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£330,000
Bedrooms
Property Description
Welcome to this charming 2 double bedroom 3rd-floor ex-local authority flat nestled in the heart of SE15. While there is no lift in the building, this property offers an excellent opportunity for first-time buyers or savvy landlords looking for a promising investment. With vacant possession available and the potential for a 6.0% yield, this flat represents a fantastic entry point into the property market.
Key Features:
Two Double Bedrooms: This flat boasts two spacious double bedrooms, providing ample room for comfortable living or the flexibility to accommodate tenants.
Vacant Possession: Whether youre looking to move in or find new tenants, this property offers the convenience of vacant possession, streamlining the transition.
Rental Potential: Investors will appreciate the 6.0% yield this property can generate. Additionally, with some modernization and refurbishment, the potential for an impressive 7.5% yield is within reach, attracting long-term tenants seeking a well-maintained home.
Location: Situated in the heart of SE15, this flat enjoys the benefits of a very good location. Residents have easy access to excellent transport links, making daily commuting a breeze and providing access to a wide range of amenities, including shops, restaurants, and entertainment options.
Investment Opportunity: With the potential for rental uplift upon refurbishment, this property is an enticing investment opportunity for landlords looking to maximize their returns. The demand for well-located properties in this area is high, ensuring a steady stream of potential tenants.
Modernization Required: While this property offers excellent potential, it does require some modernizing. This presents a unique opportunity for buyers to personalize and add value to the flat according to their preferences and needs.
In summary, this 2 double bedroom 3rd-floor ex-local authority flat is an ideal choice for first-time buyers and investors looking for a promising opportunity in the bustling SE15 area. With its excellent location, rental potential, and the option for future refurbishment, this property offers a versatile canvas for future homeowners or landlords looking to make a smart investment. For further details, including information on potential rental yields and long-term tenant prospects, please contact us for the complete letting details.
Council Tax Band: b
Tenure: Leasehold (95 years)
Ground Rent: 10 per year (reviewed every 100 years)
Service Charge: 1,200 per year (reviewed every 1 years)
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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