2 bedroom flat for sale

£275,000 Guide Price

2

Bedrooms

Floorplan

A SPACIOUS 2 BEDROOMED APARTMENT WITH VIEWS TO THE REAR, IN A HIGH QUALITY MODERN DEVELOPMENT

No. 18 is a comfortable two bedroom apartment, part of a well maintained block of flats which were built in the late 1980s. Amenities include uPVC double glazing, gas central heating, a passenger lift and telephone entry system.

The flat is situated to the second floor of the building and benefits from excellent views over the town to the rear aspect, with the benefit of two balconies, one from the living area and another from the main bedroom. There is also the benefit of one allocated parking space for the flat. The flat has been generally well cared for although now requires some updating throughout.

The property is set back from the road, in a popular residential area about 1/2 mile from the town centre and seafront. There is an impressive new footpath close by above the sea wall to the east beach and along the seafront to Marine Parade and harbour.

Summerhill House is a well-managed development and communal parts are well kept.

Lyme Regis is a picturesque coastal town noted for its many character buildings, centuries old Cobb Harbour and unspoilt surrounding countryside. The town centre provides good shopping facilities for day to day needs and the market town of Bridport and shopping centre in Axminster and Seaton are close by. There is a main line railway station at Axminster (6 miles inland). In Lyme Regis there is also a sailing club, bowls, golf course, theatre and numerous local societies.

The town is situated on the beautiful and unspoilt Devon and Dorset Jurassic Coast awarded World Heritage Site status by UNESCO in December 2001.

The Accommodation Comprises: - Communal entrance door, with stairs rising to upper levels. Private entrance door off landing to:

Entrance Lobby - With ceiling light and door to:

Hall - With airing cupboard housing hot water cylinder and space for washing machine, radiator, phone which controls access to the main door of the apartment block. Doors off to:

Shower Room - With soft vinyl flooring, fully tiled, radiator, extractor fan, WC, pedestal hand basin, shower cubicle.

Bedroom 1 - 12;4' x 108' (3.76m x 3.25m)
With sliding double glazed doors to balcony, radiator, carpeted, telephone point. Door to:

Ensuite - Partly tiled with tiled floor, large mirrors to two walls, double glazed sash window, radiator, vanity unit with inset hand basin, WC, panelled bath with shower attachment, shaver point.

Lounge/Diner - 255' x 134' (7.75m x 4.06m)
With double glazed sash window to front and sliding double glazed doors to balcony to rear, 2 radiators, TV point, smoke alarm, telephone point, serving hatch from kitchen.

Kitchen - 89' x 89' (2.67m x 2.67m)
With soft vinyl flooring, double glazed window, matching wall and base units with laminate worktops and inset stainless steel sink and drainer, integrated Hotpoint electric oven and Neff induction hob, tiling above worktops, standalone fridge, space and plumbing for dishwasher.

Bedroom 2 - 124' x 89' (3.76m x 2.67m)
With double glazed sash window, radiator.

Outside - Well kept communal gardens, enclosed dustbin store. There is a parking area with 1 allocated parking space and spaces for visitors.

Material Information - Local Authority: Dorset Council
Council Tax Band: D
Tenure: Leasehold
We understand the flat is held on a 999 year lease from 1990 at a peppercorn ground rent. The freehold is held by a management company in which each flat owner is a shareholder. The management company administers the maintenance of the exterior, communal parts and gardens, and insurance of the structure. The vendors have informed us that the current maintenance charge will be 1,800 per annum (June 2023 to May 2024). The lease precludes the use of the property for holiday letting. The property is being sold with vacant possession and no onward chain.

Services - We understand the following to be correct but applicants should verify this with their own enquiries.
Electricity: Mains
Water: Mains
Drainage: Mains
Heating: Gas central heating
Broadband and Mobile Signal/Coverage: See checker.ofcom.org.uk

Viewing - Strictly by appointment with the Vendors Agents, Martin Diplock Estate Agents of 36 Broad Street, Lyme Regis.

Directions - From the town centre proceed down Broad Street, through the traffic lights into Church Street and then into Charmouth Road. Summerhill House will be found on the left hand side after about 1/4 mile set well back from the road.

Map location is not available for this property.

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

£ 229575

Mortgage Loan to Value

%

Gross Yield

%

Annual ROI

%

Annual Rental Profit

£

Cumulative Rental Profit

£

Cost of Purchase

£
  • Stamp Duty
    £

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

  • Refurbishment Budget
    £ 6875
  • 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

£ 23325
  • 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

  %
  %
£
  %

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

The Property has been saved to your favorites

Love the most
Second best
Meets our criteria
May be
Last resort

 / 5

Enquiry

Please enter a valid UK mobile number (e.g. 07123456789 or +447123456789)

Book an Appointment

Enter Details

Select Date and Time

GNB Property

10 Minute Meeting

  

Check all Details

Submit

Booking Confirmed

All confirmed! We look forward to speaking with you.

10 Minute Meeting

A calendar invitation has been sent to your email address.
Message