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£1,500,000
Bedrooms
Bathrooms
A Grade II Listed former farmhouse dating back to the late 16th Century, constructed of brick and flint under a Norfolk reed thatched roof, set in 0.65 acres.
The sandy beaches are 400 m distance accessed via the private, unmade and shared Watchhouse Lane.
A detached 17th Century thatched barn with an indoor swimming pool, sauna, changing rooms and gym provides recreational facilities, and is set up to accept bookings from locals and other holiday makers. A games room above the office provides further entertainment for children. The four cottages can be used for multi-generation living or generating an income from holiday or long term lets.
Summary
The Pilgrims House 3 Reception Rooms Kitchen 6 Bedrooms 6 Bathrooms
Pilgrims Chase Reception Room Kitchen 3 Bedrooms Bathroom
Pilgrims Progress Reception Room Kitchen 2 Galleried Bedrooms Bathroom
Pilgrims Prospect Reception Room Kitchen/Breakfast Room 2 Bedrooms Bathroom
Pilgrims Cottage Reception Room, Kitchen, bathroom, Two Bedrooms
Indoor Swimming Pool within a 17th Century thatched Grade II Listed Barn with Sauna Gym Changing Rooms
Outbuilding comprising Office Laundry Games Room. Car Parking for six cars
THE BUSINESS
The properties have been in the same family business for many years and has been used as a family home and more latterly, has grown into a holiday letting business. Pilgrims House has been used as a holiday home with occasional holiday lets, whilst the cottages have been producing an income varying from circa 190,000 to 247,000 per annum. Marketing is predominantly through the familys website Travel Chapter and Air BnB.. These costs are circa 18% for introductions or 23% for the full management service.
There is a manager working circa 40 hours per week on a salary of 30,000 pa
The property is being sold due to retirement.
The property is offered as a whole, but the vendors will consider splitting, if required
Map location is not available for this property.
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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