2 bedroom retirement property for sale

£109,950

2

Bedrooms

Floorplan

OVERVIEW Immaculately maintained and presented first floor maisonette situated at Priory Court, a popular retirement complex for the over 60s situated on Shelly Crescent , Monkspath/Shirley within walking distance of local shops, doctors and dentist. The development enjoys 24 hour careline pull cord assistance in each room, communal lounge, laundry room and communal parking. The flat itself, offered with No Upward Chain, includes dual aspect lounge with archway to refitted kitchen, two bedrooms, both with fitted wardrobes and shower room.

GROUND FLOOR

COMMUNAL ENTRANCE HALLWAY with security entryphone system, stairs and lift to the first floor.

FIRST FLOOR

APARTMENT 42

ENTRANCE HALL with timber entrance door, coved ceiling, electric panel heater and both useful storage and Airing Cupboards.

DUAL ASPECT LOUNGE 13 8" x 11 3" (4.17m x 3.44m) the focal point of the room being the Adams style fireplace surround with fitted electric fire, double glazed windows to both front and side elevations, electric panel heater, coved ceiling and cupboard housing the upright fridge/freezer.

REFITTED KITCHEN 7 8" x 5 6" (2.35m x 1.69m) fitted with a contemporary range of white gloss fronted soft close base and wall units with roll edge work surfaces having tiled splash backs and inset single drainer sink unit and built in four ring Bosch hob unit with extractor hood over, separate Bosch oven and Bosch microwave, and double glazed window.

BEDROOM ONE 11 1" x 8 3" (3.40m x 2.53m) having fitted double wardrobes, electric panel heater, coved ceiling and double glazed window.

BEDROOM TWO 8 0" x 6 6" (2.46m x 2.0m) with fitted wardrobe, coved ceiling, electric panel heater and double glazed window.

SHOWER ROOM with tiled walls and fitted with shower cubicle with electric shower unit over, pedestal wash hand basin, low level w.c., and electric heated towel rail.

OUTSIDE The property stands in communal grounds for the use of the residents together with communal parking.

TENURE We are advised by the vendor that the property is LEASEHOLD having approximately 63 years unexpired with annual ground rent of 300 and monthly service charge of 266.61 (Details to be verified by your solicitor).

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

£
£
£
£

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

Mortgage Required

£ 87911.25

Mortgage Loan to Value

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Gross Yield

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Annual ROI

%

Annual Rental Profit

£

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
    £ 2748.75
  • 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

£ 5448.75
  • 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
    £
  • Insurance
    £ 500
  • Ground Rent
    £ 0
  • Service Charge
    £ 0

Adjust these figures

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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

£
  • Final Equity Profit
    £

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

  • Cumulative Rental Profit
    £

    Cumulative Rental Profit = Annual rental profit x Time of Investment

Adjust these figures

  %

This is the assumed rate of house price inflation.

Final Property Value

£

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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