2 bedroom apartment for sale

£225,000 Guide Price

2

Bedrooms

1

Bathrooms

Floorplan

Located in a cul-de-sac location within the sought after village of Thorverton in the Exe Valley, this former Grade II listed Rectory was converted in the late 1970s into stylish and spacious apartments. Although leasehold (959 years remaining) the property comes with a share of the freehold as a director of the management company so theres control over maintenance and service schedules and charges. Also worth noting is that from the imposing front door, once in the hall, the access to apartment 14 has its own access and stairway to the first floor so it feels private and well kept. The other notable point is the room sizes and the amount of storage for a property of this type, large cupboards and stores internally are a great addition, as are the built in wardrobes.

Having undergone a series of improvements, this first floor apartment is presented in excellent order, has gas central heating and the added benefit of a large loft. The large sash windows allow plenty of light to flood the rooms and also give the wonderful views over the village rooftops to the surrounding countryside. Theres a cosy dual aspect living room, a spacious kitchen/dining room which has been recently updated, two double bedrooms and a family bathroom. The dcor is neutral and the whole property is ready to move in to with no onward chain.

Outside, the driveway leads in to a parking/turning area with an allocated parking space and there is use of the communal gardens with the apartment too.

Buyers Compliance Fee Notice

Please note that a compliance check fee of 25 (inc. VAT) per person is payable once your offer is accepted. This non-refundable fee covers essential ID verification and anti-money laundering checks, as required by law.

Please see the floorplan for room sizes.

Current Council Tax: Band B Mid Devon

Approx Age: 1800s (original building)

Construction Notes: Standard

Utilities: Mains electric, water (metered), gas, telephone & broadband

Drainage: Mains

Heating: Gas fired

Listed: Yes Grade II

Conservation Area: No

Tenure: Leasehold with a share of freehold: The vendor advises they own a share of the freehold and form part of the Management Company with the other owners. The property has the benefit of a 999 year lease from 1979. Maintenance charges are 62.80 per calendar month (Jan 2025), which includes buildings insurance, grass-cutting and general maintenance.

THORVERTONis a very sought after village lying a few miles north of Exeter and with easy access to the M5 motorway. The village is extremely pretty having a number of old thatched cottages around a pretty village green with stream. The village has a church, two public houses, and thatched cob cottages. It also has a doctors surgery, local store, post office and an excellent primary school with a good reputation. There is a school bus service to Crediton for the older children.

DIRECTIONS

For sat-nav use EX5 5LS and the What3Words address is ///daydream.drivers.radically but if you want the traditional directions, please read on.

From Exeter, take the A396 from Cowley Bridge roundabout towards Bickleigh and pass through the villages of Stoke Canon and Rewe. Turn left at the Ruffwell Inn signposted Thorverton and proceed through the village, over the bridge and past The Thorverton Arms and The Exeter Inn, continue along Bullen Street and follow the road around to the left when it forks. Take the first left into The Glebe then turn immediately right into The Old Rectory.

From Crediton, head to Thorverton by going through Shobrooke and once into the village, take the first right and then first left into The Glebe, turn immediately right into The Old Rectory.


EPC Rating: D

Mortgage Calculator

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 )

Return on Investment

£
£
£
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Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.

Mortgage Required

£ 177075

Mortgage Loan to Value

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Gross Yield

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Annual ROI

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Annual Rental Profit

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Cumulative Rental Profit

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Cost of Purchase

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  • Stamp Duty
    £

    Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.

  • Refurbishment Budget
    £ 5625
  • Survey Costs
    £ 400
  • Mortgage Fees
    £ 1,000

    Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Legal Fees
    £ 1,300

Adjust these figures

£

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.

Annual Costs

£ 8325
  • Mortgage Interest
    £

    The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.

  • Letting and Management Costs (Inc VAT)
    £
  • Letting Fee
    £
  • Maintenance
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  • Insurance
    £ 500
  • Ground Rent
    £ 0
  • Service Charge
    £ 0

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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.

Total Profit

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  • Final Equity Profit
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    Final Equity Profit = Final Property Value - Mortgage Required - Investment

  • Cumulative Rental Profit
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    Cumulative Rental Profit = Annual rental profit x Time of Investment

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This is the assumed rate of house price inflation.

Final Property Value

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This is the property value at the end of the investment based on an assumed rate of % house price inflation.

Notes

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