than a mile away. The Galleys Corner roundabout of the A120 is located less than a mile away which provides convenient access to M11/Stansted airport to the West and the A12 to the East.
Description
Oak View Lodge comprises 14 well presented retirement apartments which benefit from a communal residents lounge, stairs and passenger lift to all floors. Each apartment has been finished to a high standard and includes gas fired central heating, built in kitchen appliances, bathroom with shower over bath, intercom entry system and carpeting throughout. Externally the property benefits from communal garden areas with the rear of the building overlooking the local community centre and primary school green spaces. A well presented block paved car park provides parking for 14 vehicles.
Planning
Planning permission was granted under application 14/00676/FUL for the erection of 14 sheltered apartments with associated access, parking, amenity space and servicing. A Variation of Condition 3 (Age Restriction) was permitted March 2023 to allow 'No persons under 60 years of age and/or a partner of under 55 years of age and/or an adult requiring supported living by reason of medical condition or disability shall occupy any of the apartments hereby permitted with the exception of guests and/or house managers/warden.'
Tenure
The property is held freehold under title EX750404.
Services
We understand the property is connected to mains water, drainage, gas and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
Accommodation
Please refer to the accommodation schedule on the sales particulars.
Terms
The freehold interest with vacant possession is available to purchase for offers in the region of 2,750,000.
VAT
We understand VAT will not be applicable to the purchase price.
Legal Costs
Each party to bear their own legal costs incurred in this transaction.
Money Laundering
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchasers identity, residence and source of funds prior to instructing solicitors.
Viewing
Strictly by appointment with the sole agents:
Fenn Wright
20 Duke Street, Chelmsford, Essex CM1 1HL
fennwright.co.uk
Contact:
James Wright
John Logan
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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